Nick Szabo recommends users Monero [XMR] to protect privacy

Fibo Quantum

Nick Szabo, a well-known cryptographer, considers Monero [XMR] the best to protect user privacy. XMR is a secure and untraceable currency system that tries best to protect your privacy and data.

When you send funds to someone’s address, it is just a one-time created address and then this address disappears from the records. This means that the public record does not contain any mention that funds were transferred.

The technology behind this confidentiality feature is called Ring Structures. These structures use the transaction mixing process. Transaction mixing means the sender chooses from many possible source addresses. This means that no one can tell that which was the true source of this transaction.

Your address does not appear not the public records, instead, a stealth address is shown that only you, the recipient, can recognize the transacted funds.

The cryptocurrency world considers Monero as the 13 largest virtual currency. It works better to protect user’s data such as funds in their accounts, transactions they have made, and the amount of balance sent to an account.

According to Nick Szabo, Monero is the best option than Bitcoin and a user should use this digital asset to be protected.

Number of digital currencies in the market claim to give its users the best possible privacy and data protection during transferring of funds. Zcash [ZEC] coin is one of them. Nick Szabo said that the technology Zcash [ZEC] coin uses it very interesting and important. Its addresses are either private or transparent. Private addresses are called “z addresses” and transparent “t addresses”.

Private addresses start with z and transparent with t. Zcash coin is based on zero-knowledge proof. A private transaction is visible on public Blockchain but the address, the transacted amount, and memo fields are encrypted and not publicly visible.

A transparent transaction is just like Bitcoin where the sender, receiver, and the amount of transaction is visible. Many wallets and exchanging are using transparent address but are moving to shielded addresses to offer better privacy protection to its users.

Zcash uses specific zero- Knowledge proofs called zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge). It is built on strong science and audited regularly by third parties.