Category: CRYPTO BUSINESS
Monero – Another layer of crypto security
If you’ve come across Monero a few times on the internet and have bothered to look it up the first thing you’ll see is their tagline: secure, private, untraceable. If you’re a lay person, you might think that this is standard to all kinds of cryptocurrency, if you’re an experienced crypto guy then you’ve probably already heard of XMR (Monero’s ticker) and maybe even invested or tried it out.
So what exactly is Monero
Monero is a relatively well established cryptocurrency (it has been around since 2014) that focuses on being a step above the average level of crypto security and anonymity.
Most of us think of Bitcoin and similar public-ledger-based coins as being relatively secure, and they are. They are very secure. What they are not is anonymous. Many of think that since your name isn’t attached to the transaction that it is completely anonymous and that no one would know whose transaction went to whom. But this is just not the case.
Because the ledger is public, so long as you have the public key to someone’s account, you can watch all of their transactions, both inbound and outbound.
And if you are running a business or are someone that uses crypto a lot, many people are going to know which wallet is yours and suddenly all of your transaction are going to be public knowledge (at least for the public that knows your wallet).
Sure your coins are never threatened in any way as you still control the private key, but they are certainly not private. And if you are running a business or just don’t like snoopy people, then that lack of privacy might start to bother you.
Monero changes that by making your transactions secure, private, and untraceable.
Let’s talk about each one of these.
Monero is secure
XMR is based on the same kind of technology as most cryptos, you can mine or buy the coins, you have a wallet with the private keys, etc. Most of the security features are not unique to Monero, in fact they are relatively common. It’s a decentralized cryptocurrency network using a distributed ledger to facilitate transactions.
What does make XMR more secure than other coins are its unique privacy features and the fact that it is nigh untraceable.
It is the security of crypto + some.
Monero is private
This is where things start getting more interesting. For many business and personal applications, privacy is a major aspect of security.
If someone wants to rob you, have a great safe is a good first step, but making that safe extremely difficult to find AND to break into makes your security all the better.
This is what Monero does.
Monero uses a series of uniques features to make transactions extremely private from the get go. It uses a cryptographic technology called ring signatures to and ring confidential transactions, as well as stealth addresses to build a multi-layer all-encompassing privacy for users. They get all the functionality of the public ledger system but sacrifice none of their privacy in using it.
This is in many ways the next evolution of Crypto, Bitcoin made a secure, decentralized system,
Monero made it private.
Monero is untraceable
Because of the above mentioned features, the ledger and public blockchain of Monero is extremely private and it is next to impossible to link a transaction to a user or real world identity unless you want it to be possible.
Monero transactions are by default completely private and obscured from the public eye, be it your competitors or the government.
A nice side effect of this is that because transactions are private, coins can’t be blacklisted because of their association with previous owners or use in prior transaction. This makes it far more similar to real cash. Cash is cash no matter what anyone used it for before.
Monero is a natural evolution of crypto
The benefits of Monero are clear and the features are clearly superior to most currencies on the market. It is only a matter of time before the market corrects and begins moving to these currencies. Governments want to regulate Crypto and currencies like BTC have an opening that they can easily get in through.
Monero does not.