How Monero Keeps The Transactions Private

Monero is a privacy-oriented cryptocurrency that was launched in 2014 of April. It was crowdfunded and entirely dependable of donations from the broader community.

Monero has some game-changer elements that are worth mentioning. The identity of the senders is protected using ring signatures that are combined with a user’s account keys and a public key from Monero’s blockchain, meaning anyone from outside can’t link a signature to a specific user.

1. Confidential Transactions

Monero is great for sending money. The recipient can never tell where the money comes from unless you provide that information. Also, when money is sent to you no one else can know how much you received. This means that basically, each transfer is anonymously made through the wide Monero network and no one can see the value of your funds.

2. It is Untraceable

Monero anonymous mechanism is often described as a dance floor. Joining the network is like entering a dance floor with many other people wearing facemasks dancing the same as one randomly selected dancer including yourself. No one can be sure if they saw exactly you dancing or was that someone else imitating you.  With that many participants on the network, it is impossible to know or put up a list of people that transacted with each other.

3. Amazing Design

You might ask yourself why would Monero need this kind of mechanism when it’s drastically smaller than let’s say Bitcoin. Bitcoin has an optional untraceability thus having a smaller ‘’dance floor’’. With an anonymous system with a small crowd, all the users constantly participate on the network even when they are not receiving and sending funds. The network makes it look like you are participating on the network.
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