Due to popular demand I’m back with a list of the new privacy coins on the block.
Some of the coins I’m covering today all have small market caps. This means they could be considered undervalued, but before we make that judgment call, let’s take a better look at what they each have to offer.
Before I get into today’s topic I feel like I’ve gotta ask... are we all having fun yet?
Is your HODLing strength being tested? Consider this a friendly reminder that you don’t take a loss if you don’t sell. Don’t get tunnel vision. Instead, let’s remember that this space is full of innovation.
On that note, let’s take a look at privacy.
The coins I’ll be going over today are Cloak, Spectrecoin and DeepOnion.
These last two are pretty new coins that seem to have gained a lot of attention and a loyal following who like to point out the fact that they utilize the privacy features of the Tor Network. But before we get into those, I think it’s fair to take a look at one of the original Privacy coins that decided to use the Tor Network in addition to their own encryption protocol.
If you’re not familiar with or need a refresher for what encryption is or how Onion Routing works, be sure to check the links down in the description to learn more.
Website claims:
"Fastest, most secure way to transact cryptocurrency using blockchain technology and truly next-gen ENIGMA encryption to create fully private transactions."
Features:
- Open source
- Proof of stake
- 6% annual interest for staking coins in the wallet
- Onion Routing privacy
- Enigma (allows for up to 25 ‘hops’ thanks to RSA encryption)
An open source project that uses proof of stake. They use the Tor or Onion Routing privacy abilities along with their own Enigma encryption. This encryption protocol allows for up to 25 jumps for a transaction. This makes tracking a transaction all the more difficult thus, further solidifying the privacy of a transaction.
Cloak coin is also proof of stake and they’ve organized their circulating supply in such a way that it will remain scarce. Also, if you choose to stake your coins, you will accrue 6% of your balance annually.
It’s current market cap puts Cloak as number 220 on CoinMarketCap
Website Claims:
"Premier privacy focused cryptocurrency"
Features:
- Open source
- Proof of stake
- Ring Signatures
- Tor+OBFS4
- 5% annual rewards for staked coins
Right off the bat I have to say that I like their website, no fluff, and they get straight to the point. They show the current features available today and those that will be coming in the future.
In addition to utilizing the Tor network, Spectrecoin also uses a type of obfuscation called OBFS4.
This could prove to be wildly valuable if more governments continue to attempt to block the ability to use the Tor network. Some countries like China and Saudi Arabia are attempting to do this by monitoring the data of users internet connections. Suffice to say that if they can detect Onion protocol they’ll do their very best to limit that connection. OBFS4 can make detecting this a whole lot more difficult.
So keep an eye out for other privacy coins that also use this type of obfuscation as it’s a good way to achieve a more encompassing privacy.
Spectrecoin also uses ring signatures which you may be familiar with as it’s also used with Monero.
They also offer a yearly reward of 5% for coins that you stake with their wallet.
The market cap of Spectrecoin is around the $33 million mark and it’s ranked number 250 on CoinMarketCap
Website Claims
"Anonymous and 100% untraceable cryptocurrency sent through the TOR network."
Features:
- Tor
- OBFS4
- Instant confirmations
- No ICO, distribution is achieved through Airdrops
- DeepVault- ensures immutability allows users to verify the authenticity of their stored files.
This one is pretty new, it was brought to us in the late summer of 2017. DeepOnion of course uses the Tor Network and they also use the same kind of traffic obfuscation as Spectrecoin in order to randomize the traffic on the network.
They also have DeepVault, which essentially guarantees that the data stored on the blockchain is completely immutable. This is verifiable by anyone who uses this feature by being able to check the hash of the files. If the hash has changed then you know your file has been tampered with.
One thing that sets DeepOnion apart is how they are achieving their coin distribution.
DeepOnion did not have an ICO, they chose to distribute their coins through weekly airdrops.
This is a great way to avoid individuals from accumulating large amounts of this coin and those being able to swing the market in anyway they want.
I’ll include a link down below that gives you up to date information regarding these airdrops and how you can participate.
The market cap of DeepOnion is around the $18 million mark and it’s ranked number 337 on CoinMarketCap
Additional Reading/Sources:
Encryption
Onion Routing
Great Video explaining Onion Routing
Cloak coin Website
Spectrecoin Website
DeepOnion Website
Thank u for sharing... best chanel for cryptocurrency...
That's quite a compliment! Thanks!
You are most welcome... i am a newbie.. i have been following you since day 1.. and you a very good content, reviews news and info in regards of cryptocurrency...
You know your stuff.. i am learning from you.. thank you again..
It's good to have options when it comes to privacy, but I'm still not sure if I'd buy any of these coins. With all the high level tech involved, it's hard to tell if one of them is better than another. That's just how these things go I suppose - if you really want excellent privacy, you have to have excellent knowledge.
Thanks for posting.
All those coins have similar idea and for me that is problem of crypto now. Too many coins doing same thing and I believe in next 3 years many projects will fall and only best and most used and adopted will stay. This is normal thing in a transition of crypto from experimental tech to worldwide used tech.
We are suppose to do our own research on these coins also right?
Thanks though for the info.
Absolutely. Every. Single. Time. :)
Nice report, good intro to two alt coins I would have never known about or considered
Thanks you for the insights
CLOAK and ONION look to be in deep and continuing down trends
But that may just set them up as good buys at some point in the future
The unique callable privacycoins are Monero and Zcash, which really hide transactions details.. these are just Bitcoin clones over TOR
You are my go to place for learning new crypto projects!!!!
