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 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 can 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 make it impossible to track the coin past making it fully anonymous and – fungible, term you likely have already heard.
Instead of 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 the ones on the Bitcoin blockchain meaning faster transactions Monero Wallet Online. So in the terms of scalability or responding 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 use of ASIC chips for mining Monero meaning you can use your own PC without special equipment. This will lead Monero blockchain to be much more decentralized in the foreseeable future compared 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 an application 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 think have we gone past an acceptable limit? And yes even Facebook desired to jump into wagon with it’s “Libra” coin. They curently have all home elevators you merely need your cash to be both bank and identity shop.
With so much bad propaganda on Bitcoin people seem 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 world so we’re really witnessing something probably bigger then Internet was and is.
Nevertheless the downside is the misuse of both Bitcoin but additionally Monero due its privacy features to purchase illegal stuff on the dark web. The deep web itself is place where for example free journalists can post without fear to getting jailed by the rigorous country authorities.
What 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 starting war. It’s really how you employ it. Are we prepared to eliminate 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.