To most people financial privacy is very important. But banks , big corporation and even government are having their record compromised . The undeniable conclusion is that there is no safe place to conduct private transactions well there wasn't one until Monero is discovered .
Monero is initially created in 2014 . Monero is open source based off C++ and prides itself as the currency with three distinct benefits security privacy and untraceability . Monero peer to peer network is secured through cryptographic algorithms. It uses proof of work for verifying transactions and preventing malicious attacks on the network. The nature of Monero inherently prevents individuals from checking the account balances of others .
In Monero all your transactions are private by default , when you send and receive a transactions it is not publicly shows up on the Monero blockchain unlike in Bitcoin. This means transactions are also untraceable . Monero has three main untraceability features , Monero uses stealth addresses to generate encrypted addresses that can not be linked to previous transactions . Ring confidential transactions also hide the amount of Monero being sent and ring signature where numerous strangers are tied each transactions with only one being real . By having multiple fake signatures it's nearly impossible to link a transaction to a particular user .
How it works ?
Monero uses a blockchain to securely record transactions . A copy of blockchain is simultaneously maintained by majority of Monero network members . The blockchain secures transactions without the need of central authority . In Monero a block is collection of payments submitted at same time.
Members of Monero network called miners record payment info blocks . For new block to be accepted by the network it must follow a set of rules and come with a solution to a challenge determined by previous blocks . That's where miners come into account by using their processing power to solve blocks . By design it takes roughly two minutes to solve a block regardless of how many miners are attempting . When new block is added network rewards the winning miners with scheduled amount of Monero .
Any attempt to change a pass block requires recomputing all subsequent blocks which waste
the energy of anyone attempting it . This is how mining process ensure security of the network and control the Mission of currency .
