Monero is an open-source cryptocurrency project with more security and privacy than most virtual currencies. It is designed to give everyone the power to control their finances without the supervision of the government and financial agency. Adopted cryptographical methods ensure that a spy has zero knowledge of your transactions.
Who made Monero?
Monero is mostly a community project with not a single individual behind it. More than 240 specialists, comprising developers and marketers come together and breathe life into it. However, about 30 developers are known. Anyone can contribute to this network by donating their expertise or capital.
Monero is not based in any country. As a result, it may prove difficult to shut down or prevent it from operating in a country. However, you shouldn’t be sure about this because China and South Korea have already proven that any cryptocurrency can disappear from operating in certain jurisdictions. China officially banned ICOs from operating a few months ago.
Monero Security Features
Without a doubt, the Monero Blockchain is the safest place to go from a transaction. Ethereum and Bitcoin Blockchains are transparent so anyone can verify the authenticity of a transaction. This means anyone with unique computing skills and resources can easily interpret the real-world identity of users. This is especially uplifting due to the violation of the main principle behind decentralized projects that restrict user details.
Monero’s cryptographical techniques make user data impossible for data sniffers to get anything. The two main security protocols used are ring signatures and hidden addresses. The former mixes all network addresses so it makes it difficult for an outside observer to link to each address in one account.
The latter refers to a situation where one address is used for the same transaction. There may not be an address for two or more transfers. Used addresses are not available, and new ones are made in the next deal. In short, all details relating to sender, recipient and amount transferred are not open to review. However, this network is not completely “closed” as individuals can choose who can see their transactions.
Benefits of Monero
• Private, secure, and untraceable
• Resist without block limits
• Strong and competent team
• Many adopted
• Miners have an incentive plan to maintain the blockchain even when supply is exhausted
• You choose who can see your transactions
• There are minute levels of centralization
• Not yet widely adopted
The future of Monero
Decentralized technologies have received a lot of hype nowadays, and they are only meant to be widely recognized. As technology becomes more widely adopted and governments try to overwhelm users, investors will ask for more cryptos that are privately owned, and Monero may just be placed in the top spot for choice. This Finance specific amount will be given a shot.