FxWirePro: a comparative study of the main cryptocurrencies focusing on privacy: Monero, Zcash, Zcoin, PIVX

Private currencies are cryptocurrencies that are completely anonymous and untraceable. There are various coins of privacy and important ones include

1. Monero
2. Zcash
3. Zcoin
4. PivX

1. Monero

The Monero coin was originally forked by Bytecoin and is a private undiscovered secure currency. Monero uses RingCT privacy technology. Provides privacy through unique features like

1. For senders (Ring signature)
2. For receivers (Stealth address)
3. For the transaction (Ring CT (reserved transaction)

Monero, formerly known as Bitmonero, is the first currency to use CryptoNote technology. Cryptonote is the new generation platform useful for creating anonymous and secure cryptocurrencies.

Cryptographic note:

It is an open source technology and concepts for the cryptocurrencies of the future. The main features are

1. Untraceable payments
2. Transaction can not be connected
3. Double expense test

Untraceablity:

Monero uses a special technology called ring signature that shuffles the public keys of users to eliminate the possibility of identifying a particular user.

Ring signature:

Ring signatures are a type of digital signature that can be performed by any member of a group of users who have keys. An annular signature is made up of the actual signer who is then combined with the non-signers to form a ring and helps to mask the origin of the transaction. All members are considered equal and valid in this ring.

Stealth Address:

The stealth address is technology used to protect the privacy of cryptocurrency receivers. It requires the sender to create a random unique address for a given transaction so that the different payments made to the same payee are unlinkable.

RingCT: It is nothing more than Ring Confidential Transaction (CT) used in Monero to improve transaction privacy by hiding the amount of the transaction sent.

Monero is fungible because every transaction is private by default. Monero hides the sender, the address of the recipient and the amount of the transaction.

In Monero transactions are confirmed by the consensus distributed and immutably registered on the blockchain. It is not necessary to rely on third parties to keep Monero safe (no reliable configuration).

Monero has 2900 complete nodes online plus the most decentralized and secure number.

Monero Scalability and transaction costs:

On average, the Monero blocks are extracted every 2 minutes and the transaction confirmation time takes about 20-30 minutes on average. Monero has implemented a limit of dynamic dimensions and is modified by itself. It has no maximum size of the hard coded block and therefore a penalty is imposed for large transactions.

Another important negative factor to note is the greater transaction cost of Monero and their average transaction fee is $ 3.21.

Professionals:

1. It can give a high level of privacy thanks to the ring signature function
2. Transactions can not be linked and tracked.
3. No blocking limit.
4. It hides the recipient, the sender's addresses and the amount of the transaction
5. Private by default

Versus

1. It has only a few wallet supports thanks to its high level of privacy
2. The cost of the transactions is very high
3. The mining sector has concentrated and almost 35% of the mining sector is controlled by only four large pools.
4. Monero transactions are significantly larger than other encrypted ones because of the encryption involved. So it has a scalability problem.

2. Zcash

Zcash is a digital protection, a digital currency built on a strong science. It is Bitcoin bifurcated and uses zk-SNARKS (Zero tests. Argument of non-interactive knowledge of zero knowledge for privacy.

The unique features of Zcash are

1. Low transaction costs
2. Optional privacy
3. Z-addr to t-addr transactions
4. t-addr to z-addr transactions
5. It hides the address of the sender and the receipt and also the amount of sending

Try zero knowledge it is a method or process in which a person (the proverb) can prove to another party (the verifier) ​​that something is true without revealing any information other than the fact that this specific statement is true.

There are four types of transactions in the Zcash network

1. Public transactions – where all transactions and amounts are revealed.
2. Shielded transactions – Zcash supports two types of "t-addr" or transparent address and "Z-address" addresses or shielded addresses. Transactions occur between "t addr" in "z-addr".
3. Unshielded transactions – Private address to public address, where the transaction amount is revealed through the unsecured transaction but the total balance in the private address is protected.
4. Private transactions – from z to z-addr, where both the addresses and the transaction amount are encrypted and not visible to the public.

