4 of the Most Secure Cryptocurrencies in 2022
As you might expect, security is a top concern for cryptocurrency investors. With the number of attacks directed at these assets increasing every day, it is critical to know how to keep your digital assets safe. As we mentioned above, blockchain technology has made cryptocurrencies more secure than ever before. That leads many to believe that all cryptocurrencies are immune from hacks.
While this may be true in some cases, it doesn’t mean there aren’t still vulnerabilities that can lead to theft or fraud with crypto assets. So, you need to invest in secure cryptos. For that, you can check out the list below.
What is SOL?
Solana (SOL) is the native token of the Solana blockchain. It’s a layer 1 blockchain that’s meant to complement Ethereum and other smart contract blockchains. Its emphasis is on speed, scalability, and—perhaps most importantly—security. This blockchain has several features that set it apart from competitors:
- Proof of History consensus algorithm: Solana uses this algorithm to ensure transaction finality in under 400 milliseconds without sacrificing decentralization or security. That gives it an incredibly fast confirmation time, with enhanced security and decentralization compared to alternative systems like EOS or NEO.
- Turbine: This protocol maximizes network bandwidth by using sparse receiving channels for validating transactions. In practice, this makes transaction propagation significantly faster with minimal overhead costs for users and nodes alike.
- Cloudbreak: This feature allows for unlimited scalability by partitioning the network into logical clusters that can be scaled independently based on load demand. Each subnet serves as an independent shard, making the entire network more decentralized while also allowing different systems within the blockchain to scale individually according to their respective needs.
Given its highly secure nature, you might want to learn more about SOL or want to know how to buy SOL. You can know more about Solana and how to buy Solana from the top crypto exchanges that let you buy and sell it. You can also get a closer look at the crypto’s market cap and values over the years.
Also Read: Role of Artificial Intelligence in Data Privacy
Zcash, a privacy-oriented cryptocurrency, uses zero-knowledge cryptography to keep transactions private. In contrast, most other cryptocurrencies—including Bitcoin—have public blockchains that make all transactions transparent.
With Zcash, only the sender and receiver of the transaction have access to their financial information; others can’t see it. However, Zcash is not anonymous: you still need an address to send or receive funds.
There are some drawbacks to using Zcash as a privacy coin. For example, it is relatively slow compared with other cryptocurrencies because of the complexity of its encryption process. Still, if your concern is keeping your financial data private, then Zcash may be a good choice for you.
Dash is another popular cryptocurrency. It is a fork of Bitcoin, which means it shares its codebase with Bitcoin. Dash is a peer-to-peer cryptocurrency that provides instant, private payments online or in-store using its secure open-source platform. Dash has a market cap of $9,771,803,818, and one DASH token is $770.17 as of October 19th, 2022, at 12:45 PM UTC.
Dash built its network to be self-sustainable and self-funding through what they call a decentralized autonomous organization (DAO). There are 10% of the total Dash coins allocated to this DAO budget every month, and 45% of the mining block reward goes to miners, and 45% goes to Masternodes (those who hold 1000 or more DASH coins).
The DAO’s funds are distributed by master node voting so let’s see how they’ve been spending the money up until now: Most recently, the Dash Core Group received 2.5 million USD on their biweekly proposal, which will be used for developing the Dash Platform along with other products such as wallets, block explorers, additional integrations with exchanges, etc., for the next two weeks.
Also Read: Mobile Security: Android vs. iOS – Which One Is Safe?
Monero is an open-source, privacy-oriented cryptocurrency that uses ring signatures and stealth addresses to hide the identity of senders and receivers. It was launched in 2014 by someone who claimed to be a member of the core team at Bytecoin, another privacy coin.
While it remains unclear whether or not the original launch was more related to an old Bitcoin version or Bytecoin, Monero has since become one of the most popular cryptocurrencies on CoinMarketCap.
Because its privacy is designed so well, Monero is often used on dark web marketplaces like Dream Market as a way to protect buyers and sellers from government surveillance or other third parties looking over their shoulders.
Additionally, hackers often use it for ransomware payments because this keeps victims from being able to see how much ransom money they’re paying.
Monero does have other drawbacks besides being commonly used by criminals. In addition to using far more electricity than Bitcoin mining does, some also believe that its anonymity features tend to cause it to be more volatile than other cryptocurrencies due to a lack of information about specific transactions.
So, as long as you are trading these cryptos, you do not have to worry much about security.