Comparison: ZCash, Monero and BEAM

Comparison: ZCash, Monero and BEAM

Beam Privacy has compared ZCash, Monero and BEAM by looking at three parameters: confidentiality, scalability, and auditability

The comparison is quite high level and does not claim to be complete — there are other factors in play besides the three we chose to address.

Beam Privacy

Monero

Monero scores very good on confidentiality, poor on scalability and poor on auditability as well.

Zcash

Zcash has great privacy features, but they are computationally heavy and see little use so far. Zcash scalability is better than Monero’s, but still poor, and the auditability is poor as well, although Zcash has plans to improve it.

BEAM

By implementing Mimblewimble, BEAM achieves excellent confidentiality and scalability, and the extensions to the protocol allow for excellent Auditability as well.

Finrazor has recently taken a close look at the follwing protocols: Monero, Zcash, Beam.

ZEC

54.22 USD
1.75%

XMR

46.02 USD
-1.03%

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Mimblewimble Makes Grin Price Disappear

The latest privacy protocol has pulled a disappearing act, at least where price is concerned. Grin, an anonymous cryptocurrency which made its mainnet debut on Jan. 15, shed 97% of its value in the last 24 hours, with the price against bitcoin currently hovering a Ƀ0.00200988, according to CoinGecko. Prices had reached a high of Ƀ0.07292522 when Grin started trading. Grin uses the trendy Mimblewimble protocol and reached a milestone this week when the first transaction was mined at block height 1449. While Grin never had an ICO (nor does it have a founder’s reward), it has caused quite a stir within the crypto community due to its completely decentralized nature.   Grin prices collapsed shortly after launch   Grin’s creators fancy the new coin to be a bit like bitcoin’s early years, with a GitHub contributor suggesting “the first four years of bitcoin emission rate are identical to the first four years of Grin.” Unlike bitcoin, however, Grin is a privacy coin and its supply is infinite — new coins are being created at a rate of about one per second. Grin relies on a dual proof-of-work system based on the Cuckoo Cycle algorithm, which can be used by both GPU and ASIC miners.  At first, 90% of blocks will be mined via the ASIC-resistant algorithm. The first block was mined in 1  minute and 35 seconds, and there’s little else we know about the details. That is because as a private and lightweight blockchain, Grin bypasses amounts and addresses, which means it requires less storage than other cryptocurrencies. Instead of addresses, two wallets — a sender’s and a receiver’s — must connect with each other either off-chain. It isn’t until after the transaction is complete that it’s sent to the blockchain. According to Grin’s website: To hide where a newly created transaction comes from, it gets relayed privately (a “random walk”) among peers before it is publicly announced. Mining Difficulty Is High The Grin mines are crowded, according to forums dedicated to the coin, and the difficulty level is high. While bitcoin’s difficulty level adjusts every couple of weeks, Grin’s adjusts every block. Miners are unsure if their pace of creating new coins is normal. The range, according to posts on on public forums is anywhere from 0.57 to 15 coins in a 24-hour period. Among the mining pools to support Grin so far are BTC.com, Luxor Mining Pool and F2Pool. Miners can’t immediately cash in on their bounties, however, at least if they are relying on Windows. According to Luxor Mining Pool, Windows wallet support for Grin has yet to be developed. Fans of the privacy coin might want to buy some more Grin merchandise, the proceeds from which help to keep the lights on for developers. One of the exchanges where miners can send their Grin coins is BitMesh, which is partnering with a handful of mining pools to support the new privacy coin. ChainRift and Galleon also support Grin. One of the key questions on Reddit forums is whether exchanges require KYC. Monero’s Mimblewimble Sidechain The recent launches of Beam and Grin have thrust the anonymous Mimblewimble protocol into the spotlight. Monero, however, has been building with it for years, having already developed a Mimblewimble sidechain dubbed Tari. In order to access Mimblewimble’s scalability, a user would have to convert XMR into Tari tokens. When greater privacy is needed over scalability, the user then converts back into XMR again, according to Monero Lead Developer Riccardo Spagni: Monero already *is* implementing a MimbleWimble sidechain, Tari — Riccardo Spagni (@fluffypony) January 13, 2019 Grin should fit right in with other cryptocurrencies. The community is already reminding one another to focus on the technology, not just price. That advice could go a long way in the current market environment. The author is invested in digital assets, including bitcoin which is mentioned in this article.   Join the conversation on Telegram and Twitter!   The post Mimblewimble Makes Grin Price Disappear appeared first on Crypto Briefing.
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Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day

Grin, the new privacy-oriented cryptocurrency launched on Tuesday, January 14, has been what most cypherpunks have been wanting. The coin has been developed using the technology known as mimblewimble. Many groups of investors and miners were closely watching the coin from the day of its launch. Eric Meltzer of Primitive Ventures mentioned about the Grin’s launch in his Proof-of-Work newsletter in the previous week. He had written: “There is (by our conservative estimates) 100 million dollars of mostly VC money invested into special-purpose investment vehicles to mine Grin. This does a lot of weird things: it turns a bunch of people who would have been buyers of grin into sellers of it, it changes the composition of the early holder roster, and it means the chain will launch with an extremely high degree of security via high PoW hashrate.” However, within a few days of its launch, the coin has now fallen massively. At the time of press, the coin was valued at $10.94, with a market cap of $1.11 million. The coin registered a 24-hour trade volume of $149,000, with a steep fall of 95.8% in the past 24 hours. The coin reported a 24-hour high at $261.65%, while a 24-hour low of the coin was marked to be $4.60. The coin fell by 97% of its original value within a day, which is staggering as it was branded as “the thing that comes closest to bitcoin” by a partner at a crypto investment firm on the basis on anonymity to CoinDesk. The source also added: “In a lot of investors’ minds it kind of pattern-matches to ‘bitcoin 2.0.’” However, as per sources, there were many large funds shopping for hash power before Grin’s launch. As per Wan, there will be some disappointment. Even though the massive interest in protocols is compelling, she doesn’t think that early mining is a good idea. She wrote: “Grin won’t be profitable, especially early on.” According to the Block, the token’s hashrate is 285.6k graphs/s. An equivalent of 146,500 GTX 1060 6GB or the equivalent of 88,200 GTX 1070 Ti 8GB are currently mining Grin. Twitter users were not behind in following the news of Grin’s performance within a day. As The Block announced the hashrate of the token a twitter user, @HabichtJonathan commented on the coin’s performance: “And lost like 99% of its value a day after launching.” At the moment, 1BTC is equivalent to 470.26 Grin, which was used a shield by another Twitter user @csakzozo, who compared Zcash to BTC and said: “1 ZEC=25 BTC :P” Grin was the ideal coin that many cypherpunks were looking forward to but the current performance of the coin is saying otherwise. Many followers of the crypto world acknowledged the impressive technology used for the coin but dismissed it almost immediately. Twitter user @stephanlivera said: “Grin may have interesting tech, but monetarily it’s still a shitcoin. To displace Bitcoin, new coins can’t just be better on one aspect (eg privacy), they have to be better on the whole.” While @hodlonaut had an interesting insight for people who thought that the coin will appreciate against Bitcoin as he said: “Buying Grin probably means you think it will appreciate against BTC. Grin will print 27million coins every year. It’s inflation rate will go from 400% in 3 months, to 100% in a year. Bitcoin inflation will go from around 3.8% now, to 1.8% in 2020. Good luck out-SoV’ing Bitcoin.” The performance of the coin stands true on Wan’s prediction of Grin not doing well early on. The post Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day appeared first on AMBCrypto.
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