There has been significant growth in the world of cryptocurrencies with hundreds of cryptocurrencies being launched. Many of these try really hard to provide their users with topnotch privacy but the results have had different levels of success.
XMR monero takes into account one of the most soughtafter feature when it comes to transactions; privacy. This is what makes Monero XMR unique and different from all the rest. Basically, Monero is like a more confidential Bitcoin. Most transactions on other cryptocurrency blockchains exist on public ledger so they don’t offer privacy. Imagine people being able to see how many transactions you have done and with whom?
Monero is anopen-source cryptocurrency thatwas launched in April 2014 under the name BitMonero but less than a week later the name was shortened to Monero which means “coin” in Esperanto. Monero’s code was written from scratch and is not a clone of the Bitcoin code. The development project had over 240 contributing coders from all over the world, 7 core developers and over 30 regular developers. The developers are exclusively funded through donations.
Monero wallet is a POW (Proof-of-Work) cryptocurrency which utilizes a CryptoNight algorithm; that is based on the CryptoNote protocol. It runs on iOS, Android, macOS, Windows, Linux, and FreeBSD.
Advantages of Monero
Not very many cryptocurrencies offer anonymous and untraceable transactions. Monero does. Let us look at other advantages associated with its use:
- Monero focuses mainly on privacy as its key selling point. Other people are not able to tell how much balance you have by looking at the blockchain.This element has however attracted illicit use by people who evade the law.
- All transactions and wallets on Monero are secured using irreversible math
- All the units of currency have the same value and can be substituted for each other.
- Due to the high levels of encryption, the Monero coins cannot be traced on the blockchain.
- All wallets or nodes can be used to verify Monero coins without bias. This makes it possible to function without a form of centrally governed bank.
To keep its transactions anonymous, Monero uses three quite complicated privacy technologies. There are the:
- Ring Signatures.These digital signatures were introduced in 2001. A ring signature enables transaction mixing thus making them untraceable. They are used to hide where the money is coming from.
- Stealth Addresses. These are used to conceal the identity of the receiver. Stealth addresses. Stealth addresses make it impossible to create a link between the public address and the actual address of the recipient.
- The Ring Confidential Transactions privacy feature hides the amount being transferred. This was implemented in January 2017.
The fact that Monero offers privacy and security features at the fundamental code levels makes it a very viable choice in comparison to other cryptocurrencies. Monero works by obscuring sender and recipient information as well as the amount involved in every transaction. The best thing about XMR Monero is that you have control over your funds and your account is kept private from prying eyes. Monero is literally the closest thing to completely anonymous internet money that we have today.