Tue Apr 16, 2019 10:57 pm
Monero is just one of many privacy coins. Before you decide which privacy coin is going to rule as king, it's important to get a grasp of the underlying technology of these coins.
Monero uses CryptoNote and Ring Signatures, a technological approach to anonymity without needing mixers (as is the case with Dash). Monero's main caveats are that its supply cannot be audited and the transactions are heavy. Some argue that Monero exceeds the abilities of Dash because Dash needs masternodes to act as mixers. At the end, neither Monero nor Dash break transaction links; instead, they muddle them.
If people really want a privacy coin that removes any means of traceability, they would have to opt for coins based on the Zerocoin Protocol. This means of anonymous transacting breaks transaction links. However, Zerocoin transactions have to be made in fixed denominations and this limits real transactional use. Also, Zerocoins have to be minted from Basecoins prior to a transaction. Given the wait involved, most people just perform transactions with Basecoins; these are not anonymous payments.
So, a new project self-funded by the founder of PIVX, which is another privacy coin, is trying to create a new privacy coin. Veil Project (VEIL) uses Zerocoin Protocol but integrates new features that make it more appealing. Veil Labs, the development team behind VEIL, will allow the coin to have multi-block transactions. This means the fixed denomination issue of Zerocoins won't be applicable to VEIL. Also, the Veil Project will integrate Monero's RingCT technology into Basecoins, thereby making Basecoin transactions anonymous too. Given that it uses Zerocoin Protocol, the transaction links would be broken.
If you think that superior technology will decide which coin will rule as king in the long run, definitely do some research on VEIL.