This is a list of the best cryptocurrencies to invest in 2022 in this category!
People who use cryptocurrencies get a lot of benefits from them, and the fact that they can send and receive money with anyone in the world very quickly, without any middlemen, and at meager costs is one of them. This is something that can’t be done in any other system.
There are many things that banks and governments do all over the world that they want to be able to do with our money.
Because of these people who take our money, cryptos have a use case to solve. In a nutshell, we could say that thanks to banks and governments, cryptocurrencies are here because they give us back the power over our money.
But now… We don’t have privacy when we use traditional cryptocurrencies because all our transactions are public on the blockchain, even though we can trade freely. People in this world today will have even more rules and controls when they grow up. The need for this grows.
In this article, I’m going to look at the five best privacy cryptocurrencies so that no one can see how much money you have or what you do with it.
It talks about Monero and its cryptocurrency, XMR. The first project on the list talks about that.
Most of the time, I think that the market for privacy-focused coins will start to grow very quickly soon. When these coins begin to rise in value, our main project is, of course, Monero.
Today, Monero is the leader in this field, and its goal is simple: Make it possible for transactions with this currency to be done privately and anonymously.
It isn’t true that people can hide their identities when they use other currencies, like Bitcoin. Because blockchains are entirely transparent, it is effortless to track payments or transfers made by people because they can see everything. A video recorder makes sure that everyone can see any movements made.
This isn’t true for the currency called XMR. This currency is made to hide both senders and receivers through advanced cryptography. Project: This one gives us a currency that we can use to make or get payments without anyone else knowing about them.
Not to do illegal things or anything like that: This is not what this is for. Over time, we’ve lost all of the freedom of using cash. We should be able to do what we want with our money, and no one should be able to tell us what to do with it!
The XMR cryptocurrency is now worth $169, with $3 billion and 18 million tokens in use. In the last few days, I raised a lot of money for my project, which shows how much people care about it.
Monero is a currency that many people will be grateful for in the future because we’re going through some crazy times where people are very controlled. Soon, people will need this kind of currency, and they’ll be grateful for it.
After that, we’ll work on a project called “Secret Network” and “SCRT.”
2. Secret Network
Here on this page, we’ve talked about Secret Network a lot. I genuinely believe that it is one of the best competitors in this field.
People who want to keep their private information private can use this blockchain. It was built on top of Cosmos. Good projects like Luna and ThorChain also come from parts of the Cosmos ecosystem. This project is part of that ecosystem as well.
This blockchain lets you make and use smart contracts, which he calls “Secret Contracts.” These allow applications to run on decentralized networks to process data in an entirely safe way. The reason is that all of this data, whether input or output, is encrypted during the process of running it.
As a result, secret contracts can do the same things as traditional blockchains, like decentralized finance, games, NFTs, messaging, and storage. They can also be used to run everything in secret and privately.
We can even turn other cryptocurrencies into their secret versions and hide them. The use cases are so big, so this blockchain ecosystem keeps getting bigger and bigger.
It has a current value of $4.50, $740 million, and 163 million tokens in use. My favorite project is this top.
The next project on the list talks about DERO, a cryptocurrency with the same name.
When it comes to cryptocurrency, Dero is one of the first projects to combine a proof-of-work blockchain like Bitcoin and Ethereum with a DAG structure similar to the one that Fantom has. It is also one of the first projects to make transactions completely anonymous.
This new way this blockchain was made allows us to do more than we could before. Dero does the same thing as Monero, which is why there are other privacy currencies like this one called Monero. When you combine two different consensus protocols, you get the best of both worlds.
For example, let’s say that Dero can combine the security and decentralization of a proof blockchain with the scalability and high transaction speed of DAG technology. This will help you better understand what Dero can do.
Dero’s primary goal is to be a blockchain that can be used by businesses and individuals worldwide. It should be able to make safe, fast, and anonymous transactions, and it should also be able to create smart contracts, both public and private.
Dero is the winner on this list in terms of security and speed. As we have seen, it combines the best of both worlds, giving us a base speed of 750 transactions per second and allowing us to secure the network while we mine your currency from any device.
DERO is a cryptocurrency with a current value of $12, a market cap of $139 million, and 11 million tokens in circulation. It also has a halving system in mining, like Bitcoin, which also has a halving system.
I think Dero is a good project even though it’s not as big as the other coins we looked at.
Next, we will talk about Pirate Chain and its ARRR cryptocurrency, which is used to buy things on the web.
4. Pirate Chain
During the first few days, everyone thought that the name of this coin came from a meme. But this is a very high-quality project. Pirate Chain uses a privacy protocol that can’t be harmed by other people’s actions on the network. This means that Pirate Chain is 100% private.
Pirate Chain is private by default and can’t be changed, which makes it a lot safer than the other chain, which can’t be changed. zk-SNARKs also protect the transactions of its users. These are also called proofs with no knowledge.
ARRR has a current value of $1.10, a market value of 213 million dollars, and 190 million tokens in use. Because some currencies have a tiny market cap, they could be risky. We can’t leave them out of this list.
After Phala Network and PHA cryptocurrency, today’s last project is about the Phala Network and its PHA cryptocurrency.
5. Phala Network
People who use Phala Network don’t use private money, but they use a cloud computing service focused on privacy. This is different from what we have seen before. Phala has a lot of computing power like other cloud services, like Amazon, but it does so in a way that protects the privacy of all the programs running there.
People who build smart contracts on this network can also use a hybrid architecture that protects them from many attacks and hacks.
We also want to be a parachain in Polkadot, but we don’t know how to do that. In the future, I will be able to provide computing power for many blockchain applications while protecting your data. This will open the door to decentralized personal finance, anonymous transaction history, and the computation of secret data for you.
The Polkadot ecosystem is going to get all these tools for privacy. Take it easy. I’ll talk about a lot more soon. In my next article about parachains, I will explain what Phala is. This parachain is one of the parachains that I will be supporting. I’ll show you how to get a lot more PHA tokens for free by giving our DOT to the auction during this auction.
Currently, the PHA cryptocurrency is worth about $0.22, has a market share of about 61 million dollars, and there are 272 million tokens in use.