History and role of anonymous cryptocurrencies in modern society.
We are well aware of what Bitcoin, Monero, Dash and ARC is and have repeatedly heard about their innumerable advantages over traditional (fiat) currencies. However, not all cryptocurrencies are safe and comfortable that much. Each of them use its own, unique algorithm that can be suitable for one customer and comes to be a disaster for another one.
Bitcoin is justly considered to be the most popular and famous cryptocurrency, due to the primary. But with the passing of time, it turned out that bitcoin isn’t that anonymous as well as secure for the users. As an example, in 2017 in Ukraine, two unknown people have broken into the web designer’s apartment and threatening him with violence, forced to transfer 15 BTC to their e-mail addresses. This situation had occurred because every single bitcoin transaction is written in a public blockchain thereby allowing attackers to track transactions and their owners. Besides, the BTC model is rather simplified that is why it provides support only to the miners, while the remaining components are left without support and operate in random order.
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In 2014, Evan Daffield has realized that BTC protocol requires improvement and qualitative modernization. Daffield had repeatedly asked for an introduction changes into Bitcoin, but BTC representatives decided that there is no need to change protocol. After this, Daffield creates a whole new cryptocurrency named DarkCoin and further renamed to Xcoin. After an InstantX (functionality instant transactions) implementation has been done, cryptocurrency gets a new name — Dash. During the next year, Dash team realizes a built-in decentralized voting system, as well as management and funding.
Dash is not the only one anonymous cryptocurrency today. Monero, ZChash and ARC also provide their users with anonymous transactions: Monero due to the method of obfuscation — confusing the history of translation. ZChash, in turn, uses an “evidence with zero disclosure” principle, the essence of which is the confirmation of operation by one party, without obtaining confidential data from the second one.
Advanced Technology Coin, for their part, maintain an anonymity of transactions virtue of a built-in unique SpySend technology. SpySend algorithm of the action lies in simultaneous formation and execution of several transactions (to receive and send ARC) as a result of which it is impossible to establish an exact correspondence between senders and recipients of funds. To date, funds at least of three users are mixed while committing a transaction. Moreover, before the main transaction is done, all users funds are sent to their hidden addresses (preliminary anonymization). Accordingly, the SpySend technology protects ARC users from all kinds of fraud. In comparison with competitors, Advanced Technology Coin provides users with low transactional charges and profitable bonus programs which can be found on the website.
It must be noted that financial security is considered to be an extremely important and necessary element of any payment system nowadays. The knowledge that your money is reliably protected, gives a freedom and desire to implement ARC in your business, as well as daily payments. Considering the fact, that transactions are conducted almost instantly together with an implementation of ARC Wallet — the use of ARC have become even more convenient. Hereinafter, Advanced Technology Coin team is going to improve and develop all the services provided.
What do you think about the role of anonymity, and what is the determining factor for you in choosing a cryptocurrency for investment as well as for the use in everyday life?
