It’s time for all of us to be our own banks.
Cryptocurrencies have gained enormous popularity due to several factors, but with the rise and rise of Bitcoin, many people are now saying that Monero is the truest form of crypto-cash.
Secure, private, and untraceable, Monero (XMR) is an open-source cryptocurrency which uses an obfuscated public ledger, meaning anyone can broadcast or send transactions, but no outside observer can see the source, amount or destination.
Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on a proof-of-work hash algorithm which comes from the CryptoNote protocol.
The main purpose is to focus on three priorities: decentralization, fungibility, and privacy.
Decentralization enables planning and decision making to be distributed or delegated away from central, authoritative groups.
Fungibility is a necessity for any reliable means of exchange to be widely used in everyday transactions.
Yet, amid mounting concerns about data privacy, Monero sets itself apart from BTC and others, primarily due to its anonymization characteristic.
XMR transactions utilize the concepts of ring signatures and stealth addresses to hide the identity of the sender and the receiver. Additionally, Ring Confidential Transactions, or RingCT, is used to conceal the transaction amount.
The white paper was published in April 2014 by Nicolas van Saberhagen, although like Satoshi Nakamoto (the author of the Bitcoin white paper) that name is likely a pseudonym, so their true identity remains unknown.
Since its initial release, the popularity and adoption of XMR has been on the rise, thanks to strong community support and the efforts of dedicated individuals, including developers, researchers, tech entrepreneurs, privacy advocates, analysts and investors.
LaVerde has a great way of bringing high-level topics down to Earth so those of us who aren’t programmers can understand.
The two covered it all, from the importance of everyday privacy and transparency, to dark money in government, vendor support for XMR, and more.
For those who can appreciate the more technical aspects, Rafael and Howard also dive into addressing attack vulnerabilities, ASIC-mining resistance, and Random-X, the new PoW algorithm being proposed for Monero, based on the lessons learned so far.
Since XMR payments and account balances remain entirely hidden, which is not the standard for most cryptocurrencies, Monero is actively encouraged to those seeking confidentiality.
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Whether Monero will dethrone Bitcoin as “King of the Cryptos” remains to be seen, but this is a financial instrument and technology that will continue to grow.