Monero is one of the older and more widely accepted forms of anonymous crypto currencies available in the marketplace today. It is available on every major currency exchange including Poloniex, Bittrex and Binance.
Monero bills itself as a secure, private, and untraceable cryptocurrency. Monero is not based on Bitcoin Bitcoin but on the CryptoNight Proof of Work hash algorithm. Because of the high standards of anonymity in Monero the coins are completely fungible and virtually untraceable.
If you truly cherish your privacy then Monero is a great choice of cryptocurrency for your transactions.
This coin is mostly referred to as a privacy coin just because it enables users to hide almost all the details of their transactions. Monero was launched in the year 2014, and it has steadily grown.
For now, it is the twelfth biggest Cryptocurrency according to market capitalization, and it has roughly $1.4 billion XMR in circulation.
Privacy Of Monero
With every transaction that involves Monero, the platform hides the computerized addresses of its senders as well as receivers. It is a platform that provides users with an almost total anonymity
Monero platform enables users to swiftly transfer virtual cash without leaving any clues as to where the transaction is taking place. The platform makes use of a feature that actually turns it into the most private virtual currency of all time.
The features or technology that makes Monero be private include:
- Stealth Addresses
Here, all transactions carried out on the Monero system are done with a special one time use stealth address. This address has been strategically structured to simply obfuscate the destination of all transactions.
- Ring Signatures
To successfully obfuscate the origin of a transaction, Monero system will make use of ring signatures to carry out the mixing of transactions.
When the transaction is generated, the protocol swiftly mixes the transaction of the sender with other transaction inputs that are on the system. The system takes all of the ring signatures a step forward via RingCT
The RingCT hides the exact amount of XMR in every transaction by its implementation of a vast range proof of mathematical functions to the transactions.
- Kovri I2P
For those who are unaware, Kovri is actually the implementation of invisible internet project (I2P). It is an open-source network layer that enables censorship-resistant internet usage through routing traffic via volunteer nodes all over the globe.
Kovri has been uniquely structured to practically encrypt the traffic of Monero and route it via I2P nodes. When users make use of Kovri, their IP address cannot be connected to their Monero transactions, and this provides a bigger privacy degree.
The stealth addresses and RingCT offer plausible deniability to not just the sender but the receiver as well. Also, wallet transaction details and volumes are not left to be transparent on its public Blockchain.
This simply means that XMR cannot be discriminated against or even tainted because of their former transaction history.
To Wrap It Up
All of these technologies combined are what makes Monero rated among the top privacy coins around the globe. The coin is ranked at thirteenth with a market cap of about $1.13 billion.