In this article I will tell you why monero fits my views of what a cryptocurrency should look like.
What is monero?
Monero is a decentralized cryptocurrency. It uses a public distributed ledger with privacy-enhancing technologies that obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading monero, transaction amounts, address balances, or transaction histories.
Monero works like any other currency but with some privacy and decentralization innovations.
Monero uses stealth addresses. Alongside with ring signatures and ring ct’s to “hide” the transaction and transaction amounts. To enhance transaction privacy. In order to decentralize the network further monero uses the RandomX algorithm in order to further by discouraging use of asics.
The main problems with bitcoin and other cryptos
Bitcoin may seem like a perfect currency. However under the hood bitcoin has many flaws.
One of the main problems with bitcoin is that it isn't actually censorship resistant. A central bank or government can blacklist your address and block exchanges from accepting it. While there are ways to get around that it isn't easy. Monero on the other hand is censorship resistant as it doesn't display transaction amounts or receivers.
Another problem with bitcoin and other PoW currencies is that they are actually controlled by a small amount of people since they are really hard to mine among with many other factors. Monero is a relatively easy currency to mine and is ASIC resistant which makes it even more decentralized as anyone with a computer and an internet connection can start contributing to the network.
Bitcoin has a block size limit which results in more expensive transactions and longer waiting time. Monero has a dynamic block size.
With bitcoin and many other cryptos halving occurs approximately every 4 years. This however is a double…