Monero – King of Coins on Darknet
The ubiquity of e-commerce on the Internet has made it possible to trade, buy and sell goods and services even in the most remote place. Advances in technology will also lower the prices of mobile devices and thus increase accessibility for those who need to go online. However, traditional trading models where intermediaries in this transaction space take a part of each transaction and this increases the costs for the parties involved.
Today the Monero (XMR) Token price is $144.90
This is where cryptocurrencies come in to disintermediate and disrupt this space. The only problem is that it has been the main medium of exchange on the Darknet to provide security and anonymity. Behind this paradigm is the blockchain technology that has made all of this possible, creating the basis for the decentralization of transactions through interconnected blocks based on algorithms to provide some form of protection for the transaction that has taken place. So far, the integrity of such transactions has been well maintained.
Interestingly, three main cryptocurrencies stand out in the public space when it comes to unmasking the transactions that take place on the Darknet. They are Bitcoin, Ethereum and in recent times, Monero. In particular, they provide the necessary algorithmic protection that Darknet entities seek in terms of security and legality. In that world, the risks involved in transactions are much higher and these entities are willing to negotiate a lot for security reasons. Of course, the speed of transactions also matters and how a token can update its characteristics while maintaining the price relative to fiat is also critical. The last thing Darknet entities want is to see their “earned in the dark” money plummet to zero!
Of these three crypto tokens, the increasingly popular one is Monero because it goes an extra step by providing transactions that are private and untraceable. This completely masks the identity of the user and hides him in anonymity. This complete privacy is not seen in Bitcoin or Ethereum.
Monero‘s feature update is constantly being done, but the only thing it has is its minimal ring signature, which is the privacy feature that hides the transactions that follow. This also includes a mix of payer and payee addresses along with their transactions, which hides the location. The powerful part behind is that Monero can be mined with a low-end CPU rather than the magic and devices required by Bitcoin.
This would mean that entities that mine Monero will not incur such a large electrical footprint on the network to be discovered as well.
Do you think this token will have a future in public space instead of being “hidden” in a dark way behind the dark world of the Darknet?