Review on Monero by Fanuel PORPORTY
CONFIDENTIAL, NON-TRACEABLE AND FUNGIBLE CURRENCY
The Monero known by the acronym XMR is an open source cryptocurrency focused on privacy and decentralization launched in 2014. This coin comes from a fork of the Bytecoin cryptocurrency and uses the CryptoNote algorithm. The real strength of Monero is in its execution protocol: the CryptoNote protocol which grants monero a high degree of anonymity. This protocol is based on 3 main axes, namely:
• Streath address or one time public key (For each transaction, a new key is generated.) Which is a disposable public key: it protects the recipient.
• Ring signature: it protects the sender by mixing the transaction with false transactions, thus preventing the transaction from being traced.
• Ring confidential transaction: which hides the value of the transaction.
Unlike bitcoin which is pseudonymous, the monero is anonymous using an opaque blockchain guaranteeing total anonymity to its users, thus giving this cryptocurrency one of the very values of decentralized currencies. Remember that the monero is not the only cryptocurrency whose values are based on anonymity and confidentiality, it exists cryptocurrencies such as PIVX, VERGE? ZCASH, DASH. Note also that it is possible to remove anonymity for some people in particular: the authorities for example. So in this case, you can share a view key that will give access to your transactions that start from your wallet.
New coins are created by the mining process because using a proof of work algorithm, like the mother currency, bitcoin. It offers the possibility of extracting coins but with some key differences. Its operation does not in any case require specific equipment and can be applied on all the main platforms.
Pros
- Offers a system of absolute freedom
- Monero transactions are untraceable, those that make it a fungible currency
- transactions are anonymous, impossible to see what is really happening without the view key
Cons
- Monero transactions are very heavy
- The monero is widely used for illicit activities on the darknet,
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Comments (6)
December 30, 2019
large privacy project many operators work with it to avoid tracking their transactions but some updates prevent working easier
December 30, 2019
you're totally right. it will therefore be unhealthy to judge this cryptocurrency in relation to its somber use. but let's think differently, does it not represent a brake for regulation?
December 30, 2019
Of course, and it is still used that way. Even fiat money is used more for those dark businesses.
December 30, 2019
All this remains a “philosophical” point. Let’s not forget that Bitcoin was also used on Darknet networks and that’s how it emerged on the web.
December 30, 2019
This currency is attacked for being used for dark businesses. Incusive is classified as a threat, it is more I would think about having this crypto.
