“So perfect that it has become a Dark Web Official Currency of 2017” – Anonymous
Monero promises privacy like never before
Since its creation, Blockchain technology has been driving cryptocurrencies like Bitcoin, with a reputation for being anonymous, fast, high quality data and extended security. However, the question was always raised, security for whom? Is being untraceable and un-hackable an asset or a liability to society?
With millennials, who demand privacy in everything they do, being in the driver’s seat for this new wave of cryptocurrency obsession, privacy expectations are escalating. Despite the prices of most cryptocurrencies increasing, their security and reliability has always been contested. Recent FBI investigations showcased the ability to easily track and trace bitcoin as though it was paper money.
Within its core, Bitcoin always faced challenges with users’ addresses being linked with real identities. Even though coin “tumblers” and “coinjoin” techniques have been useful in masking some traceability, public information can still be accessed. Your landlord may be able to view your information from your most recent rent payment for example. “If I pay my rent in Bitcoin, it wouldn’t be that hard for the landlord to figure out how much money I earned if I don’t take extra precautions,” says encryption and cryptocurrency consultant Peter Todd. “Then they can decide whose rent to increase. You’re giving away information you don’t want to make public.”
This is no longer a worry – here comes a new market leader of privacy, Monero. Introducing privacy features like “Stealth address”, where fake addresses are generated for clients receiving Monero currency and “ring signature”, where each Monero transaction is mixed in with at least one hundred other transactions. Traceability is exponentially more difficult with every subsequent movement of money. Even the amount of each transaction is completely hidden.
With the most advanced artificial intelligence and big data analytics capabilities, the probability of farming anything out of the sea of data is negligible. This makes Monero a significant upgrade on any previous cryptocurrencies. Police will have problems tracing it, users will have almost complete anonymity. This will finally satisfy our need for the immense levels of privacy.
It has already gained darknet popularity with Alphabay and Oasis, investing and using the product as a main form of currency on their own websites in late 2016s.
Despite Alphabay being officially shut down in June 2017, new investors have taken its place. The push for Monero’s proliferation in the name of privacy continues. More cryptocurrencies out there are now looking to make themselves convenient for the dark web. Monero’s predecessors, Dash (previously Darkcoin) integrates the “coinjoin” technique into its currency to permanently mix coins and create anonymity. The rising star known as Zcash promises the strongest encryption method ever, with a secure transport layer that is mathematically impossible to crack.
So if it is good enough for drug lords, it is probably good enough for everyone else. At the end of the day privacy always leads to greater safety… doesn’t it?