What are anonymous cryptocurrencies? | CryptoNewsHerald


Anonymity is one of the most sought-after features in the world of cryptocurrency. Anonymous cryptocurrencies offer users the ability to transact without revealing their identity. This can be a great way to keep your financial activity private, while also providing a layer of security. In this article, we will discuss what anonymous cryptocurrencies are, the advantages and disadvantages of using them, and how they can be accessed. We will also look at some of the most popular anonymous cryptocurrencies and the challenges they face.

Monero is a peer-to-peer payment system with the unit of account of the same name based on the CryptoNote cryptographic protocol, which ensures the anonymity of transactions through ring signatures and stealth addresses.

The CryptoNote protocol was created by a person or group of people under the pseudonym Nicholas van Saberhagen and was first implemented in the Bytecoin cryptocurrency, a fork of which is Monero. [апрель 2014].

Initially, obfuscation of data in the Monero network was carried out by mixing transaction inputs from different senders, generating one-time addresses for each transaction, and hiding the transferred amount.

In October 2018, Monero developers successfully implemented a hard fork with the activation of the Bulletproofs protocol, aimed at significantly reducing the size of anonymous transactions and fees by replacing the RingCT mechanism. [круговые конфиденциальные транзакции]which required a large amount of calculations on the side of the full node.

The Monero network uses the Proof-Of-Work consensus algorithm, targeted at GPU miners. In April 2018, the developers implemented a hard fork aimed at countering ASIC devices.

Despite the high level of privacy, if attackers manage to seize control of most of the network as part of the attack, then deanonymization of transactions is possible.


Anonymous cryptocurrencies are an important part of the cryptocurrency landscape, providing a layer of privacy and anonymity to users who prefer to remain anonymous. With their ability to protect the identity of users, anonymous cryptocurrencies offer a level of privacy not found in traditional financial services. As the cryptocurrency landscape continues to evolve, anonymous cryptocurrencies will continue to be an important asset for those who value their privacy.


FAQ about Anonymous Cryptocurrencies

What are anonymous cryptocurrencies?

Anonymous cryptocurrencies are digital currencies designed to provide a high level of privacy and anonymity. These coins are designed to make it difficult or impossible to link a transaction to a real-world identity.

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