Ryo Currency price

RYO

Ryo Currency is a privacy coin based on a proof-of-work consensus mechanism. It is similar to other privacy coins like Monero (XMR) or Z-Cash (ZEC), since it is actually a fork of Monero. Ryo aims to be a privacy-focused cryptocurrency that can be easily used by average users. Its high privacy setting makes Ryo suitable for all high confidential transactions as well as for storage of value without being traced, monitored or identified.

To achieve this goal, it focuses on several key areas:

• Developing and maintaining the Ryo wallets;
• Working with payment gateways to make Ryo widely accepted among merchants;
• Improving coin security, untraceability, privacy and speed;
• Spreading awareness about Ryo.

Although Ryo is a fork of Monero, it wants to create a more secure cryptocurrency by enabling higher ring size and implementing a new private transaction system that retrofits to support the old payment ID system. To achieve this goal, Ring Confidential Transactions with a minimum ring size of 25 were implemented to conceal every transaction in the Ryo network.

According to Ryo, the current emergence of ZK-proofs will make the tracing of Ryo recipients close to impossible. Since privacy is Ryo’s core value proposition, sending and receiving addresses are encrypted, and transaction amounts are obfuscated by default. The real Ryo address is concealed from senders through a disposable ghost address, allowing for truly anonymous and untraceable transactions. Ryo allows for a new ghost address for every transaction, meaning users never use the same address twice.

Thanks to its built-in privacy features, Ryo aims to be the closest equivalent to cash, as it is truly fungible, and nobody knows who had possession of any particular coin before them. Improving upon cash, nobody knows the identity of who they’re sending their coins to. That makes Ryo extremely unlikely to ever be blacklisted by any third party due to any association in prior transactions.

Users can choose from the Ryo Wallet Atom and the Web Wallet Quasar to store, send, and receive Ryo. Both are available on desktop and mobile and Atom also supports GPU solo mining.

Check out Monero (XMR) — a popular privacy coin.

Check out Z-Cash (ZEC) — another privacy coin.

Learn more about privacy coins in our detailed guide to privacy coins.

Get the latest crypto news and latest trading insights with CoinMarketCap’s education portal — Alexandria.