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What is Monero? – Toshi Times

Monero is a private, secure and untraceable cryptocurrency. It's open source and free for anyone who wants to use it. With Monero, check your funds and no one can track your transactions. The currency does not belong to any institution, authority or entity. However, it has a core team that manages it, develops it and maintains it.

With Monero, you get a currency focused on anonymous transactions. The cryptocurrency creates a private token, free of censorship, which is used to transfer value all over the world. With a powerful private protocol called CryptoNote, the Monero cryptocurrency has shown that value transactions can remain private.

History

Monero was born in April 2014, however at that time he was known as BitMonero. This was the result of a Bytecoin fork. Bytecoin's currency was a fork of the CryptoNote protocol, although technically it is not a currency. CryptoNote has chosen to concentrate its efforts on achieving true anonymity and privacy through cryptographic techniques and functionalities.

CryptoNote is known for its revolutionary ringing signatures – which we'll get to in awhile – that now serve as fuel for the privacy that Monero provides its users. Monero focuses on anonymity for his transactions, which means that his blockchain network is transparent by default.

However, it is impossible to trace any transaction on the network to a specific IP address. This is in stark contrast to Bitcoin, which allows this type of traceability through its transactions.

The value of Monero

A common myth that permeates the community of cryptocurrencies is that Bitcoin is at the same time untraceable and private. Some even say that Bitcoin can not be traced. In fact, it is widely known that Bitcoin resides on a public blockchain that consists of an unmodifiable list of transactions. This list keeps track of everyone who uses the Bitcoin platform.

Ledger Nano S - The secure hardware portfolio

The use of a public ledger has its advantages. It can confirm transactions, maintain integrity and provide a minimum of anonymity. However, Bitcoin is all but private. For every transaction that exists on the Bitcoin blockchain, there is a public ledger to match it. All transfers that occur and the related metadata are viewable for any Bitcoin public portfolio address.

What does this mean? It remains visible every single transaction carried out for that specific public address. From the creation of the first transaction until the completion of the most recent transaction, all are visible on the blockchain.

On the flip side, Monero uses his cryptographic protocol which refers to as CryptoNote. With this protocol, Monero aims to make its transactions untraceable and private. This means that the balances of XMR portfolios and tokens remain confidential.

Ensuring your privacy in the field of advanced technologies is essential. There is always the possibility that security attacks will occur, which can lead to someone losing or stealing your personal financial information.

Monero addresses this by creating a predefined attribute that ensures that all transactions on the blockchain are hidden from the public. The use of its CryptoNote protocol along with other technologies ensures that your information remains private and secure.

Hidden collector addresses

A significant feature that separates Monero from Bitcoin is that Bitcoin addresses are typically used repeatedly for different transactions. All outgoing and inbound transactions, together with associated metadata, remain visible to the public through the address of the public wallet.

Even if the recipient or sender has not made their identity public, all their transactions can now be tracked through their address. This address can be further used for nefarious purposes if a malicious entity accesses it.

By analyzing common behaviors and linking incoming and outgoing amounts, the portfolio is easier to identify. As a result, the identity of the person who owns that address is easier to determine.

Monero, however, guarantees that only the respective sender and recipient have access to the addresses. The blockchain does not reveal the destination address that receives the XMR tokens. Instead, it shows the hash of the receive address, which Monero separates from the address that sends the tokens.

The receiving or sending parties are the only entities that can reveal the destination address. With a secret display key, the receiver can see the amount of XMR they receive using a detachable address. This address is distinct and separate from their public portfolio. These types of hard addresses are referred to as invisible addresses.

Untraceable transactions

Monero uses ring signature technology to ensure that your currency transactions are not traceable. This technology allows transaction mixing, which adds another level and privacy functionality to the Monero blockchain. With transaction mixing, the sender can randomly select more signers through which to send their XMR to the Monero blockchain.

The main point of support here is that with the signature of the ring, it is basically a guarantee that no person can determine where the funds come from. This is because all members of the group signing pool are potential signers. Ring signatures make it more difficult to track a transaction up to an IP address. This means that your transactions beyond the Monero blockchain remain private and anonymous.

Who is Monero?

The team behind Monero focuses on anonymity and privacy. However, these unknown developers are very talented. While the team consists of seven basic engineers, only two of them are publicly known. Along with five pseudonyms designed to keep the private team are Francisco Cabanas and Riccardo Spagni.

In addition to the main development team, Monero has received contributions from nearly 200 people for the entire project. The project also goes through regular development updates that include further improvements and features. These could be security improvements or other useful features, however, they occur every six months.

With this type of program, Monero can continue to grow. It ensures that both the core team and other contributing developers can quickly adapt to these changes, which means that the Monero platform will continue to evolve and thrive in the cryptocurrency sector.

Anonymity and privacy

Every place where censorship and restrictions exist will maintain anonymity and privacy in high regard. This provides the average person with a sense of privacy, which is something everyone must have. Those of the oppressed countries greatly appreciate the characteristics offered by Monero.

It is expected that Monero and its developer team will continue to focus on integrating privacy-based benefits into its platform. These features will only improve the privacy and anonymity that Monero already provides.

Monero has shown he also has uses of the real world. The platform offers a way to transfer the value in an online format in a private and secure way. It does this with a method that provides security to users and makes it almost impossible for a hacker to access their information.

Although there are other cryptocurrency competitors in the realm of privacy, Monero currently lives at the top of the list. The coin continuously shows that it not only meets, but exceeds the standards to offer its users the best level of anonymity and privacy available.

As more and more people realize how quickly their privacy is removed, they will start looking for a store of value that gives them a sense of anonymity. With Monero, we know that the sky is the limit behind their qualified development team. The project protects the transactions and data associated with them and keeps the information from public eyes. Consequently, Monero has shown that it will continue to grow and succeed in the cryptocurrency market.

Image source: "Flickr, Pexels, Pixabay"

Ledger Nano S - The secure hardware portfolio

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