Today both Zcash (ZEC) and Dash, two of the best-known privacy coins, have partnered with Chainalysis.
By the way, after the launch of Codefi today, which allows tracking transactions with the well-known KYT (Know Your Transaction), the community went wild and realized that this tool may also track crypto assets that are privacy-focused, such as Zcash and Dash.
The position of the Electric Coin Company (EEC), however, is very clear and explains how shielded transactions will not be tracked by Chainalysis because, due to their anonymous nature, they cannot be traced.
The functioning of Dash and Zcash
The Dash crypto offers an optional solution, the PrivateSend no-fee, which allows to mix transactions and then blur them.
This is a feature that the user can decide to use or not, which is not set by default.
A similar argument can be made with the Zcash (ZEC) blockchain which gives the possibility to carry out normal, partially shielded and fully shielded transactions, so only those who use fully shielded transactions would be safe from tracking systems.
In any case, the data related to Zcash are encouraging and play in favour of this blockchain which has recently seen a 70% increase in shielded transactions, although criticism is not slow to come from users such as Whale Panda and Riccardo Spagni from Monero who have harshly criticized the Zcash blockchain for having paid the exchanges to list ZEC.
Are there any secure cryptocurrencies?
Certainly Monero (XMR) is one of the crypto assets that guarantee a high level of privacy for making transactions protected from prying eyes.
Lastly, to overcome privacy problems, it is also possible to always use a different address or use transaction mixer systems such as Wasabi, which is so reliable that even Europol had to intervene to check its work.