Monero is most probably the king of anonymity among cryptos. When handling payments online, apart from fast transactions, the highest demand is always for mechanisms that can provide full anonymity. And this is the field where Monero rules – both features combined in one crypto.
It is a secure, private and untraceable currency system. The ability to stay “below the radar” so to speak, is of high importance if you ask crypto enthusiasts. This is also the character that has put this currency in the spotlight of the latest May review of Monero published by Reuters. The Monero Outreach, a workgroup of the decentralized Monero, defended the Monero feature which intrigues many, in this post.
No One Can Track Your Transactions
Monero gives you the chance to have complete control over the crypto transaction. This means that no one is able to see where your assets go, and you can basically hide all of your tracks. All transactions with this crypto are private. Apart from securing total privacy, this is an important advantage of Monero because the assets you use always appear to be “clean”. Even if at any point in the past, the Monero which is now in your possession, had been used in any kind of shady business, the network will not show the details, and the value of your Monero will not depend on it. Other cryptocurrencies, allowing for transparency while protecting anonymity, are subject to visible previous transactions. This is the point where the distinction is made between so-called “clean” and “tainted” cryptos.
Monero Is Fungible
Many experts accentuate the fact that this crypto is fungible. An odd word, don’t you think so? To tell you the truth, I had to look it up as well to grasp the exact meaning. What it comes down to is the fact that Monero is compatible or convertible, if you wish. Furthermore, since it does not succumb to the concept of “clean” or “tainted”, it is considered to be fungible.
Public and Private Keys
Monero has multiple keys. So far, we have all got acquainted with bitcoin or ether, for example, that have one public and one private key. Again, “multiple keys” is the feature which should secure that the senders’ and users’ identities are kept well hidden. The public view key, as the word says, is used for generating public address. The private view key is used by the receiver for scanning the blockchain and finding the funds sent to him.
Signatures and Full Protection of Identity and Transactions
In order to fully protect your privacy of a sender, Monero has “Ring Signatures”. There is an interesting explanation of this term which I came across and it says that when you are sending the check you need to sign it and everyone will recognize your signature, because the handwriting is unique for each person. However, if you were to combine your own handwriting with a few more people, you would create a unique, but unrecognizable signature. This is what Ring Signatures do. They make a unique reference to the sender without any lead toward his identity.
Monero developers also pride themselves with what they refer to as “stealth addresses”. This means that the transactions between addresses are not traceable, i.e. only the sender of funds would know who the receiver is. Furthermore, the transaction amount can also be fully hidden, depending on your preferred settings.
Looking forward to hearing your experience with Monero.