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 current defi (decentrilized financing) hype Monero was always the very best for just one thing. Anonymous transactions protecting privacy of both sender and receiver.
Aren’t The Bitcoin Transactions Anonymous?
Bitcoin blockchain is 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 might “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 rendering it fully anonymous and – fungible, term you have in all probability already heard.
As opposed to 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 the ones on the Bitcoin blockchain which means faster transactions Monero Wallet. So in the terms of scalability or answering the growing network demands Monero has a quite high potential thanks to it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the utilization of ASIC chips for mining Monero which means you need to use your own PC without special equipment. This might lead Monero blockchain to be more decentralized as time goes on compared to others.
Do we truly need 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 take a cam shot of a person and get its information from Facebook. Makes you believe have we gone too far? And yes even Facebook wished to jump into wagon with it’s “Libra” coin. They curently have all informative data on you merely need your money to be both bank and identity shop.
With so much bad propaganda on Bitcoin people appear to be unaware the very first decentralized monetary system experiment was a full success. And the blockchain technology of saving records is superb and overtaking the entire world so we are really witnessing something probably bigger then Internet was and is.
Though the downside is the misuse of both Bitcoin but in addition Monero due its privacy features to purchase illegal stuff on the dark web. The deep web itself is place where for example free journalists can post without fear of getting 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 use of electricity. Owning nuclear heads prevent some countries for starting war. This really is how you use it. Are we ready to get rid of our privacy fully due security or fun causes? No? Then we shall sure have a dependence on the privacy coins like Monero, Zcash or their successors.