When the whole Bitcoin scene took the world by storm, it opened the doors for so many similar yet unique crypto projects. However, not ever crypto project could enjoy the same level of popularity on and off the charts. But obviously popularity doesn’t really do justice when it comes to truly gauging a project’s potential. Some of the lesser-known cryptocurrencies have stirred up the cryptoverse, sometimes more so than the really famous ones. Which brings us to Monero, which despite not being initially popular as other cryptocurrencies of similar market capitalization were, still managed to attract quite the loyal following and garner respect in the cryptocurrency community.What is Monero?
Monero is basically a decentralized blockchain, but what sets it apart from the plethora of blockchains, is its focus on complete anonymity. And due to its single-minded emphasis on privacy, a section of the crypto community has gone as far as to refer to Monero as “what Bitcoin was meant to be”.
Monero (XMR) was originally launched back in the April of 2014, and it was known as BitMonero, where Monero literally means money in Esperanto. It is a fork of Bytecoin and is a super secure, private and untraceable currency, and is built on the Cryptonote protocol and Ring Signatures.
Ring signatures go way back to 2001, where they were originally proposed at a 2001 Cryptography conference in Queensland, Australia, which was called the Asiacrypt. In Monero it has become the core mechanism behind the structuring of transactions after being broadcasted from the wallet.Key Features of Monero Privacy
Privacy is really the USP for Monero. Monero’s stealth addresses are fundamental use case behind it as they assure that the transactions are not linkable or traceable. Thus, it offers protection and privacy to both, the sender and the receiver. Moreover, it also allows for selective observation of transactions through a public/private view key const...