Monero is an open source cryptocurrency project with better security and privacy than most virtual currencies. It is designed to give everyone the ability to control their finances without the control of the government or financial agencies. Adopted cryptographic methods ensure that a spy does not know about your transactions.
Who created Monero?
Monero is very much a community project, with no one person behind it. More than 240 professionals, consisting of developers and marketers, gathered and breathed life into it. However, about 30 developers are known. Anyone can contribute to this network by donating their skills or capital.
Monero has no base in any country. Therefore, it may be difficult to shut it down or restrict its operation in a particular country. However, you shouldn’t be too sure, as China and South Korea have already proven that any cryptocurrency can be taken out of business in certain jurisdictions. A couple of months ago, China officially banned ICOs.
Monero security features
Without a doubt, the Monero Blockchain is one of the safest places to transact. The Ethereum and Bitcoin blockchains are transparent, so anyone can verify the authenticity of a transaction. This means that anyone with excellent computing skills and resources can easily decipher the real identity of users. This is very disgusting, because it goes against the main principle of decentralized projects – confusing the details of the user.
Monero’s cryptographic techniques mystify user data, making it impossible for data sniffers to extract anything. The two main security protocols used are ring signatures and hidden addresses. The first mixes up all the addresses on the network, making it difficult for outside observers to link a single address to a specific account.
The latter refers to the condition where the address is used for only one transaction. There cannot be a single address for two or more transfers. Used addresses are untraceable and new ones are created during the next transaction. In short, all the details related to the sender, the recipient and the amount of the transfer are beyond control. However, this network is not completely “closed” as people can choose who can see their transactions.
Pros of Monero
• Private, secure and untraceable
• Scalable without blockchain limitations
• A strong and efficient team
• Widely accepted
• Has a plan to incentivize miners to support the blockchain even if the supply runs out
• Selective transparency – you choose who can see your transactions
Cons of Monero
• Has small levels of centralization
• Not yet widely distributed
The future of Monero
Decentralized technologies are creating a lot of hype these days, and that just means widespread acceptance. As this technology becomes more widespread and governments try to clamp down on users, investors will demand more private-oriented cryptos, and this may just put Monero in the top spot. This currency is definitely worth a try.