Monero Explained in 2 Minutes
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Hello Hive Fam!
What is Monero, how does it work, why is it considered a privacy coin and what about it makes it more private than other cryptocurrencies?
In this video, I give a high-level overview of how Monero works by explaining their Ring Confidential transactions and Stealth Addresses.
Monero was founded in 2014 and is also completely open-source and decentralized.
My favorite way to store, send, receive, and exchange Monero is through Cake Wallet. 🍰
I hope you guys enjoy this high-level overview! I've been having a lot of fun learning more about Monero lately. I think Monero gets a lot of respect in the crypto industry for their commitment to privacy - not to mention that they've stayed fully decentralized.
Have a great day my friends! ♥️
XO, Lea
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▶️ 3Speak
Really good information. It was a quick explanation but you got the core aspect of what monero is, there are a few things that I don't like about monero, bugs in the code or in cryptography might be exploited and even though the blockchain is cryptographically auditable, a cryptography or code bug to mint more monero might make it hidden to cryptographical audits, this is very unlikely to happen, but if it happens we might see someone with big amounts of monero and no way to know. I saw a dev talking about it in POV podcast.
https://www.pscp.tv/POVCryptoPod/1ynKOpyvVOzGR
In case you want to hear, it's on minute 15:00
Thanks so much!! I'm really glad you enjoyed my video about Monero. Thanks for the link to that video - i'll check it out.
Monero is one of the truest forms of digital money.
I am curious if there is a way to do a supply audit, since the blockchain is hidden how would anyone detect any inflation bugs where people can create their own tokens
mmm that's a good question! I'm overall fairly new to Monero, but have been really enjoying learning more about it. I may have to look into that.
Also, as an investment it might not be the best option. Coinbase for example will never list it, or else they might lose their licenses.
Which is why there is a very low chance to upgrade the bitcoin code to involve anonymous transactions, coinbase and Gemini would crash in value.
Holy Cow, crypto girl, you are awesome. Did I mention beautiful? Thank you! You are captivating! You could make grass growing an interesting subject!
One of if not the best privacy coin on the market ... privacy is a much we need to take care of our freedoom and privacy