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What Are Privacy Coins?

Blockchain-based cryptocurrencies allow users to conductRead More →

The post What Are Privacy Coins? appeared first on Crypto Core Media.

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Blockchain-based cryptocurrencies allow users to conduct financial transactions in a decentralized manner. Beginning with Bitcoin (BTC), the first peer-to-peer (P2P) cryptocurrency, there are now more than 2,000 digital assets that may be exchanged between two different parties – without requiring an intermediary to settle the transactions. 

The blockchain, which is a type of distributed ledger technology (DLT), is used to share transaction data among a crypto network’s participants. Unlike the money transfers recorded on a bank’s ledger, which may only be viewable to the institution’s employees, the transaction details of most crypto transactions conducted on public blockchains are accessible to everyone.

Transactions Made with Most Cryptos Are Pseudonymous 

Block explorers, such as those provided by Blockchain.com, let users check transaction logs for bitcoin, bitcoin cash (BCH), ether (ETH), and other cryptoassets. However, block explorers only display limited information which includes the amount of cryptocurrency transferred between two (or more) parties and the public address of both the recipient and the sender. 

Timestamps, which record the exact time and date when a crypto transaction was made, are also viewable on block explorers like Etherscan. Transactions involving bitcoin, litecoin (LTC), and other decentralized digital assets are pseudonymous – meaning that they allow users to maintain a certain level of financial privacy. 

Using Personal Crypto Wallets Is Somewhat Similar to Operating An Email Account

For example, bitcoin transactions made between two different personal user wallets do not require that users submit identify verification documents. In most cases, opening a crypto account (by creating a wallet) can be as straightforward and simple as opening and operating an email account. 

Users may send and receive crypto through their wallets without sharing personally identifiable information or needing third-parties to finalize transactions. In order to make cryptocurrency transfers more private, digital assets such as Monero (XMR) and Zcash (ZEC) may be used to reliably conduct P2P transactions.  

Monero-based Transactions Shield Addresses of Senders and Receivers

Monero is a leading privacy coin that uses advanced cryptography techniques to shield the addresses of both the sender and the recipient in an XMR-based transaction. When making transactions on the Monero network, the amount of cryptocurrency transferred is also shielded (not publicly viewable). 

As explained by its developers, all XMR transactions, by default, obfuscate (or hide) both sending and receiving addresses and the amount exchanged between different Monero accounts. Referred to as “always-on” privacy, Monero’s development team notes that every XMR user’s activity “enhances the privacy of all other users.”

Monero Is Fungible, XMR Transactions Will “Always Be Accepted”

By design, Monero is fungible, which means that all XMR coins are interchangeable and they are also indistinguishable from each other. Fungibility is an important property as some cryptocurrencies including bitcoin may become “tainted” if certain BTC coins are used in illicit transactions such as money laundering. Merchants might refuse to accept these coins, however this might not affect XMR transfers since they are untraceable.  

As noted by its developers, by “virtue of obfuscation,” XMR-based transfers cannot become tainted due to “participation in previous transactions.” This means that transactions made through the Monero network are uncensorable as they will “always be accepted,” the privacy coin’s developers claim. 

Launched in April 2014 as a fully open-source cryptocurrency, the obfuscated Monero blockchain uses the proof-of-work (PoW)-based consensus algorithm to secure its platform and validate transactions. 

Zcash Transactions May Be Private or “Transparent”

Other major privacy-focused coins such as Zcash also let users perform shielded transactions which are controlled through a “z-addr.” The Zcash network also provides the option to conduct “transparent” transactions with its native ZEC cryptocurrency. 

Transparent ZEC transactions are similar to how bitcoins are transferred between two different crypto addresses. In these types of transactions, the amount of cryptocurrency sent and the addresses of the sender and recipient are shared publicly.

Disclosing Transaction Details for Auditing Purposes or Publishing Financial Statements

Launched in October 2016, the Zcash platform allows users to “selectively disclose” transaction details in order to prove that certain payments were made – which may be required for auditing purposes or preparing financial statements. Disclosing information related to ZEC transactions may also be required when filing taxes or complying with regulatory guidelines. 

In order to conduct private Zcash transactions, the cryptocurrency’s developers use a type of zero-knowledge proof (ZKP), known as zk-SNARKs. ZKPs only share certain details about crypto transfers that are required to prove whether a transaction meets a particular set of conditions. For instance, it may be possible to determine whether the transaction amount falls within a certain range, such as between $1,000 to $10,000, by using (implementing) zk-SNARKS – without knowing the exact amount.

Performing Untraceable Transactions with Dash

Dash (DASH), an open-source cryptocurrency that is managed by a subset of its network participants, called masternodes (or transaction validators), also allows users to conduct fast and untraceable transactions. 

Programmed in the object-oriented C++ language, Dash was initially released in January 2014 via a fork of the Bitcoin protocol. Dash platform’s governance is facilitated through a decentralized autonomous organization (DAO) that allows network participants to reach consensus regarding matters related to the ongoing development of the cryptocurrency.

