Review on Monero by Robiul Islam

Name: Monero
Item: Monero
Rating: 4

November 13, 2018

The above privacy-enhancing techniques are exorbitant in the context of their…

The above privacy-enhancing techniques are exorbitant in the context of their data requirements. Also, this digital currency’s block-size keeps on growing with its demand. This means it utilizes more system resources than most of its competition, a circumstance that can prove to be a potential major hurdle for its success in the foreseeable future.
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Pros

Monero is currently the anonymity-oriented digital currency of choice, whose market symbol is XMR. Since its launch in 2014, it has gradually but surely progressed to become one of the leading cryptocurrencies currently in existence. Its developers and community have primarily concentrated on optimizing its codebase to guarantee a high level of privacy. As a result, they have paid very little attention to cosmetic factors. This has made this altcoin to be downplayed and even overshadowed by technically alluring and aesthetically pleasing alternatives like Dash. Yet all along, many pundits have enthusiastically shown a high regard for it. This includes Vladimir Van Der Laan, the maintainer of Bitcoin core, Peter Todd, a noted cryptographer, and Andrew Poelstra, a Bitcoin contributor, to name but a few. By securing the trust of these individuals through its impressive merits, Monero has gradually gained a solid reputation for dependability. The blockchain of Bitcoin and most other digital currencies are typically ‘public ledgers.’ Conversely, this cryptocurrency’s blockchain is opaque in nature.

Cons

When you send XMR to any particular address, it will be delivered in several discrete payment units. For instance, should you send 18 XMR, it will be delivered in whole number sums of 10, 5 and 3 XMR. All of these units will be separately recorded on the blockchain as having been transferred to its own distinctive stealth address. This technique is also applicable to any change, which is returned to a sender or fees disbursed to miners. All this makes it extremely difficult to effectively track down specific payment sums on this cryptocurrency’s blockchain.