One of the core precepts of the blockchain technology is to provide users with unwavering privacy. Bitcoin as the first ever decentralized cryptocurrency relied on this premise to market itself to the wider audience that was then in need of a virtual currency that is free from government meddling.
Unfortunately, along the way, Bitcoin proved to be rife with several weaknesses including non-scalability and mutable blockchain. All the transactions and addresses are written on the blockchain thus making it easier for anyone to connect the dots and unveil users’ private details based on their existing records. Some government and non-government agencies are already using blockchain analytics to read data on Bitcoin platform.
Such flaws have led to developers looking into alternative blockchain technologies with improved security and speed. One of these projects is Monero, usually represented by XMR ticker.
What is Monero?
Monero is a privacy-oriented cryptocurrency project whose main aim is to provide better privacy than other blockchain ecosystems. This technology shield’s users’ information through stealth addresses and Ring signatures.