Monero, the latest cryptocurrency, is claimed to have a great privacy feature that is not easily breached by any tracking tools. Aside from this, security experts claimed that it can allow the consumers as anonymous as they want to be.
Because of Monero's advanced features, many hackers and other cybercriminals now want to use it instead of Bitcoin and other popular digital currencies. Security researchers and other critics claimed that Monero was discovered in a crypto wallet used by the hackers who breached the giant Colonial Pipeline.
If the new crypto Monero's availability becomes more widespread to various hackers and other malicious actors, authorities will have a hard time tracking their payment transactions, which is one of the main factors why cybercriminals are caught.
To give you more idea, here are other details of the new crypto Monero.
Crypto Monero's Details
Right now, various digital currencies are becoming more popular than ever. These include Dogecoin, which was endorsed by Elon Musk, as well as Ethereum, Crypto Whales, and more.
But, this also leads to the rising hackers. Recently, China's crypto crackdown happened, which affected around 1,100 people. Since the new crypto Monero is becoming well-known to cyberattackers, this could get worst since it offers almost 100% anonymity.
According to CNBC's latest report, Monero was released way back in 2014. It was created by a consortium of developers, who are still currently unknown. Their identity remaining anonymous also shows the main goal of the new digital currency, which is offering "privacy and anonymity."
On the other hand, experts discovered that the new crypto Monero operates on its own blockchain, which hides virtually all transaction details. The identity of the sender and recipient, as well as the transaction amount itself, are disguised. This method is one of the main factors why this digital token can offer almost 100% privacy.
Monero As Growing Secure Blockchains
On the other hand, Explica reported that Monero and Ethereum Classic, Ravencoin, and other cryptocurrencies are included in the rising secure blockchains.
Because of this, various critics and analysts claimed that the value of Monero will still increase as time goes by.
For more news updates about Monero and other rising cryptocurrencies, always keep your tabs open here at TechTimes.
Related Article: Popular Cryptocurrency's 2021 Upgrade: Private and Efficient
This article is owned by Tech Times
Written by: Griffin Davis