As is the case with most currencies, to truly understand a coin one must first know where it is used - and in the case of Monero, one must also know a bit about why it might revolutionize and lead the cryptocurrency market.
Professor Joseph Liu, Senior Lecturer at Monash University recently won the award for ‘ICT Researcher of the Year’ awarded by the Australian Computer Society (ACS). Why is this important you ask? Well, Prof. Liu’s Ph.D. thesis that won him the award is based on the ring-signature algorithm, the core technology behind the No. 10 cryptocurrency in the world - Monero.
What’s the deal with Monero?
Monero’s market cap just crossed USD 2.27 billion.
What makes the coin special, and what’s all the hype about?
With the Cambridge Analytica and Facebook data mining scandal, no-one using the internet really feels safe anymore. Monero puts each one of these rational fears to rest.
Monero uses ring signatures (Liu’s thesis), ring confidential transactions, and stealth addresses to privatize the origins, amounts, and destinations of all transactions.
It provides all the benefits of a decentralized cryptocurrency, without any of the typical problems surrounding privacy.
What makes it special?
Sending and receiving addresses as well as transacted amounts are hidden by default. Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity. User transactions are completely secure on Monero.
In addition to the privacy is has, XMR is completely fungible. The concept of fungibility is integral when it comes to cryptocurrencies that have previously exchanged hands.
A promising future
With the panic-inducing Cambridge Analytica scandal of 2017-18, privacy is everything. People want to protect their information, their transaction history and their usual trading patterns. Monero is one of the few coins to fulfill this ever-growing need.
While Bitcoin does a great job of being a currency, anyone with access to the blockchain can see your transaction history, making you an insufferably easy target for scammers and unethical (but sadly effective) targeted marketing. XMR makes each one of these problems go away.
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