Using “PrivateSend” to Conduct Private Dash Transactions

The Dash cryptocurrency can be mined via the PoW algorithm which uses the “X11” hash function. However, Dash’s masternodes may let users perform “InstaSend” transactions that can be carried out quickly – without requiring mining

Additionally, the “PrivateSend” option may be used to conduct confidential or untraceable Dash-based transactions. The Dash protocol “mixes participating users’ unspent [cryptocurrency]” – before performing a transaction. By mixing the transaction details of multiple DASH transfers, it becomes practically impossible to determine the source or origin of a transaction.

Privacy Coins Market Cap Surpasses $1 Billion Mark

The market capitalization of Dash, at the time of writing, stands at nearly $1.4 billion with each DASH coin trading at around $155.89, according to CryptoCompare data. Meanwhile, Monero’s market capitalization is currently around $1.5 billion – with XMR coins currently trading at $88.22. Zcash’s market cap is valued at $716 million – with ZEC coins presently trading at $104.07.

While Monero, Zcash, and Dash remain the most widely used cryptocurrencies that allow private transactions, there is a growing list of other privacy-oriented cryptos such as Grin and Pirate Chain (ARRR) that have introduced a new approach to implementing untraceable crypto transactions. 

Financial Privacy vs. Regulatory Requirements Aimed at Preventing Financial Crimes

Although many crypto enthusiasts prefer conducting private transactions, regulatory authorities are concerned that confidential digital currency payments may be used to conduct illicit activities including drug trafficking and money laundering. 

On June 21, 2019, the Financial Action Task Force (FATF), an intergovernmental organization that focuses on investigating financial crimes, announced that virtual asset service providers (VASPs) such as crypto exchanges must share customer account details with each other when funds are being transferred between different digital asset platforms.

Source: https://cryptocoremedia.com/what-are-privacy-coins/

Blockchain

BTG Pactual becomes first bank in Brazil to participate directly in the crypto market

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Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil.

One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto community. It launched a new platform enabling customers to make direct investments in cryptocurrencies. Ergo, making it the first major financial institution in Brazil to participate directly in the crypto market.

According to local news outlet, The Rio Times,

“…the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ clients to trade directly, cryptocurrencies such as bitcoin and ether.”

Andre Porthilo, BTG Pactual’s head of digital assets, stated,

“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

One thing that remained in common with different banks incorporating these tokens is the fact that they have been responding to “demand from our customers who wish to trade crypto.” This news is no different.

Plans

BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. He opined, “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”

Needless to say, Brazil has witnessed an immense amount of crypto traction. That said, regulators too have taken steps to curb illicit activities. As asserted by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank. Moreover,

“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility…”

Past

The said bank had previously incorporated digital assets in previous operations as well. In 2019, it launched its real estate-backed security token ReitBZ. This step was executed post-examining digital assets for a couple of years. Just recently, the bank announced collaboration with Gemini, the U.S.-based crypto exchange. Gemini provided custody services to the first Bitcoin fund issued by a Brazilian investment bank.

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Source: https://ambcrypto.com/btgpactual-becomes-first-bank-in-brazil-to-participate-directly-in-the-crypto-market

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Basel Committee Crypto Rules Face Backlash

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Source: https://cryptobriefing.com/basel-committee-crypto-rules-face-backlash/?utm_source=main_feed&utm_medium=rss

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Blockchain

Ethereum NFT Game Sorare Fantasy Soccer Raised $680 Million

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Ethereum NFT game Sorare fantasy soccer just raised $680 million and it is now valued at $4.3 billion while launching a US office so let’s read more today in our latest Ethereum news.

The Ethereum NFT game Sorare fantasy soccer raised $680 million and the french startup now plans to expand into other sports as well as to onboard women’s soccer teams and US office. Sorare is an Ethereum-based fantasy soccer game based on NFT trading cards and grew dramatically in 2021 with a rising base and huge trading volume not to mention the new licensed teams in the mix. Today, however, the startup is using the momentum with the announcement of a new funding round.

NFT Game Founder, scammer, eth, cryptopunks

The $680 million Series B round values the company at $4.3 billion after a $50 million Series A round which was announced back in February and the new series was led by Japanese tech and investment conglomerate SoftBank that has a number of crypto industry dealings through SBI holdings financial services division. Sorare is focused on soccer with players from more than 175 licensed clubs like FC Barcelona, Juventus FC, and Paris Saint Germain FC as some of the most popular. Nicolas Julia, the co-founder and CEO of Sorare said that this week the company plans to expand into other sports and it will open a US-based office in the upcoming months to help “continue to grow with fans and sports leagues.” He continued:

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“We have ambitious plans to keep growing Sorare into a sports entertainment giant. The new funding will be used to help us continue to grow a world-class team, expand to new leagues and new sports, and keep improving our experience for users, including shipping a mobile app.”

nba top shot

Dapper Labs’ NBA Top Shot is similar to Sorare, built around NFTs and based on professional athletes. An NFT acts like a deed of ownership to a scarce digital item so in the case of Sorare, it’s a digital trading card that can be purchased and resold with each available in limited quantity. One NFT card can even reach $290,000. Unlike Top Shot, however, Sorare has an ongoing game component and is similar to other fantasy sports in that you can choose your top players each week as well as the leagues with other users. Sorare also has close ties with Ubisoft as it took the accelerator program this year.

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Source: https://www.dcforecasts.com/ethereum-news/ethereum-nft-game-sorare-fantasy-soccer-raised-680-million/

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