Introduction to Monero
What problem does Monero solve?
Although the world of cryptocurrency is growing daily and a lot of crypto coins are
flooding the market each passing day, not many people are aware of the limitations battling
crypto-giants like Bitcoin. Scalability, network speed, transaction limits, fee charges are just a few issues
to name. Another disturbing issue that needs to be addressed is the issue of privacy
as it concerns users and their transactions. When a user pays for a cup of
coffee with Bitcoin, their wallet address is exposed to the seller whether they want that
information exposed or not. This allows him to know the account details and transaction history
of the user, which in fact, is quite worrisome.
For this very same reason,
Monero was developed with the vision of making transactions completely anonymous. Monero restricts the visibility
of user account details and the transaction history linked with the account, until and unless
the owner grants you access to the concerned information (Saberhagen, 2013).
99Bitcoins: What is Monero? A Beginner’s Guide
What is Monero
What does the cryptocurrency Monero actually do?
Monero has introduced a number of revolutionary features on top of its blockchain network and
this has helped it to achieve complete anonymity, something other coins are yet to achieve.
The first Monero protocol enabled private transactions. The main transactions were split into multiple smaller
transactions and dummy transactions were also added to the main bundle. Only the sender and
the receiver were able to see valid transactions. Other people could only see requests for
transactions but a little analysis still allowed them to find out the transaction amount nonetheless,
but this is better than any other cryptocurrency has achieved.
In 2017, Monero implemented RingCT technology which completely obscured the transaction amount from other users. Another feature that was added in the Monero technology was named as Kovri. It passed the main traffic by rerouting users through I2P nodes. This further brought anonymity on the network as a user’s real IP addresses were not visible and could not be tracked.
Who is behind Monero
What team is working to make Monero successful?
Monero was founded by a team of seven, five of whom have chosen to remain anonymous. The other two are Ricardo Spagni and David Latapie. The main lead of the development team nowadays is Riccardo Spagni and is widely known by the nickname ‘Fluffypony’ (BitDegree, 2019).
The team is led by Riccardo Spagni, who is an expert in his field and an equally capable developer. However, he did put the coin’s repute in hot waters with his shady behavior such as fake announcements to manipulate prices (Southurst, 2017).