Monero is an open source cryptocurrency project with better security and privacy than most virtual currencies. It is designed to give everyone the power to control their finances without the supervision of government and financial agencies. The cryptographic techniques used ensure that a spy has no knowledge of your transactions.
Who created Monero?
Monero is largely a community project with no single individual behind it. More than 240 specialists, consisting of developers and marketers, came together and breathed life into it. However, about 30 developers are known. Anyone can contribute to this network by donating either their skills or capital.
Monero does not have a base in any country. Therefore, it can be difficult to close it or to restrict it from working in a certain country. However, you should not be so sure about this, as China and South Korea have already proven that any cryptocurrency can be dissolved to work in certain jurisdictions. China officially banned ICOs from working a few months ago.
Monero Security Features
Without a doubt, Monero Blockchain is one of the safest places to do transactions. Ethereum and Bitcoin Blockchains are transparent so anyone can verify the authenticity of a transaction. This means anyone with excellent computer skills and resources can easily decode users’ true identities. This is extremely disgusting as it goes against the main principle behind decentralized projects, which obscure users’ details.
Monero’s cryptographic techniques betray the user’s data making it impossible for data snoopers to obtain anything. The two main security protocols used are ring signatures and stealth addresses. The former mixes all the addresses on the network and thus makes it difficult for an external observer to link a single address to a certain account.
The latter refers to a state where an address is used for a single transaction only. There can be no single address for two or more transfers. Used addresses are undetectable, and new ones are created during the next transaction. In short, all the details regarding the sender, receiver and amount transferred are not open for investigation. However, this network is not completely “closed”, as individuals can choose who can view their transactions.
Benefits of Monero
• Private, secure and undetectable
• Scalable with no blockchain limits
• Strong and capable team
• Widely accepted
• Have a plan to encourage miners to maintain the blockchain even when stocks run out
• Selectively transparent – you choose who to see your transactions
Disadvantages of Monero
• Has few levels of centralization
• Not yet widely accepted
The future of Monero
Decentralized technologies are currently receiving a lot of hype, and that simply means wide recognition. As technology is widely adopted and governments try to capture users’s, investors are going to demand more privately-oriented cryptocurrencies, and that could put Monero just at the top of the list. This currency is definitely worth giving a try.
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