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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