Why is Monero Therefore Unique Amongst Additional Cryptocurrencies?
October 29, 2020 Business
Monero is the most used privacy-focused cryptocurrency in the world. Although some blockchains are developing platforms for dApps (decentralized apps), some are pursuing scalability or the existing defi (decentrilized financing) hype Monero was always the best for starters 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 could “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.
Rather than 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 this means faster transactions Monero Wallet. So in the terms of scalability or answering the growing network demands Monero features a very high potential thanks to it innovative technological features.
Monero uses the CryptoNight algorithm which prevents the use of ASIC chips for mining Monero this means you need to use your personal PC without special equipment. This could lead Monero blockchain to become more decentralized in the foreseeable future in comparison to others.
Do we 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 software 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 wanted to jump into wagon with it’s “Libra” coin. They already have all home elevators you merely need your hard earned money 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 overtaking 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 purchase illegal stuff on the dark web. The deep web itself is place where as an example free journalists can post without fear of having jailed by the rigorous country authorities.
How 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 use it. Are we willing to get rid of our privacy fully due security or fun causes? No? Then we will sure have a dependence on the privacy coins like Monero, Zcash or their successors.