IEEE Consumer Electronics Magazine - September/October 2019 - 23

Table 1. Comparisons of cryptocurrencies.
Bitcoin

Dash

Monero

Verge

PIVX

Zcash

-

Bitcoin

Bytecoin

Bitcoin

Dash

Bitcoin

January 2009

January 2014

April 2014

October 2014

February 2016

October 2016

Consensus
algorithm

PoW

PoW

PoW

PoW

PoS

PoW

Hardware
mineable

Yes

Yes

Yes

Yes

No

Yes

Block time

600 s

150 s

120 s

30 s

60 s

150 s

Rich list

Yes

Yes

No

Yes

Yes

No

Master node

No

Yes

No

No

Yes

No

Sender address
hidden

No

Yes

Yes

No

Yes

Yes

Receiver
address hidden

No

Yes

Yes

No

Yes

Yes

Sent amount
hidden

No

No

Yes

No

No

Yes

IP addresses
hidden

No

No

No

Yes

No

No

Privacy

No

No

Yes

No

No

Yes

Untraceability

No

No

Yes

No

No

Yes

Fungibility

No

No

Yes

No

No

Yes

Origin
Release

mineable and gives a reward to miners that use
their computing power to validate a block. PIVX
uses the PoS that is not hardware mineable. It
has a different reward system for its operation in
the public blockchain. PIVX users can have a
chance to earn a reward by keeping PIVX coins
in their online wallet, an operation that is called
staking. Another way to earn a reward is to operate a master node that requires 10,000 PIVX
coins into a locked account. Dash also provides
a reward for its master nodes.
One of the limitations that Bitcoin has is a
long block time: the average time to generate a
block is 10 minutes. A transaction in Bitcoin
takes around an hour, on average, if six confirmations are needed. The popularity of Bitcoin has
caused network congestion and the average
time just for one confirmation thus increased
from 30 minutes to more than 8 hours in extreme
cases. Compared to Bitcoin's block time, all the
cryptocurrencies proposed for anonymity offer
reduced block times. That means the developers

September/October 2019

of the cryptocurrencies care about the transaction speed. Verge just takes 30 seconds to generate its one block.
Only Monero and Zcash do not provide a rich
list, which is a coin address list showing the largest
coin holders. The other cryptocurrencies provide
the rich lists. The rich lists are made based on the
transaction information stored at the blockchains.
The existence of a rich list of a cryptocurrency
means that the cryptocurrency provides the transparent blockchain, which may be considered as a
weak point for an anonymous cryptocurrency.
Dash and PIVX utilize the master nodes to
implement the anonymity support features.
However, it is an arguable issue. It is possible to
operate some master nodes for logging transactions for breaking anonymity of a specific target.
Also, master nodes are good targets for distributed denial-of-service attacks to bring them
down for fun or profit.
Bitcoin does not provide any features for hiding the sender's and receiver's addresses, the

23



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