What is Monero?

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 and financial agency oversight. The cryptographic techniques adopted ensure that a spy has zero knowledge of your transactions.

Who created Monero?

Monero is largely a community project without a single individual behind it. More than 240 specialists, consisting of developers and marketers, gathered and encouraged it. However, about 30 developers are known. Anyone can contribute to this network by donating their skills or capital.

Monero does not have a base in any country. Therefore, it could be difficult to close it or limit the operations in a certain country. However, you should not be so sure of this, that China and South Korea have already shown that any cryptocurrency can be disbanded from operations in certain jurisdictions. China officially banned ICOs from operating a couple of months ago.

Monero security features

Without a doubt, Monero Blockchain is one of the safest places for transactions. Ethereum and Bitcoin Blockchains are transparent so anyone can validate the authenticity of a transaction. This means that anyone with superb computer skills and resources can easily decode the user’s real identity. This is extremely revolting as it goes against the main principle behind the user details of decentralized projects-obfuscating.

Monero’s cryptographic techniques mystify user data making it impossible for data sniffers to obtain anything. The two main security protocols employed are ring signatures and stealth addresses. The first mixes all the addresses on the network making it difficult for an outside observer to link a single address to a certain 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 are not traceable, and new ones are created during the next transaction. In short, all the details regarding the sender, the recipient and the amount transferred are not open to scrutiny. However, this network is not entirely “closed” as individuals 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 the supply runs out

• Selectively transparent-you choose who to see your transaction

Cons of Monero

• It has minute levels of centralization

• Not yet widely adopted

The future of Monero

Decentralized technologies are getting a lot of hype at the moment, and that only means wide recognition. As the technology is widely adopted and governments try to protect users, investors will demand more private-oriented cryptos, and this could only put Monero in the first place for the choice. This Currency is definitely worth giving a shot.