Scalability of Zcash and transaction costs:

The new blocks are created approximately every 150 seconds and the maximum size of the 2 MB block. The average time required to create a private transaction is 60 seconds. The Zcash transaction per second is 27 and the transaction cost is $ 0.001.

Professionals

1. Selective privacy
2. High anonymity
3. Zcash has the correct portfolio support with Ledger Nano S and Trezer.
4. Low transaction costs

Versus

1. Requires a reliable configuration
2. The test dimensions are large
3. It takes more time to create a private transaction

3. Zcoin

Zcoin is anonymity and privacy-oriented cryptocurrency that uses evidence of zero knowledge through the Zerocoin protocol.

Zero-knowledge proof or Protocol

It is a method by which a party (prover) can send and receive coins without revealing which specific currency belongs to them. The term knowledge test Zero means that no information about the secret is revealed, but the second part called as a verifier is convinced that the first part called prover knows the secret.

Zerocoin works by allowing you to burn coins (otherwise known as Zerocoin mint) and later redeem an equivalent number of brand new coins (known as Zerocoin spend). Provides greater anonymity than other encrypted privacy. These new Zerocoins do not have a chronology of transactions and many users who coin coins, at the same time it becomes impossible to trace the new coins minted for particular users.

To coin a Zerocoin, a person generates a random serial number S and encrypts it in a C coin using the second random number R. These two numbers are used in the cryptographic function to generate the value "V". The value V is published on the blockchain to prevent it from being changed in the future.

Zcoin Scalability and TPS

Zcoin has a high block time of 10 minutes and the maximum block size is 2 MB. The average time required to create a private transaction is 2-3 seconds. The Zcoin transaction per second is 14 and the transaction cost is $ 0.13.

Professionals

1. There is no need for a mixer
2. It does not require trusted third parties to provide anonymity

Versus

1. Zerocoin does not hide transaction values.
2. Requires a reliable configuration

4. Verified instant private transaction (PIVX)

PIVX is a privacy-based cryptocurrency based on a fork of the DASH v0.12.0x core with Proof of Stake consensus mechanism with the goal of improving some of Bitcoin's scalability and convenience issues.

The main features of PIVX are

1. SwiftTX: The transaction time is instantaneous using "SwiftTX". Transaction confirmations are performed by masternodes rather than requesting network approval. SwiftX transactions are confirmed and can be spent in a few seconds.
2. Zerocoina PIV (zPIV): This feature allows users to spend anonymously. It is a mix of POS and zerocoin protocol. Reduces the size of spending transactions by 25% and increases verification speed and network performance. Helps to hide the coin balance and transaction history. It takes 0.5 seconds per tick and 2.54 seconds to spend ZPIV.
3. POS 3.0 Bitcoin Core 0.010x: PIVX is the first Proof of Stake cryptocurrency based on Bitcoin code version 0.10 or later. Proof of Stake is a distributed consensus method and prizes are awarded to stakeholders holding PIVX in a portfolio.
4. Masternode: Masternodes are powerful elements of the PIVX network. These are nodes that run the same software wallet on the same blockchain to provide extra services on the network. To perform a masternode we should dedicate 10,000 PIVs as a guarantee. The main services provided by Masternodes are the anonymisation of the greater privacy of transactions, instant transactions, decentralized governance and the budgeting system.
5. Fluctuating algorithm: PIVX has developed a visa reward balance system. The higher the number of masternodes, the lower the reward portion of each POS block that will be distributed to customers. Conversely, when the masternode count decreases, the masternode reward portion is increased and the reward portion of the stakeout node decreases.

PIVX and TPS scalability:

PIVX has a blocking time of 1 minute and the maximum block size is 1 MB. The average time required to create a private transaction is 2-3 seconds. The transaction per second is 70 and the cost of the transaction is $ 0.003.

Professionals

1. It's fast and has low transaction costs. Instant transaction is possible using "SwiftTX" technology
2. Use the Proof of Stake consensus mechanism then press and create coins directly to PIVX owners and not to miners
3. PIVX can be stored in the Hardware portfolio
4. Passive income can be earned through its masternode system.

