Monero (XMR)

Monero: a secure, private, & untracable digital currency

Summary

Monero is an open-source blockchain technology that’s sole purpose is to function as an untraceable and completely private digital currency. It enables, like some other blockchain technologies, you to be you own bank, completely in control of your funds with total privacy.

They are trying to create a greater security then you can find in typical banks and through government interference where compromises can be more likely to happen. One example of this that Monero gave on their site, is that business’ can keep their suppliers secret and not have to disclose information they want private.

Even with great ability to be private, you can still select where you want this privacy. Transactions can be made public, while others you can choose to remain private. Monero also boasts a scalability that overcomes Bitcoin’s and preventative inflation by keeping the mining rate above a certain reward forever (it will never go below .3 XMR).

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