Monero is the most popular 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 most effective for starters 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 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 which makes 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 your ones on the Bitcoin blockchain meaning faster transactions Monero Wallet. 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 using ASIC chips for mining Monero meaning you should use your own personal PC without special equipment. This will lead Monero blockchain to be much more decentralized in the future in comparison to others.
Do we want privacy coins?
You will find 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 private testing and team use&rdquo ;.You take a cam shot of a person and get its information from Facebook. Makes you think have we gone too much? And yes even Facebook wished to jump into wagon with it’s “Libra” coin. They curently have all info on you only need your hard earned money to be both bank and identity shop.
With so much bad propaganda on Bitcoin people seem to be unaware the very first decentralized monetary system experiment was the full success. And the blockchain technology of saving records is superb and taking over the entire world so we are really witnessing something probably bigger then Internet was and is.
However the downside could be the misuse of both Bitcoin but additionally 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 entering war. It’s really how you employ it. Are we prepared to remove 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.