While many believe Bitcoin provides transaction anonymity, it’s actually one of the biggest flaws of the trailblazing digital coin. Since the blockchain ledger is public, all transactions by all addresses are completely exposed, leaving you open to a number of potential privacy breaches. You can see how this is unsettling for many who have turned to using cryptocurrencies for anonymity, security, and well… more illicit reasons.
In many respects, privacy is the name of the game in the cryptocurrency world moving forward. A number of large projects are currently developing their technology with privacy as the center-focus. Some of the more popular projects include:
- VERGE (XVG) – $2 Billion Market Cap
- PIVX (PIVX) – $608 Million Market Cap
- Zcash (ZEC) – $1.7 Billion Market Cap
- DASH (DASH) – $9 Billion Market Cap
- Monero (XMR) – $6.5 Billion Market Cap
While these projects are becoming widely adopted, we believe there is a significant up-and-coming player that is still largely under-the-radar. Sumokoin, which we covered back in Oct. and carries a mere $16 million market cap currently, has made significant strides both in technology development and community growth.
We wanted to highlight some of the major advancements and detail some interesting comparisons with the other privacy coins listed above.
As a refresher, here is the roadmap detailed by the Sumokoin team.
As you can see, the developers have hit all of their marks so far with the latest release of their new GUI wallet that leverages subaddresses. This type of address is an extension of a wallet address generated by the user. All subaddresses are to be derived from the same master wallet address. More importantly, to the outside world, there is no link between the subaddresses and the master wallet address.
New GUI wallet including ghost addresses (subaddresses) has been official released as scheduled. You can download it from here https://t.co/6PgkPxzAl7#Bitcoin #Sumokoin $SUMO $BTC #CryptoCurrencies #privacy #privacycoins #anonymity
— Sumokoin (@sumokoin) December 29, 2017
One other major development was the release of the Android wallet beta, which is currently being tested by the community.
Latest mobile wallet release. Safe to use in full. Following releases will contain additional features and details beautification. Please report any bugs that might have been missed.https://t.co/ONFb8Q4MLi#sumokoin #btc $Sumo $btc #cryptocurrencies #privacy
— Sumokoin (@sumokoin) December 31, 2017
Sumokoin vs Other Privacy Coins
Given that Sumokoin is a fork of Monero, it is only natural to develop a side-by-side comparison of the two and that is exactly what members of the Sumokoin community have done. As you can see in the table below, Sumokoin has been able to capitalize on the many of features pioneered by Monero. Standing on the shoulders of giants and all that.
Some even believe that Sumokoin could potentially be the Litecoin to Monero’s Bitcoin, which actually makes a lot of sense. Sumokoin has a focused development team that will enable the project to nimbly innovate around Monero’s core technology, similar to what we are seeing with Charlie Lee and the Litecoin team.
Verge, which is one of the most revered privacy coins due in large part to its transaction speed relative to Bitcoin and Monero, has distinct limitations when compared to Sumokoin. Most notably is its limitations from a mining perspective, making Sumokoin a far more attractive option for the large crypto-mining community. Additionally, Verge is not cryptographically private.
It seems clear that privacy coins are poised to make big moves in 2018 and it looks like Sumokoin is on the cusp of joining the major players. With a market cap around 1/100th of the major privacy coins and a month-chart that shows a 50% retrace from all-time highs, we are definitely going to keep an eye on this developing project.
Disclaimer: The author of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.