Proponents of Web 3.0 argue that a digital wallet is more than just a cryptocurrency account; it's an expression of our digital identities. A digital wallet's assets and transactions, on the other hand, are public and can be searched by anyone with your wallet address. Many people still believe that simply using crypto ensures privacy, when the truth is that it's a little more complicated.
Web 3.0 is Going Great - Monero (XMR), ZCash (ZEC) and Secure Crypto Token (SCT) Regain Data Privacy
Big Tech companies have amassed vast amounts of user data since Web 2.0 has ruled the Internet. Mainly exploited for the purpose of increasing revenue via third party advertising companies, the amount of user data collected by the likes of Google and Facebook is monumental. Under Web 2.0, corporate greed for profit trumped the incentive of providing more value to customers, resulting in user data being used in ways that customers hadn’t consented to.?The Web era, into which we are now entering, represents a significant advancement of the Internet, in which customers have more control over their data and are fairly compensated for its use. Web 3.0's main mechanism for driving privacy is the blockchain; Web 3.0 aspires to create a digital arena where users own their data transparently and can see who has access to it and what kind of access they have.
web 3.0
web 3.0
While many altcoins aim to provide utility and real-world value, others have emerged solely to provide maximum privacy and anonymity to their users. There are a variety of privacy coins out there that claim to be the best, as over 17,000 altcoins are now in circulation. So, let's see how Monero (XMR), ZCash (ZEC) and newcomer Secure Crypto Token (SCT) give us back our right to data privacy.?
Monero (XMR)
According to Coinmarketcap, the price of Monero (XMR) has steadily increased over the last month, reaching $195.65 at the time of writing. Its market capitalization is currently estimated to be around $3.5 billion, up nearly 2%.
Monero (XMR) is a digital currency that’s known to be one of the most secure and private on the market. It was released in 2021 by Nicolas van Saberhagen's clandestine development team, and it uses the CryptoNote encryption protocol.
Multiple attempts have been made by law enforcement officers from various countries to figure out how it works - who couldn't even figure out the number of transactions, let alone identify users' personal information. The user protection method used by Monero (XMR) is based on advanced cryptographic technologies such as Kovri, Ring CT, and Stealth.
The Monero (XMR) blockchain is far more secure than other altcoin blockchains, so the specifics of its operations are unknown. It's no surprise that malware authors prefer Monero (XMR) to other digital currencies to conceal their activities.?
ZCash (ZEC)
ZCash (ZEC), like Monero (XMR), has seen bullish growth over the last month. Its price has risen nearly 6% in the last 24 hours, bringing its market capitalization to around $2.5 billion. According to Coinmarketcap, this puts its current price at $178.68.
ZCash (ZEC) uses the ZK-SNARKs technology. Shielded transactions cannot be traced back to the users involved. For auditing, KYC, and when using exchanges and brokers, users can also disable the shielded transaction feature in ZCash (ZEC). The transaction is recorded in the ledger, but the sending and receiving addresses, as well as the amount sent, remain confidential.?
ZCash (ZEC) users can therefore maintain their privacy while also taking advantage of the benefits of a decentralised, permissionless digital currency.
Secure Crypto Token (SCT)
Secure Crypto Token (SCT) is still in the early stages of its presale, but it's already rumoured to be joining the ranks of Monero (XMR) and ZCash (ZEC). Secure Crypto Token (SCT) will allow users to create decentralised communication platforms with superior privacy and security than popular apps like WhatsApp and Facebook Messenger, as well as the opportunity to earn passive income.
Because the token's value is determined solely by the ecosystem's services, size, transaction volume, and messaging volume, Secure Crypto Token's (SCT) overall network stability is ensured as each platform is independent.?
On Secure Crypto Token (SCT), users can earn tokens that can be used to gain access to exclusive platform features by contributing valuable content. Users may also have access to a broader range of services through the platform.
SCT's value is inextricably linked to the underlying application's value. As a result of this uniformity, the platform will be able to charge premium services in SCT more accurately and promote strong network activity.
SCT users earn more SCT when they engage in 'incentive' activities. Sharing or reposting content, uploading content on a regular basis, creating valuable content, achieving milestones, logging in on a regular basis, providing feedback, responding to notifications within a predetermined time frame, and referring people to the platform are all examples of these activities. While these are common Web 2.0 activities, Secure Crypto Token (SCT) exemplifies Web 3.0 values by compensating users for their time and interaction.
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