Thread by @CypherpunkGuild

What are privacy coins? How do they work? What are some of the best options out there? Do they make a good investment? 🔍

Here are some pointers 👇 1/10

/2 Privacy coins are a kind of cryptocurrency focused on making transactions fully secure, anonymous, and untraceable.

Although in the public debate they are often looked down at as 'criminals' coins' they are actually the safest choice for protecting financial information❗️

/3 Pros of privacy coins:

-Recent Success - In the face of a challenging market cycle
-Greater Privacy
-Deliver on on promise of decentralization
-Growing Name Recognition - Chance to get in before they really take off

/4 To make a transaction private, 3 pieces of information need to be hidden: sender information, receiver information, & transaction amount.

To achieve privacy, protocols mainly use 3 different cryptography techniques, RingCT, zk-SNARK, and MimbleWimble.

/5 Each approach has its pros and cons, for an overview, here’s a very good article by @suterusu_io CTO, Dr Lin: medium.com/suterusu/priva…

/6 Remember that using a privacy coin doesn’t mean you operate under a cloak of invisibility❗️ From browser fingerprinting to recording IP addresses, there are various ways in which third parties can de-anonymize private transactions. So, take additional precautions ‼️

/7 The biggest players representing these approaches are: #Monero, #Zcash #Beam & #Grin

/8 Top 10 privacy coins according to Binance:
binance.com/en/blog/fiat/t…

/9 Despite the backlash, privacy coins are attracting more and more users. It is definitely worth considering using them to benefit from greater security & privacy. Of course, if you want to invest in privacy coins DYR🔍

/10 Soon we are going to release a series of articles dedicated to privacy coins and privacy protocols so stay tuned 🥷