Monero is an open-source cryptocurrency project with better security and privacy than most virtual currencies. It’s designed to give everyone the power to control their finances without government and financial agency oversight. The cryptographical techniques adopted ensures that a spy has zero knowledge of your transactions.
Who created Monero?
Monero is largely a community project with no single individual behind it. Over 240 specialists, consisting of developers and marketers came together and breathed life into it. However, around 30 developers are known. Anyone can contribute to this network by either donating their skills or capital.
Monero doesn’t have a base in any country. Therefore, it could prove hard to shut it down or restrict it from operating in a certain country. However, you shouldn’t be so sure about this as China and South Korea have already proved that any cryptocurrency can be disbanded from operating in certain jurisdictions. China officially banned ICOs from running a couple of months ago.
Monero Security Features
Without a doubt, Monero Blockchain is one of the safest places to transact from. Ethereum and Bitcoin Blockchains are transparent so that anyone can validate the authenticity of a transaction. This means anyone with superb computing skills and resources can easily decode users’ real-world identity. This is extremely revolting as it goes against the main principle behind decentralized projects-obfuscating user’s details.
Monero’s cryptographical techniques mystify the user’s data making it impossible for data sniffers to get anything. The two main security protocols employed are ring signatures and stealth addresses. The former mixes up all the addresses on the network thus making it difficult for an external observer to link a single address to a certain account.
The latter refers to a condition where an address is used for a single transaction only. There can be no single address for two or more transfers. Used addresses are untraceable, and new ones are created during the next deal. In short, all the details relating to the sender, receiver and amount transferred are not open to scrutiny. However, this network is not entirely “shut” as individuals can choose who can see their transactions.
Pros of Monero
• Private, secure, and untraceable
• Scalable with no blockchain limits
• Strong and capable team
• Widely adopted
• Has a plan to incentivize miners to maintain the blockchain even when the supply runs out
• Selectively transparent-you choose who to see your transactions
Cons of Monero
• Has minute levels of centralization
• Not yet widely adopted
The future of Monero
Decentralized technologies are receiving plenty of hype at the moment, and this simply means wide recognition. As the technology gets widely adopted and governments trying to pin user’s down, investors are going to demand for more private-oriented cryptos, and this might just put Monero right at the top spot for picking. This Currency is certainly worth giving a shot.