Currently we have more than 50 million different cryptocurrencies, and it seems a bit ignorant to point only to one and say: “Only this one works.” Each one with an alternative purpose, with its own rules about mining, fees, consensus etc. It turns out that some time ago it was expected that cryptocurrencies would be used to replace Fiat money, an idea that was forgotten by many.
From the moment that regulations and companies specialized in tracking the origin of coins with open blockchains appeared, freedom was gradually ceasing. What was supposed to be an innovative p2p monetary system became something like a state-regulated asset. How would we be able to use a digital currency with a high power of traceability?
The biggest problem has always been the user’s privacy. We don’t want sensitive information to be widely disclosed. Initially there was a great challenge in programming a system that would hide origin, amounts and addresses. Fortunately they managed to achieve this feat through Zero-Knowledge Proof. From then on we had the possibility of creating a cryptocurrency with a real focus on user privacy. We must recognize that Bitcoin was the foundation of everything; through it its positive points and points to be improved were observed in order to make it perfect.
Then Monero arises, carrying with it the necessary technologies to truly function as the digital money we so dreamed of. And man, it really worked; with a history of more than 10 years, it has kept working and standing even with the tribulations during this trajectory. I’m impressed with the dedication of the community in having created a project as spectacular as this one. We really had an extraordinary evolution in user privacy as never seen before. It managed to scare even the most experienced suit-and-tie people in the world.
I would like to go into details about each technology, but I’m still studying them; I want to avoid saying things I don’t know well. I would also like to mention the proof of resistance that Monero managed to overcome. For some time now we have been seeing its delistings from several centralized exchanges such as Binance. Curiously many people thought that XMR would collapse and that no one would have any more interest in it, but the exact opposite happened. Literally its demand increased significantly to the point that its value against fiat rose. That is more than enough to prove that Monero is really causing discomfort to those who desire the end of its privacy. Keep contributing, spreading it to close friends, because the genie of the magic lamp really granted one of our wishes. Thanks for reading!
