Monero is the most popular 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 starters thing. Anonymous transactions protecting privacy of both sender and receiver.
Aren’t The Bitcoin Transactions Anonymous?
Bitcoin blockchain is definitely an open ledger, you can’t tell the identity of the parties but you can track every transaction from wallet to wallet. So you may “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.
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 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 quite high potential because of it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the utilization of 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 as time goes on in comparison to others.
Do we truly need privacy coins?
There are other privacy oriented coins and projects like Verge, Dash or ZCash which now offer both transparent and shielded transactions.
Facebook admired creating a credit card applicatoin but “only for private testing and team use&rdquo ;.You take a cam shot of an individual and get its information from Facebook. Makes you believe have we gone too far? And yes even Facebook wanted to jump into wagon with it’s “Libra” coin. They already have all info on you simply 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 the full success. And the blockchain technology of saving records is superb and overtaking the entire world so we are really witnessing something probably bigger then Internet was and is.
However the downside is the misuse of both Bitcoin but in addition Monero due its privacy features to get illegal stuff on the dark web. The deep web itself is place where like 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’s really how you use it. Are we willing 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.