Almost everyone remotely linked with the world of internet might have heard the term “Bitcoin”. The crypto-universe is expanding at an undying rate with newer options being launched every day. However, what people are not aware of are the limitations of the crypto-giants like Bitcoin. Almost every traditional cryptocurrency has some fundamental issues related to scalability, fee charges, network speed and transactional throughput. One of the major concerns that users had related to the use of cryptocurrency was of privacy. If someone was to buy some grocery or a cup of coffee with Bitcoin, the user details like wallet address were made known to the seller. Also, the network was able to know the account details and track down the transaction history of the user.
To work out a solution for this problem, Monero was developed. The main vision behind its release was to make transaction activities completely anonymous. And it did just that!
Monero gives the owners the choice to decide whether their account details and transaction history is being made available and visible to the rest of the network. Until or unless, one does not grants the right to another user, the concerned information will not be visible to anyone.
Monero was founded by a relatively large team of owners. Originally the team was believed to have seven co-founders, five of them chose to remain anonymous, while Ricardo Spagni and David Latapie are the other two. Ricardo is widely acknowledged as the sole lead and the front face of Monero, and is commonly known as ‘Fluffypony’ around the crypto-community .
This fungible cryptocurrency token has frequently been in the news since some past years. However, Monero has taken a hit on its reputation lately, mostly because of the thoughtlessness of the development team. In May 2017, the company gave out a public statement that something ‘really big’ is about to be revealed. In anticipation of this news, the price valuation of Monero sky-rocketed to almost double its original value. However, Riccardo shortly revealed afterwards that this move was done deliberately to provoke speculators and no serious ambitions were behind the announcement, and just as the price had gone up, it plummeted back in a matter of minutes.
Also, as the cryptocurrency offers complete privacy and anonymity, its use has been involved in some very unethical activities. The year 2019 saw a number of scandals related to the said currency. One case was when a wife of a Norwegian multi-millionaire was kidnapped and the ransom was demanded in through Monero tokens. It has also been used in platforms selling drugs, stolen data and fake credentials and documents. However, it must be noted that Monero in itself does not support unethical affairs, it is being misused because of the novelty that it offers.
Monero blockchain is based on the Proof-of-Work methodology and is therefore a mineable cryptocurrency. Its protocol is based on RingCT technology which enables it to hide the transaction details. Another very talked-of technology in the Monero network is Kovri, which basically is a traffic re-router using the I2P nodes and helps in building the anonymity of the network.
The potential that Monero holds is undoubtedly very unique. However, it is limited in real terms and only depends upon the wants of the general public for anonymous transactions. Those users which do not particularly care about privacy concerns, might still prefer other cryptocurrencies, especially the ones which provide better incentives according to their needs.