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 very best 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 may “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.
In place 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 your ones on the Bitcoin blockchain which means faster transactions Monero Wallet Online. So in the terms of scalability or giving an answer to the growing network demands Monero features a high potential thanks to it innovative technological features.
Monero uses the CryptoNight algorithm which prevents use of ASIC chips for mining Monero which means you should use your personal PC without special equipment. This could lead Monero blockchain to become more decentralized as time goes on in comparison to others.
Do we truly need privacy coins?
You can 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 take a cam shot of an individual and get its information from Facebook. Makes you think have we gone too far? And yes even Facebook desired to jump into wagon with it’s “Libra” coin. They curently have all informative data on you simply need your hard earned money to be both bank and identity shop.
With so much bad propaganda on Bitcoin people be seemingly unaware the very first decentralized monetary system experiment was a complete success. And the blockchain technology of saving records is superb and overtaking the entire world so we’re really witnessing something probably bigger then Internet was and is.
However the downside could be the misuse of both Bitcoin but also Monero due its privacy features to buy 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.
How about invention of nuclear energy? There’s enough nuclear heads to destroy the Earth multiple times but over 1 billion people don’t have access to electricity. Owning nuclear heads prevent some countries for starting war. It is how you employ it. Are we ready to get rid of our privacy fully due security or fun causes? No? Then we will sure have an importance of the privacy coins like Monero, Zcash or their successors.