It is estimated that a staggering 25% of users who utilized Bitcoin in the early days used it for illegal activities. Some of these illicit activities include purchasing drugs, illegal firearms, or using Bitcoin as payment for human trafficking. Back then, it was practically impossible to catch the perpetrators behind these transactions. However, all these changed with the rise of crypto companies such as ChainAnalysis who could track the flow of funds from suspected addresses and flag them.
Unfortunately, tainted crypto still made its way into the hands of legitimate investors and merchants. The new recipients of the crypto could face trouble from authorities despite the fact that they were not involved in any of the above illicit activities. Therefore, this fundamental flaw of mistaken identity led to the creation of privacy coins such as PRCY coin, which are committed to keeping the identity and activities of their users concealed. In this article, we are going to take a deep dive into PRCY coin along with how you can exchange it on Swapzone.
What is PRCY Coin?
PRCY coin is a 100% fully anonymous blockchain-based cryptocurrency that is private, secure, and scalable. It runs on the privacy blockchain utilizing a number of cutting-edge technologies such as Bulletproof, RingCT, stealth addresses, Ring signatures, and Haprocates Protocol.
A majority of blockchain networks usually broadcast every wallet transaction publicly. Therefore, tracing the activities of a user isn’t that challenging. However, Privacy Coin focuses on keeping transactions anonymous and untraceable.
Unlike other privacy coins out there, the PRCY coin does not offer partial privacy or anonymity. Instead, it offers 100% anonymity without any doubt. It makes use of the PoA (Proof-of-Audit) consensus mechanism, which a lot of cryptocurrencies don’t have. Additionally, it doesn’t rely on nodes or administrators. Instead, it utilizes a hybrid of PoS and PoA to verify transactions and audit whether the system is functioning according to preset conditions respectively. This combination of technologies prevents outside parties from putting together your blockchain activity.
Key Features of PRCY
PRCY coin utilizes a number of different technology features to keep your identity shielded. These features include:
- Stealth Addresses
Stealth addresses easily improve the privacy of transactions. Each time you receive crypto, a stealth address is created. These stealth addresses ensure that outsiders can’t link any payments with your wallet address. This is made possible through PRCY’s DKSAP (dual-key stealth address protocol) which provides you as a wallet owner with a private view key, a private spend key, and a recipient address. As a result, the only two people who know the details of a transaction are the sender and the receiver.
- Ring Signatures
In every blockchain transaction you make, you always leave behind a digital signature that verifies that you are the sender. However, with PRCY, your signature is combined with signatures from other signers in a ring to help conceal you as the sender. The more the number of signatures within the ring, the harder it is for anyone to trace any transaction back to you.
- Ring CT (Confidential Transactions)
Ring CTs are built on the foundation of Ring signatures which help mask your identity. Ring CTs help encrypt the output of your transactions. Thereby, they conceal the exact amount in every transaction.
Bulletproofs are short non-interactive zero-knowledge proofs that don’t need any trusted setup. They are used to convince verifiers that an encrypted transaction is well-formed. They are designed to allow confidential transactions by concealing the amount transferred.
Benefits of PRCY Coin
Now that we’re familiar with the outstanding features of PRCY, let’s discover what’s so special about these features that can be a cutting-edge competitive advantage of this project. The benefits of the PRCY coin include:
PRCY coin helps keep all your cryptocurrency activity private. You may be thinking, “I don’t have anything to hide so why worry about it?” However, there are quite a few reasons why your crypto activity needs to remain private. A blockchain without privacy is comparable to a bank that posts all of its transactions online. Anyone would be able to access your complete financial history and it wouldn’t be that hard to figure out your identity.
Fungibility in this case is the ability to interchange one currency unit for another. For instance, every kilogram of gold is identical. Therefore, you can always exchange one kg of gold for another. However, when it comes to cryptocurrency, this is not always the case. In this case, if Bitcoin(s) are used for illegal activities, it’s easy for merchants or other users to see that it’s tainted, thus placing a lower value on it or even avoiding it completely. With Privacy Coin, there is no transaction history and so the coin never gets tainted. Therefore, ensuring that the coin remains fungible.
What about exceptional privacy?
PRCY coin isn’t the only privacy coin in the market today. There are several other privacy coins in the market that offer opt-in or intrinsic privacy enhancements. Unlike these other privacy coins, the PRCY crypto does not offer partial anonymity. Instead, it offers 100% privacy from any prying eyes. This is done through the use of a number of successfully tested privacy protocols in the industry. It also utilizes a hybrid PoA/PoS system that gets rid of system administrators and nodes. Thus, providing a level of privacy that’s above the industry’s status quo.
PRCY vs XMR vs ZEC
Below is a table citing the major differences between the PRCY coin and other privacy-centred coins Monero and Zcash.
|Launch date||12 January, 2021||April 2014||October 28, 2016|
Anonymous mix of developers, entrepreneurs, and angel investors
|An anonymous team(s) going by the name “Nicolas van Saberhagen”||
Cypherpunk (computer security expert) & Zooko Wilcox-O’Hearn (entrepreneur)
Masternodes (See-Saw Rewards)
zk-SNARK (zero-knowledge proofs)
Up to 2 MB
Perspectives of PRCY
You might be wondering, “Is PRCY a good investment?” or “Should I invest in PRCY coin today?” Well, for starters, the PRCY coin is different compared to popular cryptos such as Ethereum and Bitcoin. It helps make your transactions untraceable and thus, helps you maintain your privacy. There is a chance that privacy coins may become more popular in the future in the face of excess regulation. If this happens, then there is a probability that prices may rise. However, as always, it’s important that you explore available sources about PRCY coin to make a financial decision regarding it.
How to exchange PRCY Coin on Swapzone?
Below is a step-by-step procedure on how to exchange PRCY on Swapzone:
- Open Swapzone on your web browser.
- In the “select pair” tab, insert the amount of crypto that you are willing to swap in the “send” section.
- In the “get up to” section, input the amount of PRCY crypto you wish to receive.
- Immediately after you enter the details, Swapzone will provide you with a number of offers. You have the option to choose based on the best rate, fastest, and the one with the best service rating.
- Once you find an offer you like, simply click on it and click on “exchange”.
- Once you do so, you will be prompted to enter the wallet address to receive the PRCY. Once you’ve entered the relevant details, hit on “proceed to exchange”.
- After your deposit is received, the exchange partner will then convert your deposit to PRCY. Just wait for the process to finalize. It may take some time.
- Once the process finalizes, you will receive your PRCY coins at your wallet address. Take a moment to rate the exchange partner and leave behind an honest review.