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 current 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 can be 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 can “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 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 your ones on the Bitcoin blockchain which means faster transactions Monero Wallet Online. So in the terms of scalability or responding to the growing network demands Monero includes a high potential as a result of it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the usage of ASIC chips for mining Monero which means you should use your own PC without special equipment. This might lead Monero blockchain to be much more decentralized in the future in comparison to others.
Do we need 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 credit card applicatoin but “only for private testing and team use&rdquo ;.You have a cam shot of an individual 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 info on you merely need your money to be both bank and identity shop.
With so much bad propaganda on Bitcoin people be seemingly unaware the initial decentralized monetary system experiment was a complete success. And the blockchain technology of saving records is superb and overpowering the world so we’re really witnessing something probably bigger then Internet was and is.
Though the downside could be the misuse of both Bitcoin but also 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 to 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 use of electricity. Owning nuclear heads prevent some countries for starting war. This really is how you use it. Are we prepared to eliminate our privacy fully due security or fun causes? No? Then we shall sure have a need for the privacy coins like Monero, Zcash or their successors.