By now the majority of us either heard or read about the blockchain, cryptocurrencies, digital wallets, and exchange platforms, etc. But how many of us are familiar about the digital coins rocking the crypto-trading world? Perhaps only a bunch of people know that Monero (XMR) and some other crypto coins appear to become analogous to secure transaction and anonymity. Here you need to know about Monero wallet online and how to create and use this XMR wallet online.
Monero Wallet Development:
Released in 2014, Monero is an anonymous, secure and untraceable cryptocurrency. It is one of the popular crypto coins you can opt for trading. For this, you need a safe and secure Monero online wallet. The core values of Monero as a currency and digital wallet with a primary focus on anonymity include;
Nothing can survive without privacy. User anonymity should be the top-most priority for the Monero developers. It needs to be well-protected even in the court law including extreme cases of the death penalty. It means when users get the unsurpassed privacy they will not fall victim to counterfeits and hence stay safe from legal accountabilities that will otherwise come their way because of fraudulent. Same holds true in case of Monero wallet development.
Monero claims that no other digital currency can compete regarding security. It’s true because of the level of anonymity it is capable of delivering to the users. Even bitcoin cannot assure this real factor. No other currency can ensure the volume of trust and reliance than Monero. Well, all high-quality cryptocurrency wallets available on the market have nice interfaces to broadcast the details of digital transactions occurred on the blockchain system instantly. Monero does the same, but it keeps all transactions made through digital wallets anonymous.
Monero, unlike some other cryptocurrencies, Monero isn’t controlled by any network or blockchain system. There is no central agency involved. However, the Monero coins and XMR wallet development decisions along with published meeting logs of developers – anyone can see, review and use it after customization as per their requirements.
What Makes Monero Different from Bitcoin?
A lot many people claims that Bitcoin is also secure, decentralized and ensures privacy. So, why should they invest in Monero coins? Yes, bitcoin provides anonymous transactions, but the problem is with its public transactions. Bitcoin has its pros, but Monero focuses more on anonymity.
How Monero ensures more anonymous transactions online compared to Bitcoin or other currencies?
Bitcoin is a public ledger – blockchain peer-to-peer network. It means other participants on the system can verify or deny the bitcoin payment. For example, they can check and verify the payments that need to be transparent such as in the case of NPOs (not-for-profit organizations) and government spending.
The problem surfaces when a user shares his bitcoin address, everything from previous payments and the currency amount he is sending or receiving will be linked to it. Usually, traders and particularly the buyers do not find it desirable.
It is because they are selling/purchasing something illegal? Of course, Not. They do not want to tell anyone about their cryptocurrency dealings. For example, you do not want your employer to come across your trading business, or you want to keep your service charges secret that usually varies from client to client.
Bitcoin solves the problem by providing a temporary address for one-off payments which gets destroyed after use (you can use it once only) and makes difficult for him to trace the main wallet’s address back. Now, it’s another issue to cope with. Moreover, it may work good for individuals but not for the businesses and organizations because they need public addresses visible on their company websites. It means their digital transactions will remain traceable back to them.
Monero Brings the Solution:
Monero makes online transactions of individuals and businesses completely untraceable using stealth addresses and ring signatures.
Nearly identical to the solution Bitcoin developers suggest Monero use stealth addresses for one-time-use. The difference is that Monero hides these addressees and destroys after used once a time – making the transaction untraceable; back to the public address. Also, it does not trouble the user to trace his Monero wallet’s main address back to him.
Monero creates a mix of addresses for transactions made by one user with that of another user’s payment addresses. It makes the path between sending and receiving parties virtually untraceable. As you analyze the Monero blockchain, you will see a cryptographic hash of multiple transactions. It guarantees the high anonymity of all transactions processed through the network.
For all these reasons, the merchants are now turning to Monero and XMR wallet to avoid any conflicts and anonymity breach.