Monero (XMR) may have been portrayed as the leading privacy-centered cryptocurrency for a while now. Weiss Ratings Twitter poll, however, has proven this significantly as most respondents in the poll (54%) chose Monero as their preferred privacy coin, The poll which involved three privacy coins Monero (XMR), Zcash (ZEC) and DASH showed that 27% of the over 1000 respondents chose Zcash as their preferred coin while DASH had 19% of the respondents going for it.
#Monero is making encouraging price moves, which #privacycoin do you favor?
Pick one, or add yours in the comment section below!#Zcash #Dash #ZEC #XMR
— Weiss Ratings (@WeissRatings) March 18, 2019
Privacy coins have not been very much talked about in the cryptocurrency space. However, their roles as cryptocurrencies that can be used to carry out confidential transactions are very crucial considering the fact that cryptocurrency transactions are basically open and anyone with a node can trace the transactions from start to finish.
Some governments though consider privacy coins a threat as they cannot trace transactions made using these assets. Recently a ban on privacy coins was recommended in France mostly because they supposedly encourage criminal activities when transactions cannot be traced. The category of digital assets are getting more popular and may soon become the lead all the same.
They however all operate differently to bring differing privacy features. For instance, Monero uses a Proof-of-Work mechanism to verify transaction on an obfuscated public ledger where anyone can initiate transactions but no third party can tell the origin, amount or destination to which the funds are sent.
The result of the poll shows some resemblance with the market ranking of the cryptocurrencies. Monero is currently the 13th largest cryptocurrency followed by Dash at the 14th spot and then Zcash which is at the 21st spot. Although they basically all offer private transactions, users may have certain preferences that are unique to each coin, thus the differences in number of votes.
Monero has been making a price move in the last 24 hours gaining 3.49%, similar to Zcash which is at a gain of 3.80% while DASH has a marginal gain of 0.04%. The market generally looks bullish and may be up to a bigger move in the short term if the trend continues.