Monero is an open source cryptocurrency program that has better security and privacy than most virtual currencies. It aims to give everyone the right to control their financial situation without the supervision of the government and financial institutions. The cryptographic techniques employed ensure that spies have no knowledge of your transactions.
Who created Monero?
Monero is mainly a community project without any single individual. More than 240 experts, made up of developers and marketers, gathered to energize them. However, about 30 developers know it. Anyone can contribute to this network by donating their skills or funding.
Monero does not have a base in any country. Therefore, it is difficult to close it or limit it to operate in a country. However, as China and Korea have already demonstrated that any what is Monero Cryptocurrency can be discontinued in certain jurisdictions, you should not be sure of this. China formally banned ICO operations a few months ago.
Monero Security Features
There is no doubt that Monero Blockchain is one of the safest trading venues. Ethereum and the Bitcoin blockchain are transparent and anyone can verify the authenticity of the transaction. This means that anyone with superior computing skills and resources can easily decode the user’s real identity. This is very offensive, because it violates the main principle behind decentralized projects – confusing users with details.
Monero’s cryptographic technology mysterizes the user’s data so that the data sniffer cannot obtain anything. The two main security protocols used are ring signatures and hidden addresses. The former mixes all addresses on the network, so it is difficult for external observers to link a single address to an account.
The latter refers to the case where the address is used only for a single transaction. Two or more transmissions cannot have a single address. The address used is not trackable. The new address is created in the next transaction. In short, all details related to the sender, recipient, and transfer amount are not vetted. However, this network is not completely “closed” because individuals can choose who can see their transactions.
The advantages of Monero
- Private, safe and difficult to trace
- Scalable, no blockchain restrictions
- Powerful and capable team
- Widely used
- Plan to motivate miners to maintain blockchain even if supplies are used up
- Selective transparency – Who do you choose to view your transactions. The disadvantages of Monroe
- With a small level of concentration
- Not widely adopted
The future of Monero
The decentralized technology is currently undergoing a lot of hype, which only means wide acceptance. As technology is widely adopted, governments try to prevent users from falling, and investors will need more private-oriented passwords, which may make Monero the best choice. This currency is definitely worth a try.