Versus

1. Unlimited supply of coins
2. No trusted configuration
3. It does not hide the amount of the transaction

Currency comparison for privacy:

The table below shows the comparison of Privacy on the basis of privacy technology, scalability and coin economy.

	Monero	Zcash	Zcoin	PVIX
Economy and scalability of coins
Mechanism of consent	Proof of work	Proof of authority	Proof of work	Proof of mail
Algo mining	Crypto Night	Equihash	Lyra2z	Proof of mail
Lock time	2 minutes	2.5 minutes	10 minutes	60 seconds
TPS	Adaptive block size	56	70	14
Private transaction time	1 second	60 sec	2-3 sec	2-3 seconds
Transaction costs	$ 3.15	$ 0.0001	$ 0.13	$ 0.00
Instant transaction	No	No	No	Yup
Main knots	No	No	Yup	Yup
Privacy specifications
Privacy Policy	Ringing of the ring	ZK-snarks	Zerocoin	zPIV
Display accounts	No	visible "t" addresses and "Z" protected	Visible	Visible
Main knots	No	No	No	Yup
Optional privacy	Yup	Yup	Yup	Yup
Safe installation is required	No	Yup	Yup	Yup
Hides the sender and the address of the recipient	Yup	Yup	Yup	Yup
Hides the amount of the transaction	Yup	Yup	No	No
Complete online nodes	2900	1200	1700	2100
Private by default	Yup	No	No	No

Conclusion

Monero is a very popular currency for privacy, it is only a currency that can not be traced, can not be traced and can not be connected. The only problem with Monero is the problems of scalability. The size and the cost of the transaction are very high.

Zcash also hides the transaction amount as Monero, but uses the zk-SNARKS privacy technology that takes more time for the private transaction.

PIVX is so fast and has less transaction fees. He is the first to adopt the consent mechanism of Proof of Stake. It can send private coins without being tracked using the Zerocoin protocol (ZPIV). Use "SwiftTX" to create an instant transaction. But the only drawback is that you will not be able to hide the transaction amount. But it is very underrated

Technical:

Monero (XMRUSD):

Monero was traded lower following the footsteps of Bitcoin and lost over 50% this month. The pair hits $ 53.10 and currently trades around $ 60.73.

It was temporarily higher at around $ 379.90 on March 5, 2018 and showed a huge sale of over 80%. Short-term resistance is around $ 74.46-76.70 (23.6% fib and 20 days of MA) and any break above $ 84 / $ 92 (55 days EMA) / $ 100 (89 days) EMA). The pair should break above $ 120 (200 days MA) for further bullish continuation.

In the weekly RSI chart it is around 32 near the sold area and the pair expects to show a rebound up to $ 100.

At the bottom, short-term support is around $ 50 and any violation below the target is $ 30 / $ 16.

Zcash:

Zcash has been weak for the last 6 months and has lost 84% from a maximum of $ 381.75. Striking low of $ 61 showed a slight recovery. It is currently trading around $ 82.18.

The short-term resistance is about $ 97 (20 days MA) and any violation greater than $ 110 (55 days EMA) / $ 121.90 (89 days EMA). It should close over $ 163 (200 days MA).

In the lower part, the major support is around $ 60 and any interruption below confirms the downward continuation. A dip up to $ 40 / $ 30 is possible.

Zcoin:

Zcoin weakened and lost more than 90% from the $ 48.75 peak on May 5, 2018. It reaches a low of $ 4.82 and currently trades around $ 5.86.

The pair is facing strong resistance around $ 6.50 (23.6% fib) and any convincing break above $ 7.52 (20 days MA) / $ 8.80 (55 days EMA) / $ 10, 18 (89 days EMA).

The main support is around $ 4.80 and any break below $ 3.57 / $ 3 target.

PivX:

PIVX The highest resistance is about $ 1.08 (55 days EMA) and any violation greater than $ 1.22 / $ 1.45. The lowest resistance is about $ 0.89 / 0.960.

On the lower side, support is around $ 0.6299 minimum achieved on 27 November 2018 and the break below this level confirms the downward trend and a fall up to $ 0.34 probable.