(3.8 Mins Read)
Monero is an open-source cryptocurrency that offers more protection and privacy than any other cryptocurrencies. It’s intended to give people the power to manage their finances without government or financial institutions’ involvement. Because of the cryptographic methods used, a spy would not know your transactions.
Who made Monero?
Monero is essentially a collective project with no single person behind it. Over 240 experts, including developers and marketers, worked together to bring it to life. However, only around 30 developers have been identified. Anyone may participate in this network by contributing their time or money.
Monero has no physical presence in any region. As a result, shutting it down or preventing it from working in a specific country could be difficult. However, it would help if you were wary of this, as China and South Korea have already shown that any cryptocurrency can be banned from operating in specific jurisdictions. China outlawed initial coin offerings (ICOs) a few months ago.
Security Features of Monero
The Monero blockchain is, without a doubt, one of the best ways to do business. The blockchains of Ethereum and Bitcoin are transparent, allowing everyone to verify the validity of a transaction. This ensures that someone with excellent programming skills and resources can quickly decipher users’ true identities in the real world. This is revolting because it goes against the main principle of decentralized projects, which is to obfuscate user information.
Monero’s cryptographic techniques obscure the user’s data, making data sniffers unable to extract anything.
Ring signatures and stealth addresses are the two primary authentication protocols used. The former mash all of the network’s addresses together, making it impossible for an outside observer to connect a single address to a specific account.
The above describes a situation in which an address is only used for one transaction. For two or more transfers, there can’t be a single address. Used addresses are untraceable, and new ones are generated during the next deal. In short, all the information relating to the sender, receiver, and quantity transferred are not subject to inspection. Individuals can select who can see their transactions, so this network isn’t entirely “closed.”
Pros of Monero
• Confidential, secure, and untraceable
• Scalable, with no limitations imposed by the blockchain
• A competent and strong team
• Widespread use
• Has a strategy to encourage miners to keep the blockchain running long after the supply runs out.
• Transparent on a selective basis—you decide who will see the transactions.
Cons of Monero
• Has minute degrees of centralization
• Not widely used yet
Monero’s Long-Term Prospects
Decentralized technologies are currently generating many buzzes, which means that they are getting a lot of attention. Investors will demand more private-oriented cryptos as the technology becomes more widely accepted. Governments will try to pin users down, putting Monero right at the top of the list for picking. This currency is worth a try.