Monero can be identified as an open-sourced decentralized cryptocurrency that operates on the XMR code and was launched in 2014. The team behind Monero aimed at building a currency that would solely focus on the secrecy of the user’s identity and the user data.
The flagship feature that Monero offers is that it maintains the secrecy of the transactions, meaning, no one on the network can see other people’s transactions. Monero achieves this feat with the help of privacy-boosting technologies Stealth addresses and Ring Confidential Transactions.
Stealth addresses allow users to create multiple one-time addresses for every transaction. In addition to this, the Ring Confidential Transactions hide the transaction amount. Moreover, every user on Monero is anonymous by default, this adds an extra layer of privacy and security to the network.
Being a privacy-focused cryptocurrency, Monero has both, upsides and downsides. Monero, on the one hand, is regarded as a highly privacy-focused cryptocurrency but on the other hand, jurisdictions and exchanges like Dubai and Coinbase have banned it from their ecosystem due to the threat of it being used for malevolent activities, in addition to this, governing jurisdictions like Dubai think that largescale adoption of Monero might cause them to lose control over their financial system.
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