Review on Monero by francis fernandez
Monero-privacy on blockchain
Monero is a cryptocurrency known by its acronym (XMR) that is used to carry out transactions in a totally confidential way.
The main feature of this platform is undoubtedly the privacy of its operations.
Monero provides absolute confidentiality in the transactions carried out by its users; by not disclosing quantities, shipping or receiving addresses. That is why it is ideal for those seeking financial privacy.
Why should we use Monero?
* Monero represents a digital asset that serves as a fast means of payment.
* Allows transfers to and from anywhere on the planet.
* As your operations are executed almost instantaneously, you do not run the risk of suffering refunds.
* It is a decentralized platform; It is not subject to government or private entity controls.
* Your cryptocurrencies can be stored in hot or cold wallets. Hardware wallets (cold) being recommended; for offering greater security against electronic fraud.
* Thanks to the implementation of its CryptoNote protocol, the information about Monero transactions is completely confidential, such as: origin and destination of the operation and amount.
* Monero mining focuses on a consensus algorithm known as Cryptonight that supports GPU and CPU, but not ASIC.
Pros
- The Monero cryptocurrency is exchange compatible with the most popular cryptocurrencies on the market: Litecoin, Bitcoin, Ethereum, among others.
- Monero is a hardware wallet. This makes it more secure by being protected from cyber fraud, since it is not connected to the internet
- It has a highly qualified team made up of computer experts.
Cons
- Does not offer anonymity in user data; since to carry out the storage in the wallet you must disclose your identity and your IP address.
- Supports only CPU and GPU for your mining process; and excludes ASIC which is more specialized hardware.
