What Is Monero?

Monero is an open-source cryptocurrency project with better security and privacy than most virtual currencies. It’s designed to give everyone the power to control their finances without government and financial agency oversight. The cryptographical techniques adopted ensures that a spy has zero knowledge of your transactions.

Monero is largely a community project with no single individual behind it. Over 240 specialists, consisting of developers and marketers came together and breathed life into it. However, around 30 developers are known. Anyone can contribute to this network by either donating their skills or capital.

Monero doesn’t have a base in any country. Therefore, it could prove hard to shut it down or restrict it from operating in a certain country. However, you shouldn’t be so sure about this as China and South Korea have already proved that any cryptocurrency can be disbanded from operating in certain jurisdictions. China officially banned ICOs from running a couple of months ago.

Without a doubt, Monero Blockchain is one of the safest places to transact from. Ethereum and Bitcoin Blockchains are transparent so that anyone can validate the authenticity of a transaction. This means anyone with superb computing skills and resources can easily decode users’ real-world identity. This is extremely revolting as it goes against the main principle behind decentralized projects-obfuscating user’s details.

Monero’s cryptographical techniques mystify the user’s data making it impossible for data sniffers to get anything. The two main security protocols employed are ring signatures and stealth addresses. The former mixes up all the addresses on the network thus making it difficult for an external observer to link a single address to a certain account.

The latter refers to a condition where an address is used for a single transaction only. There can be no single address for two or more transfers. Used addresses are untraceable, and new ones are created during the next deal. In short, all the details relating to the sender, receiver and amount transferred are not open to scrutiny. However, this network is not entirely “shut” as individuals can choose who can see their transactions.

Pakistan moves to bring cryptocurrency boom out of the dark | Reuters

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