Monero is an open source cryptocurrency project with better security and privacy than most virtual currencies. It was created to give everyone the power to control their finances without the oversight of government and financial agencies. Adopted cryptographic techniques ensure that the spy has no knowledge of your transactions.
Who created Monero?
Monero is very much a community project with no individual behind it. Over 240 professionals consisting of developers and marketers came together and brought it to life. However, about 30 developers are known. Anyone can contribute to this network by donating their skills or capital.
Monero has no base in any country. Therefore, it may be difficult to shut it down or restrict its operation in a particular country. However, you shouldn’t be so sure about it, as China and South Korea have already proven that any cryptocurrency can be suspended in certain jurisdictions. China officially banned ICOs a few months ago.
Monero security features
Without a doubt, the Monero Blockchain is one of the safest places to transact. Ethereum and Bitcoin Blockchains are transparent, so anyone can verify the authenticity of a transaction. This means that anyone with superior computing skills and resources can easily decode the identities of users in the real world. This is extremely obnoxious as it goes against the main principle behind decentralized projects – obfuscation of user details.
Monero’s cryptographic techniques mystify user data, making it impossible for data sniffers to obtain anything. The two main security protocols used are ring signatures and stealth addresses. The first mixes up all the addresses on the network, thus making it difficult for an outside observer to associate a single address with a particular account.
The latter refers to a condition where the address is used for only one transaction. There cannot be one address for two or more transfers. Used addresses are untraceable and new ones are created on the next transaction. In short, all the details related to the sender, the recipient and the transferred amount are not open for verification. However, this network is not completely “closed” as people can choose who can see their transactions.
Pros of Monero
• Private, secure and untraceable
• Scalable without blockchain limitations
• Strong and capable team
• Widely adopted
• There is a plan to incentivize miners to maintain the blockchain even when the supply runs out
• Selective transparency – you choose who sees your transactions
Cons of Monero
• There are minimal levels of centralization
• Not yet widespread
The future of Monero
Decentralized technologies are getting a lot of buzz right now, and that just means widespread acceptance. As the technology becomes widely adopted and governments try to corner users, investors will demand more private-oriented cryptocurrencies, and this may just make Monero the top choice. This currency is definitely worth a try.