The Monero is an untraceable crypto currency that allows safe and anonymous money transfers. Monero has open source code and can be used by anybody without any cost or fee.
Today, confidentiality is paramount for many individuals and institutions. In recent years, banks, large corporations and governments began tracking our fund transfers; they log them and analyze them. With the exception of minor breaches such as data leaks to advertisement companies, information that may affect our private life is sold by some corporations as well.
Whatever way we choose to follow, we always end up encountering with an entity that manages our money that keeps the track of our money. The privacy of our shopping activities as well as our financial transactions is as important as our private life.
Thanks to the crypto currencies that utilize block chain technology such as Bitcoin, we can undertake various transactions, including the financial ones, without the involvement of a certain entity with trust. Although Bitcoin is currently the most popular crypto currency, the records of all the transactions are kept in a transparent manner that is open to everyone due to the fact that it uses the Blockchain 1,0 infrastructure. Naturally, the transfers do not require information such as name and family name however, services, who want to reveal your identity, by using high end software, unearth the transfers you made simply by cross matching all the records with your wallet ID and reveal your trade if the other party is monitored as you are. Therefore, there is an announcement in the official Bitcoin site in this regard.
Monero on the other hand, thanks to its technology that is just one-step ahead, takes all kinds of measures that intend to ensure the safety in all transactions and thus provides full security coverage. Monero was launched on 18th of April 2014 and as the result of its untraceable nature, it gathered the attention of Bitcoin developers and large and important communities in the crypto-currency world.
Monero gathered a donation based large scale community real fast and thanks to this community, its values spiked to 14.50 USD as of March 2017. Due to its fast rise and live fluctuations, Monero is being watched by the investors as well and the number of investors, who play on Monero continues to grow by day.
Monero aims to ensure the transactional privacy in electronic fund transfers. Due to the nature of Bitcoin and almost all other crypto currencies after it, all transactions can be monitored. Any observer may read the block chain of Bitcoin and may find the net amount of the transfer, the point of origin (sender address) and the destination (Receiver address) for any transaction.
How Does Monero Work?
With Monero, the same observer, for a private transaction, does not have the means to reveal the details of the transaction, ender, and receiver of the amount. Therefore, the transactions on the Monero block chain remain private and they cannot be monitored.
However, Monero is much more than a currency. Its official motto is “Secure, Private, Untraceable” and incorporates various applications, which the parties in a transactions wish to remain private, to its technology. With Monero block chain, confidential agreement can remain confidential. Due to the fact that the internet cloud networks , powered by block chain technology will be all around us in the future, the availability of open access tools such as Monera in order to provide secure areas to private areas is gaining much importance. There is a highly overlooked concept in the world, which is integrated with the internet; Privacy. While developing Monero, our rights of privacy were taken into account as well.
With Monero, the transactions are basically confidential. However, each user may choose different levels of privacy and may optionally make the transaction data visible. Or each user may grant supervisor permissions to another Monero user.