Monero is an open source cryptocurrency project that has better security and privacy than most virtual currencies. It is designed to give governments and financial agencies the power to control their finances without supervision. Supported cryptographic techniques ensure that a spy has zero knowledge of your transactions.
Who created Monero?
Monero is largely a community project that doesn’t have a single individual behind it. More than 240 specialists made up of developers and marketers came together and gave it life. However, about 30 developers are known. Anyone can help in this network by donating their skills or capital.
Monero has no base in any country. Therefore, it may be difficult to close or restrict action in a particular country. However, you should not be so sure, as China and South Korea have already proven that any cryptocurrency can be dismantled from operating in certain jurisdictions. China officially banned the ICO from launching a couple of months ago.
Monero Security Features
It is definitely one of the safest places to trade Monero Blockchain. Ethereum and Bitcoin Blockchains are transparent so that anyone can validate the authenticity of a transaction. This means that anyone with excellent computer skills and resources can easily decode the true identity of their users. This is very rebellious, it goes against the main principle behind decentralized projects, confusing the details of the user.
Monero’s cryptographic techniques mystify user data, making the smell of the data impossible to achieve. The two main security protocols used are tone signatures and hidden addresses. The former confuses all network addresses and therefore makes it difficult for an outside observer to link a single address to a particular account.
The latter is about the condition that the address is used only for a single transaction. Cannot have a single address for two or more transfers. Used addresses cannot be detected, and new ones are created in the next agreement. In summary, not all details about the sender, receiver, and amount transferred are examined. However, this network is not completely “closed” because one can choose who can view their transactions.
• Private, secure and cannot be found
• Scalable blockchain without limits
• Strong team and ability
• Highly accepted
• Miners have a plan to promote block chain maintenance even when supplies run out
• Selectively transparent: You choose whether you want to view your transactions
The downsides of Monero
• It has a minute centralization level
• Not yet widely accepted
The future of Monero
At the moment, decentralized technologies are receiving a lot of hype, which is widely recognized. As the technology is widely supported and the government is trying to determine the user, investors will demand more private cryptography, which would only put Monero in first place. This coin is worth the shot.