We all know the crypto market is referred to as the darknet market because of its anonymity. The unidentified medium of exchange allows you to do lot more than you expect. Crypto is the incognito mode of google chrome that we all use to hide our dirty business.
And, in this market, there are two major cryptocurrencies that have the dark web in their palms. Here’s a little background of how they both started.
Zcash launched in January 2016 as a new privacy-focused cryptocurrency. According to the CEO of Zcash, it was set out to revolutionize and be a game changer when it comes to protecting the privacy and anonymity of its users.
Monero has been around for 4 years now, therefore unlike Zcash, it has been around for a longer period of time in comparison. The coin originated from Bytecoin, one of the early altcoins in the market. Monero is quite popular because of the features that give it an edge over others.
So, both what do they both have in common?
Both Zcash and Monero are the goons of the dark web because of the confidentiality they offer to its users. They have incorporated special features which make it ideal for example, one-time ring signatures. Its based on a CryptoNote protocol that makes not only the recipient anonymous but the sender and the transaction history anonymous as well. The coolest bit is that your transactions remain untraceable so be it some sneaky business or you fulfilling your guilty pleasures, they have got it all covered for you.
So, what makes one better than the other?
Despite having a similar purpose, they have their differences which make them better than the other.
They have quite a different working system. The Monero cryptocurrency mixes its transactions with other data while Zcash completely eliminates it. But since Monero has been around for a longer period of time, hence it’s more reliable.
Different mining algorithms
Monero makes use of a proof-of-work algorithm which is designed for CPU mining called CryptoNight whereas Zcash uses Equihash algorithm which is not designed for mining. This makes it inaccessible on ordinary desktop computers.
Thus, at the end of the day whatever platform you use is up to you. They both have their advantages and disadvantages. Though, Monero has been around for a longer period of time and is familiar in the market. It is totally up to the investor to make informed decisions on which cryptocurrency to invest in. But whatever you choose, one thing is for sure; they have you covered, literally.