Enter Monero

Monero is based on the Cryptonote protocol, and derived its initial name (BitMonero) from the Esperanto word for “coin”. Monero’s commitment to avoiding transactional censorship is one of its key principles. Despite being secured by a proof-of-work algorithm, it is quite different from Bitcoin (which is only pseudonymous and does not provide absolute privacy). Monero uses ring-signatures to mix the output amounts being sent with other transactions to obscure which addresses have received funds.

 

Community

Early on, the utility of Monero’s transactional privacy led to the rapid growth of its market capitalization when it was used extensively on AlphaBay, a darknet marketplace. While this growth was a beneficial in demonstrating Monero’s initial use-case in the real world, it does not necessarily mean that the community actively endorses this application. Rather, it supports the concept of privacy on principle for better or worse.

A fair comparison could be made with the concept of free speech. To enjoy the positive benefits, we must also protect minority and the expression of potentially unpopular viewpoints.

 

Security

The Monero community’s belief that mining should be decentralized and egalitarian is equally important. Monero’s code undergoes hardforking every 6 months to stay ahead of potential exploitation threats. Monero’s security isn’t a final state or conclusion, instead it is a state of health for the network. The community’s stance on maintaining ASIC-resistance is clear.

 

Get Involved

Comprehensive information about the Monero project is available on Stack Exchange and their Github. The project is open source and permissionless (you don’t need anyone’s consent to begin making improvements). The CryptoBridge team supports and applauds the Monero community’s efforts to develop a secure, private and empowering way for everyday people to transact value and exercise autonomy.

 

Want More?

For an in-depth interview about Monero with Riccardo “Fluffy Pony,” Spagni, check out the discussion with Matthew Aaron of Crypto 101 Podcast (our new educational partner) on SoundCloud or iTunes.