Home Altcoins News Monero (XMR) Will Still Be Needed If Every CEX Eventually is Forced to Remove It

Monero (XMR) Will Still Be Needed If Every CEX Eventually is Forced to Remove It

Monero XMR

XMR users love it; however, they long that there should not be a bad stigma about the privacy offered.

Monero expressed: Monero is a system designed to keep your finances secure and confidential, by default and consistent with the General Data Protection Regulation (GDPR – EU). ‘Data controllers must design information systems with privacy in mind.

Monero Outreach clings on to a story that “New Evidence Suggests Bitcoin Founder Satoshi Also Created Monero.” Those who are interested might want to read the content which was published on April 01, 2021. Probably an April Fool thing according to those who think it is not real.

One of the users however opined, Bitcoin was envisioned as an anonymous P2P digital cash. However, that title is today best reserved for privacy coins like Monero.  There is a detailed video on why XMR is so undervalued.

Some users were very clear that Monero is not a HODL material, but we can’t deny it is very important for this space and probably will be here alongside with Bitcoin.

Some were however left wondering on what’s the point of having Monero if every CEX eventually will be forced to remove it from the market?

Garrett See clarified stating, if you don’t prefer apps having privacy settings default to public requiring users to take action to change settings to private, then why would you prefer a cryptocurrency that is public by default. Monero is private by default, but provides optional transparency & auditability.

Those who lack clarity on XMR’s built-in privacy features in contrast to Bitcoin’s public ledger. They need to recollect Cenan K thread:  With stealth addresses Monero ensures that only the sender and receiver can determine where a payment was sent.

A Monero wallet address consists of a public view key and a public spend key. When Alice wants to send Monero to Bob, her wallet automatically uses Bob‘s view key and public spend key to generate a stealth address, also known as a one-time public key.

The encrypted output amounts include an output for Bob and a change output for Alice. Only Bob is able to locate his output and to spend it by scanning the blockchain with his private view key and calculating a one-time private key that corresponds to the one-time public key.

Ring signatures are used to protect the sender‘s privacy by hiding the origin of a transaction. The digital signature is made up of the actual signer combined with non-signers to form a ring.

The actual signer is a one-time spend key that corresponds to an output of Alice‘s wallet. The non-signers are arbitrarily picked past transaction outputs from the blockchain. All these outputs make up the input of the transaction and are equally likely to be Alice‘s output.

There are other features like preventing double spending and more.

 

 

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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