Monero is another secure, private and completely untraceable cryptocurrency. It is also open-source and freely available to all. In general, the principle behind Monero (XMR) is that you are your own bank – and only you can control and are responsible for your accounts and transactions.
Everything is kept away from prying eyes and the cryptocurrency adopts a cryptographically sound system that lets you send and receive funds without making any transactions visible on the blockchain. In many ways, this makes Monero attractive for investors and ensures that your purchases, receipts as well as other transfers remain private by default.
The privacy coin monero made huge technical progress over the years. In 2018, XMR developers activated bulletproofs which is a type of zero-knowledge proofs on the blockchain. The development affected the XMR transactions which made them extremely cheaper.
Unlike other competitors, privacy coin Monero was founded after the Bytecoin hard fork. It leverages ring signatures which makes possible for the identity of the sender to be hidden and all of the one-time keys are made unlikable. Combining with the Bulletproof program, the privacy on the blockchain is among the most advanced in the entire crypto ecosystem.
It is interesting to notice that this cryptocurrency does not have a constant growing competition since many out there are not privacy-oriented.
Monero is great for sending money. The recipient can never tell where the money comes from unless you provide that information. Also, when money is sent to you no one else can know how much you received. This means that basically, each transfer is anonymously made through the wide Monero network and no one can see the value of your funds. With that many participants on the network, it is impossible to know or put up a list of people that transacted with each other.