Privacy Coin Survey in China: Grin is the Most Promising Privacy Coin and Dash the Most Popular
In the privacy-oriented crypto field, a recent survey carried out by Chinese crypto media outlet PANews found Chinese citizens think Grin, a crypto using the trendy Mimblewimble protocol, is the most promising privacy coin, while Dash turns out to be the most well-known one.
The survey that collected data from 651 Chinese respondents showed Dash, Monero and Grin are the three most well-known privacy coins in China’s crypto community, with 20% of those asked aware of Dash, 18% having heard of Monero and 13% knowing Grin.
Grin which launched its mainnet two weeks ago has been deemed as the most promising privay-focused coin. 36% of respondents responded that Grin was the most promising one, followed by Beam, the other revolutionary anonymous Mimblewimble based crypto, at 32% and all the remaining privacy coins at 32%.
Privacy coins are designed to give users a truly anonymous and privacy means to exchange value by employing many different techniques. For example, Zcash uses zero-knowledge-proofs to ensure privacy, Dash uses PrivateSend to help users in maintaining anonymity, and Mimblewimble employed by Grin and Beam features no public addresses, complete privacy, and a compact blockchain.
83% of survey participants said they had at least heard of the term of “privacy coin”, and 67% said they owned(had owned) privacy coins. The coin is more famous, the pool of its holders is larger. 15% of those surveyed admitted they had held or were holding the most well-known privacy coin, Dash, while 11% for Monero and 6% for Grin.
The reason for investors to pour money into privacy coins are obvious. 28% of interviewed investors said they were bullish on their future, 24% thought privacy coins provided a good way to protect users’ data, 21% described them as a profitable venture while 16% claimed they were a fun novelty.
When asked about what application scenarios need privacy coins most, 34 percent said they could be used in international affairs or national defense, while 32% considered privacy coins could serve as a means of payment. In addition, 20% of respondents said they provided a tool for money laundering, while 8% admitted it facilitated tax evasion.
29% of respondents agreed that the use of privacy coins would encourage illegal activities, while the remaining held the opposite view, claiming that it would or might not fuel the rise of criminal activities.
When it comes to the future of privacy coins, 34 percent of respondents were bearish on them due to the regulatory uncertainty, while 45% were optimistic about the development prospects of privacy-oriented cryptos.