Monero is the most used privacy-focused cryptocurrency in the world. Though some blockchains are developing platforms for dApps (decentralized apps), some are pursuing scalability or the present defi (decentrilized financing) hype Monero was always the most effective for just one thing. Anonymous transactions protecting privacy of both sender and receiver.
Aren’t The Bitcoin Transactions Anonymous?
Bitcoin blockchain is definitely an open ledger, you can’t tell the identity of the parties but you are able to track every transaction from wallet to wallet. So you could “track” the Bitcoin you received in your shop and see it’s history. Monero privacy features allow it to be impossible to track the coin past making it fully anonymous and – fungible, term you likely have already heard.
Instead of standard 2 keys (public and private key) Monero uses 4: public and private view keys and public and private spend keys.
Other Monero Advantages
Monero blocks and it’s size are bigger and produced faster then a ones on the Bitcoin blockchain meaning faster transactions Monero Wallet Online. So in the terms of scalability or giving an answer to the growing network demands Monero has a very high potential because of it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the usage of ASIC chips for mining Monero meaning you can use your own PC without special equipment. This will lead Monero blockchain to become more decentralized as time goes on in comparison to others.
Do we want privacy coins?
There are other privacy oriented coins and projects like Verge, Dash or ZCash which now offer both transparent and shielded transactions.
Facebook admired creating a software but “only for personal testing and team use&rdquo ;.You have a cam shot of an individual and get its information from Facebook. Makes you believe have we gone past an acceptable limit? And yes even Facebook desired to jump into wagon with it’s “Libra” coin. They curently have all informative data on you only need your cash to be both bank and identity shop.
With so much bad propaganda on Bitcoin people appear to be unaware the first decentralized monetary system experiment was a full success. And the blockchain technology of saving records is superb and taking over the entire world so we’re really witnessing something probably bigger then Internet was and is.
However the downside could be the misuse of both Bitcoin but in addition Monero due its privacy features to buy illegal stuff on the dark web. The deep web itself is place where for example free journalists can post without fear of having jailed by the rigorous country authorities.
How about invention of nuclear energy? There is enough nuclear heads to destroy the Earth multiple times but over 1 billion people don’t have access to electricity. Owning nuclear heads prevent some countries for starting war. This really is how you use it. Are we ready to remove our privacy fully due security or fun causes? No? Then we will sure have an importance of the privacy coins like Monero, Zcash or their successors.