Apr 14, 2020 16:00 UTC
Apr 14, 2020 at 16:00 UTC
Privacy Coins To Struggle With Communication Problems
Most of the cryptocurrency-based projects have claimed to offer quality financial privacy to the users. With making transaction data it is not useful and privacy coins fail if they don’t provide the mechanism for the quality privacy service.
Opaque blockchain, private address, and untraceable transactions are all significant elements of cryptocurrency designed to protect user privacy. Several privacy coins are claiming to provide privacy service with degrees of success. Thus, these components are the sole part of the privacy formula and the most valuable one.
Development teams are pulling out to complete private transactions in a good manner and executing more secure methods. They are constantly ignoring other necessities and leaving their users exposed. Still, the question arises that what is the point of such efforts and computing power into making transactions private, if we are witnessing insecure methods to arrange those transactions?
As development teams compete to provide private transactions in ever more efficient and secure ways, they are repeatedly ignoring other necessities and leaving their users exposed: specifically, what’s the point in putting so much effort and computing power into making transactions private, if we still have to use insecure methods to arrange those transactions in the first place?
In a fair financial transaction, the currency should change the hands in exchange for a good or service for equal value. If we are the one to bater, this fair-value exchange will be needing some sort of level of communication to agree on a mutually agreeable price.
As businesses and individuals transact using privacy coins, they require a specific channel through which they can communicate such as confirmation of receiving the cost of goods or payment information. Transactions involving physical goods require shipment address or a prearranged place and time to collect items.
To establish the privacy coins in providing the security of every individual aspect of their activities and interactions should remain encrypted and private.