Privacy and security are often described as two ends of the spectrum. The crypto industry, known for being open-source and transparent, has seemingly found a balance of privacy and security through zero-knowledge technologies and assets like privacy coins.
Privacy coins are anonymised tokens allowing confidential transactions and data security to occur on a public blockchain. Monero and Zcash are two of the most well-known privacy coins. Depending on the location and specific tokens, privacy coins adopt varying strategies to keep transactions classified and users incognito.
In the past few months, privacy coins were in the headlines for OFAC’s sanction announcement due to their association with alleged bad actors, crimes, and regulation-evading activities. All of which resulted in some delistings. While often on the receiving end of bad press, privacy coins allow individuals and businesses to conduct untraceable transactions and secure data information like donations towards a public cause.