What is Monero
Monero, according to its site is a secure, private and untraceable currency system which uses a special kind of cryptography to ensure that all of the transactions remain anonymous and untraceable. It was launched in April 2014 and stands with three core values namely security, privacy and decentralization. The people who have funds with Monero are the only ones who have control over it which means that they are also responsible for it.
Monero Broken Down
Monero is very mix known as a secured and untraceable digital currency that is made available for anyone. It does not have a base country which means that one country chat shut it down and it is not limited by a particular jurisdiction. It is compatible for all operating systems.
It is secured with cryptography and transaction information are shielded. This is possible with the combination of ring confidential transactions, ring signatures and stealth addresses. The combination of three makes every transaction untraceable and can’t be linked to anyone.
With a ring signature, the transaction is hidden by mixing it with a group of sending addresses within the network. Ring confidential transactions are the process by which transactions amounts are hidden. With stealth addresses, the sender is enabled to create a randomly generated one time address for a transaction. These transactions take place between these addresses and they are recorded, but either the addresses or recording can’t be linked back to both the sender and the receiver.
How does it work
In order for a client to use Monero, he has to download a Monero wallet where he will keep his funds. Once he already has a wallet, he can buy Monero with a cryptocurrency. Monero can also be mined. A Monero wallet holder can either send and receive it or use it in buying goods and services.
Advantages of Monero
1. Your funds are solely yours
All the funds you have in your account is yours. You are in full control of it in as much as you are responsible for it. Furthermore, no one will know here you are using your money.
2. It is fungible
Fungible means, that what you give is what you receive. To be fungible is a good thing as what you have is interchangeable with other individual goods or assets of the same type. This is a big deal in the cryptocurrency market as a clean coin is much appreciated than a tainted coin. With the privacy Monero offers, nobody knows where your coins have been through thus their value can be co-equal with a new coin.
3. It has multiple keys
Monero has a public view key which is used to generate a one-time stealth public address where the funds will be sent to the receiver and a private view key, which is the key used by the receiver on scanning the blockchain, in order to look for the fund that is sent to him.
Monero is secured as all transactions details are hidden. Senders and receivers remain anonymous.
Monero is a great choice for people who value privacy so much. With Monero every information is safe and secured, and remains private. It is also very easy to use in as much as it is an avenue where other Monero users can communicate and help one another. Transactions are very fast and cheap and are.kept anonymous. It can be considered as a financial breakthrough form the traditional financial I institutions and instruments especially to those who belong to the lower and mid sector of the society.