To continue with this Privacy section, I want to talk about Monero, a Cryptonote cryptocurrency, focused on providing greater privacy to digital transactions. If we check in CoinMarketCap, we can see that its in the 9th position with a market cap of 1.3 billion dollars, (half of Dash) and a price of 88 dollars.
Monero uses a ring signature system to provide anonymous transactions. In a ring signature setting, a group of users have a set of keys that can confirm a transaction without revealing which user made it. Users can set the how many mixins they want for their transaction, which makes it easier or harder to trace. Imagine that you make as many copies of your house’s door keys as people are in your family. You give one key to each of them and one day, your favourite t-shirt is missing, now you have as many suspects as people with a key, so it would be difficult to track down who could have taken it.
Monero allows you to send and receive funds without your transactions being publicly visible on the blockchain. This ensures that the sender, receiver, and amount of the transaction are all private by default. Furthermore, It can be selectivelly transparent, you can choose who you want to see the transactions.
The problem with this ring signature setting is that the majority of transactions occur with only one mixin, meaning that mixed transactions can still be traced. Monero developers are currently looking to implement a minimum two mixin solution, to ensure the currency can provide greater privacy.
IMPORTANT: Never invest money you can’t afford to lose. Always do your own research and due diligence before placing a trade.
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