HomeCoinsMonero (XMR)Who cares about privacy? Not crypto users, says Coin Metrics

Who cares about privacy? Not crypto users, says Coin Metrics

- Advertisement -



Who cares about privacy Not crypto users says Coin Metrics

The overwhelming majority of crypto transactions do not include privacy tokens, with most traders choosing to move funds transparently rather than privately.

According to crypto analytics firm Coin Metrics’ Sept. 1 State of the Network report, the combined daily transactions of three privacy coins, Zcash (ZEC), Monero (XMR), and Grin (GRIN), equated to only 6% that of Bitcoin (BTC), despite the coins offering substantially more privacy.

“User apathy towards privacy is probably the biggest shortcoming of the current anonymous transactions systems,” the report stated.

“Despite great technological advancements in crypto-currency privacy, uptake of privacy features and assets has been slow.”

In addition, crypto traders may not be taking advantage privacy features their tokens have. ZEC’s includes trustless zero-knowledge proof systems, also known as zk-SNARKs, which allow for transactions that do not reveal “anything about who transacts or what amounts are exchanged.” But the report stated that fewer than 2% of ZEC transactions were “fully-private” and shielded.

Coin Metrics speculated that as mainstream adoption advanced, cryptocurrencies needed to return to their “original privacy-oriented ethos” to survive. If not, the reported stated, the idea of anonymous transactions systems could simply fade away.

However it’s not always that easy to use privacy coins. Australian exchanges have begun to delist privacy coins like Monero citing government regulations.

The increasing privacy of BTC through services like CoinJoin may hold the key to crypto’s private salvation. CoinJoin, with providers including the privacy-focused Wasabi Wallet and Samourai Wallet’s non-custodial Bitcoin mixer, Whirlpool, has seen increased activity. Whirlpoolstats’ Matt Odell reported that users set a new record in August for the number of Bitcoin mixed monthly at 2,429 BTC, or almost $30 million.

Monero and Grin each have unique privacy features. GRIN is an implementation of the Mimblewimble protocol, which employs confidential transactions to obfuscate transaction amounts and makes use of aggregated transactions to prevent the linking of native transaction inputs and outputs.

XMR uses ring signatures that aggregate a crypto sender’s true coins with a set of decoys, picked semi-randomly from other points in the blockchain. On Aug. 6, the token experienced its largest increase in daily hashrate, spiking to 2.2 GH/s.



Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,493FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 48,794.00
ethereum
Ethereum (ETH) $ 3,525.01
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 636.93
litecoin
Litecoin (LTC) $ 184.36
eos
EOS (EOS) $ 5.33
okb
OKB (OKB) $ 18.93
tezos
Tezos (XTZ) $ 6.38
leo-token
LEO Token (LEO) $ 3.18
cardano
Cardano (ADA) $ 2.41
monero
Monero (XMR) $ 269.73
stellar
Stellar (XLM) $ 0.327872
chainlink
Chainlink (LINK) $ 29.22
huobi-token
Huobi Token (HT) $ 14.65
tron
TRON (TRX) $ 0.107971
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 205.09
neo
NEO (NEO) $ 50.20
iota
IOTA (MIOTA) $ 1.68
nem
NEM (XEM) $ 0.187123
zcash
Zcash (ZEC) $ 141.55
maker
Maker (MKR) $ 2,900.48
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 58.14
vechain
VeChain (VET) $ 0.115893
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 66.20
kucoin-shares
KuCoin Token (KCS) $ 11.91
waves
Waves (WAVES) $ 29.81