Monroe is an open source cryptocurrency project that is more secure and private than most virtual currencies. It is designed to give everyone the power to control their finances without the supervision of governments and financial institutions. The encryption technology used ensures that spies know zero about your transactions.
Who created the Monroe coin?
Monroe is primarily a community project and there are no individuals behind it. More than 240 answers, including developers and marketers, come together to infuse them. However, there are about 30 developers known. Anyone can contribute to this network by donating their skills or funds.
Monroe has no base in any country. Therefore, it can be difficult to shut it down or restrict it from running in a certain country. However, you should be unsure about this because China and South Korea have proven that any cryptocurrency can be dissolved in certain jurisdictions. China officially banned ICO operations a few months ago.
Monroe safety function
There is no doubt that the Monero blockchain is one of the safest trading venues. The Ethereum and Bitcoin blockchains are transparent, so anyone can verify the authenticity of the transaction. This means that anyone with superb computing skills and resources can easily decode the user's real-world identity. This is very offensive because it violates the main principles behind the decentralized project – confusing the user's details.
Monroe's encryption technology mystifies user data, making data sniffers unable to get anything. The two main security protocols used are ring signatures and stealth addresses. The former confuses all addresses on the network, making it difficult for external observers to link a single address to an account.
The latter refers to the condition that the address is used only for a single transaction. Two or more transfers cannot have a single address. The address used is not trackable and a new address will be created during the next transaction. In short, all details related to the sender, recipient and transfer amount are not subject to review. However, this network is not completely "off" because individuals can choose who can see their transactions.
• private, safe and not traceable
• Scalable, no blockchain restrictions
• Strong and capable team
• Develop a plan to motivate miners to maintain blockchains, even if they are under-supplied
• Transparent – you can choose to view traders
The shortcomings of Monroe
• Very low concentration
• Not yet widely adopted
The future of Monroe
Decentralized technology is currently being heavily hyped, which just means widespread recognition. With the widespread adoption of this technology and the government's attempts to limit user usage, investors will need more private cryptocurrencies, which may make Monero the first choice. This currency is certainly worth a try.