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What makes Monero unique?
What makes Monero unique?
Written by Admin
Updated over a week ago

Monero offers a high level of anonymity for users and their transactions.

Monero transactions are confidential and untraceable, which means the transaction details and the amount of every transaction is completely anonymous.

The sender, receiver, and the amount of every single transaction are hidden through the use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT.

Stealth Addresses are automatic one time addresses created for every transaction.

Ring Signatures are a group of cryptographic signatures with at least one real participant, but with no way to tell which is the real one as they all appear valid.

RingCT is the manner in which the amount of each Monero transaction is hidden.

Like Bitcoin, Monero is also a decentralized currency. This means it is not government or bank controlled and provides safety from capital control.

It is a more anonymous, privacy-oriented digital currency.

Monero uses a different set of encryption keys to other crypto currencies.

Other currencies, such as Bitcoin and Ethereum use just one pair of keys (a public key and a private key). Monero uses a public view key, a private view key, and both public and private spend key.

Other cryptocurrencies record their transaction history on the blockchain. This allows for identifying certain currency units that may be linked to certain events, like fraud, gambling, or theft, which paves the way for blocking, suspending, or closing accounts that hold such units. This could potentially lead to units being banned in the future, leading to a loss.

Monero has a non-traceable transaction history, which offers participants a much safer network where they don’t run the risk of having their held units be refused or blacklisted by others.

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