Monero is typically the most popular privacy-focused cryptocurrency in the world. Though some blockchains are developing platforms for dApps (decentralized apps), some are pursuing scalability or the existing defi (decentrilized financing) hype Monero was always the most effective 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 make it impossible to track the coin past making it fully anonymous and – fungible, term you have probably already heard.
Rather than 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 a ones on the Bitcoin blockchain which means faster transactions Monero Wallet. So in the terms of scalability or giving an answer to the growing network demands Monero includes 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 which means you should use your own PC without special equipment. This will lead Monero blockchain to be much more decentralized as time goes by compared to others.
Do we want 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 software 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 believe have we gone too much? And yes even Facebook wanted to jump into wagon with it’s “Libra” coin. They already have all info on you merely need your cash to be both bank and identity shop.
With so much bad propaganda on Bitcoin people appear to be unaware the initial decentralized monetary system experiment was a full success. And the blockchain technology of saving records is superb and taking over the planet so we are really witnessing something probably bigger then Internet was and is.
Though the downside is 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 like free journalists can post without fear of having jailed by the rigorous country authorities.
How about invention of nuclear energy? There is 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 going into war. It is how you employ it. Are we willing to eliminate our privacy fully due security or fun causes? No? Then we shall sure have a significance of the privacy coins like Monero, Zcash or their successors.