Driven by a growing demand from lovers of great confidentiality, the use of cryptos that guarantee a high level of anonymity has become much more dense recently. However, not all of them are able to guarantee an optimal level of anonymity, with the exception of the crypto Monero (XMR). Since its security protocol has been reinforced, some crypto users only have eyes for it. Monero adoption has nearly doubled this year. It already accounts for more than 98% of private transactions.
Monero: Rock-solid privacy?
The developers of Moreno (XMR) are increasingly recognized for having succeeded in building one of the networks with the highest confidentiality of all the major projects in the crypto ecosystem, if not the world champion of this segment. Indeed, on Monero, all sending and receiving addresses, transaction amounts, etc., are hidden by default, for everyone. Therefore, the transaction is completely private and secure, with no chance for a third party to gain access to it.
By comparison, transactions via cryptocurrencies like bitcoin (BTC) are public. And in their protocols, they have provided a balance of confidentiality and transparency objectives. Which can be seen as a semblance of confidentiality.
While anonymity is part of Monero’s DNA, along with other popular cryptos that claim high privacy like Dash (DASH) and Zcash (ZEC), it is possible for users to choose anonymity when transacting.
On the security side, to guarantee this level of confidentiality, the developers of the Monero network have mainly relied on stealth address technologies, Ring and RingCT signatures, which makes it an almost insurmountable wall.
Moreover, the developers of Monero have a habit of challenging users and third parties to bypass the security lock in place. The level of network security is such that only users can, if they wish, share their viewing keys to make the account auditable.
Until now, no regulatory entity or similar body has been able to trace transactions on XMR.
This week, the security level of the Monero network has been reinforced with the hard-fork. Thus, it now takes 16 signatories to validate a transaction, compared to 11 a few days ago. As a reminder, signatures make it impossible to determine the origin of a transaction. Moreover, the old algorithm Bulletproofs has been updated to Bulletproofs+. The Bulletproofs are zero-knowledge proofs that enable confidential transactions.
Also, to ensure the anonymity of the network, the developers provide a perpetual incentive for miners.
In terms of security, privacy, and anonymity, Monero (XMR) is the only crypto that ticks all the boxes that users who want to leave no trace of their transactions looking for. High security which increases the risks of covering illegal activities like money laundering, various frauds, etc., which worries the authorities.
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