Monero is the most popular privacy-focused cryptocurrency in the world. While some blockchains are developing platforms for dApps (decentralized apps), some are pursuing scalability or the existing 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 making it fully anonymous and – fungible, term you have in all probability 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 this means faster transactions Monero Wallet. So in the terms of scalability or giving an answer to the growing network demands Monero features a very high potential as a result of it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the utilization of ASIC chips for mining Monero this means you should use your personal PC without special equipment. This might lead Monero blockchain to become more decentralized later on in comparison to others.
Do we truly need 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 an application but “only for personal testing and team use&rdquo ;.You have 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 have all info on you simply 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 a full success. And the blockchain technology of saving records is superb and taking over the 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 also Monero due its privacy features to purchase illegal stuff on the dark web. The deep web itself is place where like free journalists can post without fear to getting jailed by the rigorous country authorities.
Think about invention of nuclear energy? There’s 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. It is how you use it. Are we willing to remove our privacy fully due security or fun causes? No? Then we will sure have a need for the privacy coins like Monero, Zcash or their successors.