Monero is a cryptocurrency which offers a private digital currency which is secure as well as untraceable. It is an open – source and that’s why accessible to everyone. And it also allows everyone to become their own bank. And with Monero, users are responsible for his / her own funds. Hence, Monero is a very trustworthy cryptocurrency.
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|Symbol||Initial release date||Algorithm type||Max. supply|
|XMR||April 2014||CryptoNight||18.4 million XMR|
Monero stands in its three core values which are as follows:
- Security– In Monero, users can keep their transactions anonymous. Hence, it is one of the most secured cryptocurrency to invest in.
- Privacy– Monero takes care of the privacy of its customers as well. They claim that they need to protect their users’ anonymity, even in a court of law – including, as their website state “in extreme cases, from the death penalty”
- Decentralisation – Monero runs on a decentralised system unlike many other coins where there is a central agency that runs the network, or blockchain.
Difference Between Monero and Bitcoin
Monero is very much different from Bitcoin as it focuses on the anonymity. Some of the key differences between Monero and Bitcoin are:
|Launch Date||April 18th, 2014||January 3rd, 2009|
|Hash Algorithm||CryptoNight||SHA – 256|
|Average Block Time||2 Minutes||10 Minutes|
|Max Total Coins||18,300,000||21,000,000|
Why Bitcoin Lacks Privacy & What Monero does about It
Bitcoin is pseudonymous, meaning that users can transact without providing their identifies. Instead of using real world identities as banks do, Bitcoin uses addresses to make transactions possible between wallets. The problem is that the addresses to make transactions possible between wallets. The problem is that the addresses, along with the transaction information, all get stored on a public ledger. Although, users can make transactions without attaching their personal identity, it is now widely known that the Bitcoin blockchain is being data mined by blockchain analysis companies. These companies are able to de – anonymize Bitcoin transactions with a high degree of accuracy.
Unlike Bitcoin, where you need to take extra steps to achieve anonymity, Monero has privacy turned on as a default setting. Untraceable transactions and anonymity are baked into the protocol.
As a side effect of anonymous and untraceable transactions, Monero is nore fungible than Bitcoin. Fungible, simply means that you can’t tell apart one coin from the next. Bitcoins are subject to being tainted. For instance, if a particular exchange has been hacked, or funds are stolen, the hacked or stolen Bitcoins can be tracked and subsequently blacklisted by exchanges or vendors. This can make a percentage of Bitcoins unspendable, which is not ideal for a digital representation of cash. Monero’s inherent untracebility makes this a non – issue.
How Exactly does Monero Achieve Pivacy
Monero uses three different privacy innovations, namely ring structure, Ring confidential transactions, and stealth addresses.
Ring signatures hide information about the sender, using a technique where a group of users sign the transaction. This obscures who the actual sender was.
Next, by using a technique known as RingCT, which stands for Ring Confidential Transactions, Alice can send Bob some Monero, and the only people that will ever know the amount sent will be Alice and Bob. Although the transaction is visible on the blockchain, there is no way to determine the amount transacted.
Lastly, Monero uses a Stealth address which adds privacy to the receiver of a transaction. Stealth addresses use ‘spend keys’ to obscure the receiver’s address. A sender is required to generate a spend key address for the receiver and send the Monero through this address. A ‘view key’ is then used by the receiver to display incoming transactions. This method means that while a transaction is recorded on the blockchain, only the sender and the receiver can determine where the payment was actually sent.