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Monero [XMR] is a privacy-preserving currency, says Riccardo Spagni

In case you ping Riccardo Spagni on Twitter (who is present on the Twitter with a name FluffyPony) and ask him about who ought to put funds into Monero, you better prepare for a pushback. Monero’s is hardly an investment. It’s intended to be a currency, and specifically, it’s intended to be a privacy safeguarding type of currency, Spagni would say.

Spagni is a developer who drives standards in crypto. Let us understand his thoughts on what makes it so different from other protection coins. He is the head developer of Monero and is handling the operations of Tari as a CTO. Forbes recently conducted an interview with him, in which he expressed his thoughts on XMR.

Apart from working in a corporate as a developer, in his free time, he works on breaking the Bitcoin codebase. When CryptoNote got introduced in the market for the first time, it pocked Spagni. (CryptoNote is the first ever default privacy protocol).

When most of the coins were getting launched in the market which was simply-copied versions of Bitcoin blockchain, Monero came up with a unique codebase. Spagni got attracted by this coin and started mining it right after the launch. He soon became the advocate of this coin and a lead maintainer too.

Spagni believes that privacy coins are the reliable one and privacy is the fundamental right of every human being on the planet earth. He is a strong a=supporter of the unique codebase of Monero which provides it the protection and privacy which every cryptocurrency must adopt. Its Privacy codebase attracted him the most and made him chose Monero over the largest cryptocurrency in the world Bitcoin).

How It Works
Monero utilizes modern cryptography to conceal all the data related to the transaction like the information about the origin of the transaction, its destination, amount and the objective. It has one-time stealth addresses which are unique and allow users to receive funds in the same wallet as many times as one wishes.

As a decentralized, open-source venture, Monero’s designers have utilized multiple strategies to keep transactions private including one-time stealth addresses and signatures, among others, he said.

Security/privacy can be a twofold edged sword, giving the advantage of stealth transactions and yet raising the odds of fraudulent practices, for example, people involved in illicit drugs and weapon deals will get the benefit of privacy too ( by default). However, though Monero uses stealth addresses, it does not mean I can not audit the transaction.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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