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Monero - This digital currency is the most anonymous, which uses an amended version of Bitcoin’s proof-of-work consensus algorithm called ‘proof-of-work-anonymous.’ As a result, Monero has gained popularity in several darknet marketplaces. When Monero coins are transferred, the sender A will formulate a new address for the receiver B, which is based on the public key of B. The private key of the newly formed address can only be formulated by B’s private keys. When coins are spent, the transaction is signed and time-stamped with a “ring signature”. Ring signatures are verified against a group of public keys without having to reveal the
Zcash - This cryptocurrency seeks to privatize transactions via Zero Knowledge Proofs. “Zcash is a project to create a new currency for the Internet, inspired by Bitcoin,” said founder Zooko Wilcox. Zcash has been described as the untraceable cryptocurrency due to its high levels of anonymity, mainly due to the implementation of zk-SNARK (Zero-Knowledge Succinct Non-interactive Argument of Knowledge) cryptographic model.
Dash - This digital currency seeks to create anonymity via its “PrivateSend” feature, which is a bitcoin mixing concept. Along with mixing concepts, Dash implements a series of added features including decentralization, a chaining approach for maximizing anonymity, passive ahead-of-time mixing and denominations.