Monero: Blockchain Token – What is it?

2 min read

In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. In this video we give you the run down of Monero.

Monero is an open-source blockchain technology that’s sole purpose is to function as an untraceable and completely private digital currency. So it is functional as a token, blockchain, or both?

Moner, like some other blockchain technologies, enables you to be you own bank, completely in control of your funds with total privacy. They are trying to create a greater security than you can find in typical banks and through government interference where compromises can be more likely to happen.

One example that Monero gave on their site, is that business’ can keep their suppliers secret and not have to disclose information they want private. Using Monero, you can chose to make your transactions public; they do not necessarily need to be private.

Monero’s site also states that it is ‘unhackable’ and completely preventable from theft because of their “distributed consensus.” Some features that enable security and the ability to be untraceable include the use of ring signatures, which use a key to encrypt that cannot be linked back to who it was.

Monero is both a blockchain and token, using it’s own network and functioning as a digital currency. The projects main competition includes Bitcoin and ZCash.

If you are interested in reading more about Monero and getting some good resources, check out our resource page!

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