Excellent info. I have some Monero. But I don't really have any bias. The question I always ask myself, how many different privacy coins do we need? How many will survive in 1-2 years time?
lol, where is the beach?! :D
It's untraceable
Trust me, I know...
when snow melts it does not trun into an ocean right away :D
Cool article and video, I'm really bullish on DeepOnion, still 10 weeks of Airdrops, this will add over 50% to my DeepOnion holdings...
I actualy saw this video few minits ago. I thought it would not be as good, but I was realy surprised how good this was. Both actors are great. I definitely watching it. It is a great privacy video.Thank you for sharing.
Hi! NICE THANKS!
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Please look into Superior Coin and Kryptonia.io and now working with Citizen's Action Network as a working coin. Your opinion is appreciated. Now on four exchanges! We'd appreciate you to join us on the rise to freedom and support of third world countries, and those in need!
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Upvoted and new follower here! Great material. Please consider my blog as well. I currently have 80,000+ followers on Youtube, Twitter, and here combined where my goal is to help improve the crypto community. I'm a crypto analyst with high accuracy calls. My Youtube, and on twitter, is the most unique channel currently out and I hope it'll add value to your crypto career as well.
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I heard about deeponion a week or so ago. I need to expand my portfolio to include more privacy coins. Thank you for the post; it helps with my research and which direction I’m going to take it.
thank you for the post.
Thank you for sharing those coins, very informative post, a good point to start my own researches , thank you for the great work
And I never knew or heard of names like spectrecoin, cloak coin or deep onion until few mins ago after reading this post.. Glad I refreshed my page and stumbled on this...
#steemiteducation
This particular one looks more promising considering the fact that the name is a huge branding boost to its promotion and adoption.
However, they used to be much hype about it few months back but now, the hype have lessen and fizzle out.
Maybe the current market turbulence is the major factor. Well, let's just wait and see what happens.
I myself will buy it too.
Thanks for the info @heiditravels
Happy Steeming
Many people think that BTC is anonymous and trackless. They are not. The only way to make really anonymous transactions is through TOR. The fact that this currencies are based from the get go on TOR is what makes them interesting. Thanx.
Tor is not enough for Bitcoin privacy as it only helps against network analysis but not blockchain analysis. But this should be the default way of using Bitcoin, that's why I'm currently suggesting either Electrum (PC) or Samourai Wallet (Android) as the wallet software for the new users (nothing good supporting Tor on iOS currently AFAIK). And then on top of that there are various techniques, like CoinJoin, to make Bitcoin transactions less trackable.
cool channel, nice article and video
Keep those infoposts coming!!!
Such a great read indeed! :)
Thanx for the info!!
DeepOnions year. Spectrecoin is POS i did not know till your post. 😀😍🙄😊👆
Thanks for sharing
To be elligible in an airdrop for deepunion, criteria are, you arr atleast a bicointalk junior member, must have and an active member of deepunion forum and last you must were deep union badge the whole course of airdrop.
Just what I needed. Thanks, always love your videos @heiditravels I have been subbed on youtube for a while. Recently joined @steemit and am becoming addicted to it. I think soon I may abandon facebook and youtube altogether.
I have interest to crypto currencies and your channel doing such a great job! I'm thankful for that! thanks for sharing this with us 😊
CLOAK is good ;-p
Thanks Heidi for this informative post! Do you think privacy coins will have a hard time when it comes to governments wanting to ban them?
I think it'll be the other way around.
We are living in very exciting times! :)
Any coin that is popular on darkweb markets will go up in value
Hmm, nothing on Bulwark? :(
Thanks. I think people will go to privacy coin this year. Thanks. I not in all those 3 privacy coin until you mentioned it. I am look at komodo right now.
Heidi thanks for another great vid. Your content is always quality, and the scenery in most of these vids are as beautiful as you are
Coins mentioned in post:
Cool, thanks for the visual. It seems the Bear market has arrived!
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@heiditravels you could have also included Verge XVG on the list.
Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.
Algo: Scrypt, x17, groestl, blake2s, and lyra2rev2
Block Time: 30 seconds
I covered Verge in the first video. But thank you for supplementing.
Great! Sorry missed that video.
I enjoy this videos , thank you for all your work!
Verge, Colx,Shield,ITNS. Thank me later.
I covered Verge in the first video. Shield and Colx are on the list for the next videos and I'll have to look into ITNS. Thanks for the tips.
Thanks for this wonderful post. I think this should be the best Chanel for cryptocurrency in future. Kudos to you @heiditravel
thank you for sharing such an interesting article
Thanks for highlighting the privacy coins.
Good Vlog, I am looking into privacy coins and this helped at a time when I am looking for good ones. Thanks. resteemed
Great info as always, @heiditravels! One more reason I've got you on my automatic upvote. Good to get informed as we all build our HODLing strength.
XSPEC and ZenCash are the best privacy coins out there IMO. Cloak is meh and Deep Onion is complete junk.
XSPEC will also be the ONLY coin with a stealth PoS mechanism making it 100% unique in this aspect alone.
Your becoming something of a dollar vigilante with your advice on crypto.
excellent review thanks for the content, I had my eyes on deep onion and it's on sale right now!
Tangent comment: What the heck? You normally are speaking from a beach with somewhat sunny skies. You look really, really cold in this video standing in all that snow. What gives?
Good analysis but i'll go for Deep onion and spectre coin.