Some privacy coins made great buys in 2021, but are they still your best bet in 2022? In this article, you will discover which privacy coins retained their top spots and the new ones that have stolen the spotlight in terms of functionality and use.
So, if you're looking for the best privacy coins to aid your private and anonymous transactions on the blockchains, then sit back as we will explore the top privacy coins you can buy in 2022.
1. Monero (XMR)
Monero is an open-source ledger that supports private and censorship-resistant transactions. It was launched in April 2014 with the key intent of enhancing the privacy of transactions and ensuring their maximum confidentiality. Monero uses ring signatures and stealth addresses to ensure privacy on the network. It operates on a proof-of-work model, which adds new blocks every two minutes.
Today, XMR, the network's native coin, is worth $219.77. There are over 18 million XMRs in circulation right now, with a market cap of $3 billion. It has dropped by 59.5% from an ATH of $542.33 in January 2018. It is currently on Binance, KuCoin, and Digifinex, among others.
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2. Zcash (ZEC)
Zcash is a peer-to-peer and open-source electronic currency that supports privacy and selective transparency of transactions. Launched in October 2016 by Zooko Wilcox, ZEC uses the Equihash algorithm to validate transactions and create new ZEC. ZEC is the symbol of Zcash and can be found in MEXC Global, Coinbase Exchange, Kraken, and so on.
One ZEC costs $143.05 right now. Like BTC, only 21 million zecs would ever be mined. However, 12 million is in circulation right now. Zcash has a market cap of $1 billion. It peaked at $3,191.93 in October 2016.
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3. Horizen (ZEN)
Horizen is a private, scalable, reliable, and secure network. It uses a unique side chain protocol called Zendoo.
Zendoo allows users to create their blockchains or dApps on the network. Horizen operates on a proof-of-work algorithm. It uses the zk-SNARKs strategy. ZEN, its native coin, has two addresses: T-Addresses (regular addresses) and Z-Addresses (shielded addresses).
Of the 21 million total supplies, 12 million zens are in circulation right now. The price of ZEN today is $55.65, with a market cap of $666 million. It is listed in Binance, OKEx, and KuCoin right now.
4. Dusk Network (DUSK)
Dusk Network is a layer-1 privacy blockchain for securities and financial applications. It powers the Confidential Security Contract (XSC) and supports private smart contracts. The network is secured by the Segregated Byzantine Agreement (SBA) consensus mechanism. This makes it private, programmable, and auditable.
DUSK is the utility token of the network. It can be used to pay gas fees, deploy smart contracts, and participate in governance. Over 388 million dusks are in circulation now, with a max supply of 1 billion. A DUSK is worth $1.00 today and has a market cap of $388 million.
5. Verge (XVG)
Verge was launched in October 2014 as an untraceable network. It was initially named DogeCoinDark but became Verge in 2016. It uses The Onion Router (TOR) and the Invisible Internet Project (I2P) to make transactions private. Tor protects the identities of users, and the I2P encrypts their data.
Verge uses stealth addresses to hide the addresses of users. It uses a proof-of-work model to mine new coins (XVG). Of the 16.6 billion total supply, 16.5 billion has already been mined. As of today, XVG costs $0.014 and has a market cap of $231 million.
6. Beam (BEAM)
Beam was launched in January 2019 as a private network to support confidential DeFi. It uses MimbleWimble and Lelantus MW protocols. The blockchain uses a proof-of-work consensus algorithm. The MimbleWimble protocol hides the values and metadata of transactions, and the Lelantus MW protocol enhances its privacy and anonymity.
BEAM is the native token of the network. It is a deflationary token that would be halved every four years. It is on exchanges like Binance, MEXC Global, and Hotbit. It is worth $0.46 right now and has a market cap of $49 million. It has a total supply of 262.8 million, and 105.7 million is available in supply now.
7. Oasis Network (ROSE)
Oasis network was launched in 2018 by Dawn Song and Oasis Labs. It is a layer-1 blockchain that promises privacy, low gas fees, scalability, and token monetization. It uses a proof-of-stake algorithm. It has a consensus layer and a ParaTime layer that aid scalability.
It is built for open finance and data economy using Cosmos SDK. ROSE, its native coin, was launched in November 2020. It is used for settling gas fees, staking, and delegation on the consensus layer.
ROSE is available on Nominex, Binance, KuCoin, and ZT, among others. It is trading at $0.536 right now. It has a market cap of $1 billion, with 3.5 billion in circulation now.
8. PIVX (PIVX)
PIVX stands for Private Instant Verified Transaction. It is a fork of DASH launched in January 2016. It runs on a proof-of-stake model and uses the Sapling protocol to support shielded and unshielded transactions. It boasts of privacy, real-world use, governance, and fungibility.
PIVX, the native token, supports private, public, and cold staking. It costs $0.46 right now and has a market cap of $31 million. In January 2018, it peaked at $13.55. It is listed on Bittrex, Binance, KuCoin, and so on.
9. Super Zero Protocol (SERO)
SERO is the first privacy blockchain to support Turing smart contracts. The protocol is secured by Super-zk, which is 20 times faster than zk-SNARKs. It is also the first privacy protection platform that allows anonymous digital assets to be issued.
SERO, its native currency, was released in June 2019. It is used to pay gas fees, reward miners, and make payments. It has a market cap of $37 million and is listed on MEXC Global, CoinEX, and Hotbit. It has a total supply of 650 million and is worth $0.11 today.
10. Firo (FIRO)
Firo was initially launched as Zcoin in September 2016 but later became Firo in October 2020. It uses Sigma, Dandelion, and Lelantus protocols. The platform uses a hybrid of proof-of-work and LLMQ chain locks system. It uses zk proofs to ensure full anonymity.
FIRO is the native coin of the platform. As of today, it costs $4.49 and is trading on Binance, Huobi, MEXC Global, and so on. It reached an ATH of $139.77 in December 2017. It has a market cap of 57.7 million.
Bear in mind that privacy coins are facing more scrutiny when compared to other cryptocurrencies. Hence, if you'd be investing in them, ensure they are not breaching any regulation in your country. As always, deal wisely and do your research. Only invest money you can afford to lose.