July 31, 2021

What Is Monero?

Monero is an open source cryptocurrency project that provides better security and privacy than most virtual currencies. It is designed to allow anyone to manage their finances without oversight from the government and financial institutions. The cryptographic methods used ensure that the spy knows nothing about your transactions.

Who made Monero?

Monero is pretty much a community project that no one is behind. More than 240 specialists, consisting of developers and marketers, have united and implemented it. However, about thirty developers are known. Anyone can contribute to this network by donating their skills or their capital.

Monero has no base in any country. It may therefore be difficult to stop him or to prevent him from working in a particular country. However, do not be too sure, because China and South Korea have already proved that any cryptocurrency can be violated to work in certain jurisdictions. China officially banned the ICO a few months ago.

Monero security features

Blockchain Monero is without a doubt one of the safest places for transactions. Ethereum and Bitcoin blockchains are transparent, so anyone can verify the authenticity of the transaction. This means that anyone with excellent IT skills and resources can easily identify the user. This is extremely disgusting, because it contradicts the basic idea of decentralized projects and hides the details of the user.

Monero’s cryptographic methods forge user data without allowing data analyzers to get anything. The two main security protocols used are ring signatures and hidden addresses. The first mixes all the addresses on the network, making it difficult for an outside observer to link one address to a specific account.

The latter refers to a state where the address is used for only one transaction. There can be no one address for two or more translations. The addresses used cannot be found and new ones will be created at the next transaction. In short, all data on the sender, recipient and transferable amount are not subject to verification.

The benefits of Monero

Private, secure and untraceable
Scaleless blockchain
A strong and competent team
Common
Has a plan to encourage miners to maintain the blockchain, even when stocks are running out.
Selective transparency – you choose who wants to see your transactions.

Monero flaws

At the minimum level of centralization
It has not yet been widely distributed

The future of Monero

Decentralized technologies are now the subject of a lot of noise, which simply means widespread acceptance. As technology becomes mainstream and governments try to attract users, investors will ask for more private cryptocurrencies, which may well put Monero first. This currency is definitely worth a try.

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