Monero is the most used privacy-focused cryptocurrency in the world. Although 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 can 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 make it impossible to track the coin past which makes it fully anonymous and – fungible, term you likely have 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 responding to the growing network demands Monero has a very good potential because of it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the usage of ASIC chips for mining Monero which means you need to use your own PC without special equipment. This will lead Monero blockchain to be much more decentralized as time goes on compared 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 personal 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 past an acceptable limit? And yes even Facebook wished to jump into wagon with it’s “Libra” coin. They have all information on you only need your 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 complete success. And the blockchain technology of saving records is superb and overpowering the planet so we’re really witnessing something probably bigger then Internet was and is.
Though the downside may 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 as an example free journalists can post without fear of getting jailed by the rigorous country authorities.
What about invention of nuclear energy? There’s 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. It 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 an importance of the privacy coins like Monero, Zcash or their successors.