What other cryptocurrencies and financial innovations are gaining adoption on the darknet besides Bitcoin and Monero?

Question

Besides bitcoin and monero, has the crypto and decentralized finance (DeFi) boom given rise to any sort of other illicit trade or past-time surrounding the thousands of altcoins in circulation on clearnet crypto exchanges, given that many of the new cryptocurrencies have new functionalities like smart contracts, staking, sharding (scaling), borrowing/lending, insurance, be-your-own-bank powers, etc?

Do any of the new coins and tokens present new avenues to proliferate illegality on the darknet that is wholly unique from simply barter transactions and payments as done with bitcoin and monero?

Answer 1

Here are some crypto currencies other than Bitcoin, Monero, and DeFi that are used on the dark web:

1. Litecoin

   Litecoin is in a structural way similar to Bitcoin However, it has faster processing times as compared to Bitcoin and can be stored in offline wallets. Litcoin is growing popular and is definitely a major crypto currency used in the dark web. However, this isn't a completely anonymous crypto currency.

   Website: https://litecoin.com/

2. Dash

   Dash also known as Darkcoin, is an open source crypto currency used on the dark web. It uses the coinjoin technique that mixes the transactions of various users in a bid to mask important transaction. It s an altcoin that was forked from the Bitcoin protocol.

   Website: https://www.dash.org/

3. Zcash

   Zcash is a cryptocurrency that uses cryptography for enhanced privacy unlike other cryptocurrencies. It is also used on the dark web, though research has shown that criminals using it do not understand it completely (https://www.fxstreet.com/cryptocurrencies/news/research-shows-that-criminals-using-zcash-in-the-dark-web-dont-know-how-to-use-its-anonymityl-202005082300).

   Website: https://z.cash/

Overall, there are many crypto currencies being used other than Bitcoin, Monero, and DeFi, but most of them aren't as widely known or used as Litecoin, Dash, or Zcash. I only listed three because these are really the only other cryptocurrencies being widely used. Bitcoin is still popular but these are some other crypto currencies that have also become more widespread recently.