IEEE Consumer Electronics Magazine - September/October 2019 - 20
Feature Article: Cryptocurrency Anonymity
Rise of Anonymous
Cryptocurrencies:
Brief Introduction
Jong-Hyouk Lee
Sangmyung University
Abstract-Bitcoin cannot provide enough anonymity for its users and, thus, people started
to worry about a possible traceability in their cryptocurrency transactions. More and more
people get into the crypto-ecosphere while privacy concerns are paramount. In this paper,
five well-known cryptocurrencies that claim they provide anonymity are analyzed to see
how, if at all, they achieve anonymity. We then examine the considered cryptocurrencies:
Dash, Monero, Verge, PIVX, and Zcash.
& BITCOIN1
AS A cryptocurrency uses cryptography to secure its transactions and to verify the
transfer of digital assets over the Internet without a centralized banking system.1 Since its first
release in 2009, it is the cryptocurrency the most
popular among all the available ones (Figure 1
shows history of cryptocurrencies). According
to the CoinMarketCap,2 there are 1,517 cryptocurrencies available and 8,632 online markets to
buy, sell, or exchange cryptocurrencies for other
digital or traditional currency as of February
2018. The cryptocurrency market capitalization
already surpassed $472 billion, with Bitcoin
accounting for around $185 billion of the total.
Digital Object Identifier 10.1109/MCE.2019.2923927
Date of current version 30 August 2019.
20
2162-2248 ß 2019 IEEE
The volume has been increasing with a continuously growing expectation. The cryptocurrency
market is something that we cannot ignore. The
cryptocurrencies have evolved to the point
where they pose a serious threat not only to
financial sectors, e.g., banks and insurance companies, but also to other industrial sectors operating based on centralized control systems.3
Bitcoin was known as an anonymous cryptocurrency by many people in its early years. On the
contrary, a coin history tracing is a well-known
issue that consists into the possibility of analyzing
the used coin's trace to connect identities to
addresses. It is possible due to the flow of coins
being highly public as the Bitcoin blockchain is
public, i.e., anyone can see the flow of the coins
from an address A to an address B. As the
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IEEE Consumer Electronics Magazine - September/October 2019
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