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 current defi (decentrilized financing) hype Monero was always the very 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 may “track” the Bitcoin you received in your shop and see it’s history. Monero privacy features allow it to be impossible to track the coin past rendering it fully anonymous and – fungible, term you have probably already heard.
As opposed to 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 a 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 includes a high potential thanks to 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 may lead Monero blockchain to be much more decentralized in the foreseeable future compared to others.
Do we want 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 already have all home elevators you simply need your cash to be both bank and identity shop.
With so much bad propaganda on Bitcoin people be seemingly unaware the first decentralized monetary system experiment was a full success. And the blockchain technology of saving records is superb and taking over the entire world so we are really witnessing something probably bigger then Internet was and is.
However the downside may be the misuse of both Bitcoin but in addition 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.
Think about invention of nuclear energy? There is 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 use it. Are we prepared to get rid of our privacy fully due security or fun causes? No? Then we shall sure have a requirement for the privacy coins like Monero, Zcash or their successors.