Monero is a JOKE PT1. - Your Daily Hash - 9/14/17

MONERO IS A JOKE PT.1- Your Daily Hash - 9/14/17

Said no one ever.

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With the news today aside, I wanted to take a moment and talk about Monero. There's literally so much information on Monero that I need to break this into several parts, day by day.

What is Monero?

Monero is a cryptocurrency with a focus on private and censorship-resistant transactions.

Many cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains.

Your transactions are visible, verifiable, and traceable to anyone in the world.

To add on to this, the sending and receiving addresses of these transactions could possibly be linked to people's real identities.

If someone really wanted to, they could possibly figure out who people are by looking at their sending and receiving addresses.

Monero uses cryptography to shield sending addresses, receiving addresses, and transaction amounts (how much you send/receive).

CONFIDENTIALITY AND UNTRACEABILITY

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Every Monero transaction, by default is untraceable and confidential. The sending addresses, receiving addresses, and transaction amounts are obfuscated (rendered obscure) through cryptography. Because of this, the privacy of all users is enhanced by other users.

Also, the obscurity of Monero allows it to easily be used for many purposes because it cannot be messed with through previous transactions.

Monero, thorough the Kovri Project, also aims to hide users' IP Address and geographic location in the future.

THE WORK IS BEING DONE

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Over 240 developers have contributed to the Monero project!

Monero itself is not a corporation. It's pushed by developers who contribute to the project in their spare time. Although some people are taking donations, nobody is being paid, outright. Therefore, it can't be shut down by a government. People all over the world are contributing to this amazing project.