Monero is an anonymous, untraceable and decentralized cryptocurrency. A digital currency that aims to protect utopia cipherpunk. Is the true Bitcoin spirit on XMR’s side now?
Monero, a crypto that encrypts
Monero is a cryptocurrency created in 2014. From the beginning, anonymity and privacy were the main concerns of the developers. Most unknown, they work as volunteers on the project. Like Bitcoin, Monero is therefore not led by an identifiable person, making it less likely to attack its protocol or governance. Like the Bitcoin network, Monero’s blockchain evolves regularly. XMR is inspired by the Bitcoin code, but is actually a protocol unique to its own operation. It is called a hard fork. In other words, a bifurcation in the computer code, from the same starting point (in this case, the Bitcoin protocol of 2014).
Technically, however, XMR innovates in terms of cryptography by offering an innovative solution to cover their tracks. In this regard, XMR supporters often cite whistleblower Edward Snowden: ” Not caring about anonymity because you have nothing to hide is like not caring about free speech because you have nothing to say “.
Monero VS Bitcoin, the forbidden comparison
The nature of Bitcoin is often the stuff of fantasies. Sometimes some of them present BTC as an anonymous currency, used by criminals to make stealth transactions (or later, by speculators hungry for wealth and easy money). Actually, Bitcoin is traceable, since it is transparent: you can literally read its blockchain like an open book. Even if the addresses have a fake name, transactions can be cross-checked between different wallets to identify the owners. This is the principle of the program which is visible and can be consulted by everyone. Moreover, Bitcoin is an open source and collaborative project. Qualities found in Monero, with a big difference: No XMR pseudonymbut without a name. The nuance is important.
Although Bitcoin is traceable, Monero (or rather its developers) offers a very ingenious algorithm. A complex system that uses blockchain to connect an impossible exchange of value to a wallet address. Just like Bitcoin, it uses a proof-of-work mechanism (proof of work) for block validation. The Monero network has resisted all security threats so far. ” Monero is what new bitcoin investors think they are buying » according to Douglas Tuman, the creator of the podcast ” Monero talks “. A reference to the famous Bitcoin Talks, a forum that saw the birth of bitcoin under the auspices of the mysterious Satoshi Nakamoto, its inventor. With a bit of provocation, he does not hesitate to put Monero ahead of Bitcoin. For him, XMR is an improved form of bitcoin, since it is the ultimate tool for maintaining privacy.
The philosophy of pure anonymity
XMR is therefore somewhat to BTC what the Orthodox Church is to Catholicism: a “cleaner” vision of what an intermediary-free cryptocurrency should be. But between BTC and XMR there is a gap. XMR is less speculative, though firmly installed in the top 30 cryptocurrencies with the highest valuation. Crypto historical ecosystem, it is less interesting for investors. XMR is not intended to be a speculative asset. Monero buys the ability to exchange value safely and anonymously. The raison d’être of XMR is precisely to be able to trade directly in peers, without an intermediary. There are also marketplaces to exchange services or goods for XMR
Monero is still a tool. With this, it is likely to be used by a very wide range of different political sensibilities. Sulfur John McAfee, pioneer of anti-virus and internet solutions, for example, supported the Monero project. This cryptocurrency is especially popular with libertarians (say also ” anarcho-capitalists »). They propose a minimal state, or even no state, with the market as the only framework. Is XMR better than BTC? Can it do better than Bitcoin? If the question seems absurd, Monero has many advantages to claim.
A community like that Bitcoin in its infancy
The Monero community is gathering more and more followers. The fight against surveillance today brings together a wide range of political sensibilities. If real sociology isn’t impossible to pull up, the Monero community specifically is a member and nerd. Nose in the code, they discuss ways to improve the protocol. Code which, in addition, is readily available, since the project Open source.
With Monero, it’s a kind of counter-surveillance utopia that lives on. A worthy heir of the counterculture cipherpunk, the XMR crypto expands a certain vision of what the web and the digital should be. You can find this article to learn more about the movement cipherpunk. Means Monero by the way “ piece” in Esperanto, the international built language. Proof of the limitless vision of the supporters of this crypto. Like Bitcoin in its infancy, the people who work and support the project are mostly privacy activists. Sometimes seen as a ” sect », this gives them a certain resemblance to the first Bitcoin users. Others use Monero not on principle, but because it is sometimes their only means of survival in countries under dictatorship. This is the case, for example, in Afghanistan.
Privacy: towards a ban on Monero?
Today Bitcoin is less and less accused of facilitating terrorism, crime or money laundering. We are now more critical of its energy consumption. Finally, less and less people are talking about banning bitcoin (nonsense, just like they want ” ban on the internet »).
If Bitcoin is no longer attacked, it may be that it is less disruptive, that it is less subversive. It can also be thought that regulators and monetary policy makers are confident in their ability to recover the protocol. The accumulation of Bitcoin in the hands of large investment funds or the professionalization of mining can be an example of caution. Of course, BTC is still controversial, but it is no longer the bane of institutions. At most, it’s a pebble in the shoe of the banks that they don’t want their customers to understand that a decentralized network makes banking intermediaries completely obsolete…
XMR, on the other hand, has been the subject of more severe criticism. Monero is truly playing the wrong role in the crypto ecosystem. Attacked from all sides, he has the ability to want to preserve the privacy of citizens, as well as the anonymity of their transactions. It is therefore more dangerous in the eyes of institutions and centralized powers. Its only merit is that it is not as popular as its BTC counterpart. Recently, Monero has also seen a surge of interest as the tornado coinage erupts. By making computer code illegal, the American legislature opened a violation of the concept of freedom and privacy. Could a completely anonymous cryptocurrency suffer the same fate? For the Monero community, an XMR ban would almost be a tipping point. Thus it would prove its truly penetrating nature. Above all, it has never really worked to prevent a decentralized and spontaneous phenomenon. In France, this is a good illustration of Hadopi’s law.
Bitcoin is, and will remain, the number one cryptocurrency in terms of usage, popularity, value and longevity. But the true philosophy cipherpunk perhaps it spreads further today with Monero, which has a large following. A marginalized, utopian community, a memberanarchists or libertarians, but also people sensitive to the issues related to the right to privacy and anonymity.
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Fascinated by the history of Bitcoin and the cypherpunk movement, I think that citizens need to reinvest in the field of money. My goal? Publicize and communicate the potential of blockchain and cryptocurrencies.