Monero is an open source cryptocurrency project with better security and privacy than most virtual currencies. It is designed to give everyone the power to control their finances without government oversight or financial agencies. The cryptographic techniques adopted ensure that a spy does not have knowledge of his transactions.
Who created Monero?
Monero is very much a community project without a single individual behind it. More than 240 specialists, including developers and marketers, came together and brought it to life. However, around 30 developers are known. Anyone can contribute to this network either by donating their skills or capital.
Monero is not based in any country. Therefore, it might be difficult to close it or restrict its operation in a certain country. However, you should not be so sure about this, as China and South Korea have already shown that any cryptocurrency can be dissolved so that it does not operate in certain jurisdictions. China officially banned the execution of ICOs a couple of months ago.
Monero security features
Without a doubt, the Monero Blockchain is one of the safest places to transact. The Ethereum and Bitcoin blockchains are transparent so that anyone can validate the authenticity of a transaction. This means that anyone with excellent computing skills and resources can easily crack the real-world identity of users. This is extremely disgusting as it goes against the main principle behind decentralized projects: to obfuscate user details.
Monero’s cryptographic techniques baffle user data, making it impossible for data sniffers to obtain anything. The two main security protocols used are ring signatures and stealth addresses. The former scrambles all the addresses on the network, making it difficult for an outside observer to link a single address to a given account.
The latter refers to a condition where an address is used for a single transaction only. There cannot be a single address for two or more transfers. Used addresses cannot be traced and new ones are created during the next offer. In short, all the details related to the sender, the recipient and the amount transferred are not open to scrutiny. 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 limits
• Strong and capable team
• Widely adopted
• Has a plan to incentivize miners to maintain the blockchain even when supply runs out
• Selectively transparent: you choose who sees your transactions
Cons of Monero
• It has minimum levels of centralization
• Not yet widely adopted
The future of Monero
Decentralized technologies are getting a lot of hype right now, and this simply means wide recognition. As the technology becomes widely adopted and governments attempt to identify users, investors will demand more private-sector-oriented cryptocurrencies, and this could put Monero in the top spot of choice. This coin is definitely worth a try.
