One of the fundamental principles of blockchain technology is to provide users with unwavering privacy. Bitcoin relied on this premise as the first decentralized cryptocurrency to market itself to a wider audience that at the time needed a virtual currency that was free from government interference.
Unfortunately, along the way, Bitcoin has proven to be riddled with several weaknesses, including non-scalability and an immutable blockchain. All transactions and addresses are written on the blockchain making it easy for anyone to connect the dots and unlock the private details of users based on their existing records. Some government and non-government agencies are already using blockchain analytics to read data on the Bitcoin platform.
Such flaws have forced developers to look for alternative blockchain technologies with better security and speed. One of these projects is Monero, which is commonly represented by the XMR ticker.
What is Monero?
Monero is a privacy-oriented cryptocurrency project whose primary goal is to…