6 Reasons Why Monero Remains A Great Investment For The Future
I have just explained to you that a private, secure and untraceable cryptocurrency will necessarily emerge in the future because the need for users in this field is very real.
Logically, Monero is not alone in this field of highly confidential cryptocurrencies. Currently, Dash and Zcash are its most serious competitors. Nevertheless, these two cryptocurrencies seem to be lagging behind from a technological point of view because they cannot offer their users transactions that are totally untraceable like Monero.
To fully understand how Monero is currently superior, we need to take a look at its technology.
Ring Confidential Transactions At The Heart Of Monero’s Power
On the Monero Blockchain, the transactions carried out are totally private, which means that the addresses of the senders and recipients are not public. In addition, the amount of transactions made remains private when they are entered in the general ledger of accounts. In fact, the content of the various Monero wallets is also private.
In order to guarantee this level of confidentiality, Monero implements a method called Ring Confidential Transactions (RCT) which is applied to all transactions since September 2017. This is a major evolution of the “Ring signatures”. Monero therefore has a huge advantage for its users since they can hide what they have in XMR tokens.
- The “Ring signatures” will allow a sender to hide his address during a transaction on the Monero Blockchain.
- The concept of stealth addresses allows you to hide the address of the recipient of a transaction.
- The Ring Confidential Transactions mechanism is responsible for hiding the amount of a transaction executed on the Monero network.