Monero is a famous project with the ability to protect maximum privacy for users. Unlike other anonymous projects, all transactions on Monero are automatically anonymized by advanced encryption technology, allowing users to completely freely transfer money without worrying about censorship, tracking or personal information disclosure. Let's learn about this project with Coin68 in the article below.
What is Monero ? Learn about the project that protects maximum privacy for users
What is Monero ?
Monero is a project focused on private and censorship-resistant transactions, providing maximum anonymity to users. The project uses special technologies and algorithms to hide transaction addresses, transaction amounts, account balances, and transaction history, making it impossible for anyone to trace the origin or identify the parties involved in the transaction.
What is Monero ?
Unlike Zcash, which requires users to choose to remain public and anonymous when making transactions, Monero will by default hide transactions made on this protocol, making it impossible to identify the sender, recipient, or amount.
Monero allows for fast money transfers without the fees of traditional methods, while eliminating the possibility of fraud because it operates decentralized, not controlled by any country or organization.
Components of Monero
Ring Signatures
Ring Signatures are a clever type of digital signature that allows the sender of a transaction to remain completely anonymous within a group of users. Instead of revealing their identity, Monero combines the sender's signature with random signatures from the blockchain, creating a "ring" of signatures. This makes it computationally infeasible to determine who actually signed, making the network more difficult to track than ever before.
Stealth Addresses
A wallet address that prevents tracking of a user's transaction history. Instead of a permanent address, each Monero transaction generates a unique, temporary stealth address. This address is only for that transaction and is not related to any other transactions. Even if someone knows a stealth address, they cannot link it to your other transactions.
Token information
Token name | Monero |
Symbol | XMR |
Blockchain | Monero |
Contract | Updating |
Total supply | 18,446,744 |
Summary
Above is all the information about the Monero project, Coin68 hopes that readers will grasp the basic information to better understand the project and how it works. Wish you have more useful knowledge!
Note: The information in the article is not XEM investment advice, Coin68 is not responsible for any of your decisions.
