Among the major reasons which led to the creation of cryptocurrencies, privacy and security were the prominent ones. However, over the last decade, these two features have taken a back seat, as expensive price speculation has lead cryptocurrencies to shift their focus to expansion and adoption.
However, in the last couple of years, a few crypto countries have emerged with a special focus on privacy and security. One of these is Exodus, a privacy-focused crypto exchange, founded in 2016. The wallet was launched to capture initial users of cryptocurrency, who were driven by the features of Bitcoin which differentiated it from traditional currencies and assets.
Exodus is particularly a great choice for users who hold various digital tokens, as it supports over 100 cryptocurrencies. The platform allows users to sell, receive and exchange digital tokens with users on the same and other platforms.
Exodus announced on Saturday that Monero, a privacy-focused cryptocurrency has finally arrived on the platform, a move which has been speculated for a long time. Monero (XMR), in many terms, is similar to Exodus. It is a secure, private, untraceable, and fungible digital token.
Private. Secure. Untraceable.
— Exodus (@exodus_io) April 27, 2019
In recent times, several industry experts, including ex-Ethereum Co-founder Charles Hoskinson, have often criticized crypto platforms for not being truly decentralized. Hoskinson argues that the top-bottom or CEO-Driven approach of platforms like Ethereum and EOS is not in line with the ethos of cryptocurrencies. He advocated that the market should move towards leaderless growth and expansion, which is how Satoshi Nakamoto intended to challenge the prevailing flawed monetary systems.
It is this need for total decentralization that makes platforms like Monero and Exodus extremely important. Also, these two platforms take extra efforts on improving the security of their ecosystems, making hacks and cyber attacks even more difficult. During the initial years, the digital currencies seemed impeccable, and hack-proof. However, this becomes lesser and lesser a substantial claim with passing time.
In the last 3-4 years, several attacks on crypto companies were executed, causing losses of several hundred million dollars. Monero and Exodus place special emphasis on this, which make them formidable platforms against cyber attacks and hacks. Exodus, in particular, has been quite phenomenal in this regard. Recently, Binance Coin (BNB), the native token of the world’s largest crypto exchange, was also added on the Exodus Crypto Exchange.
Crypto markets are expected to grow exponentially for the next few years, and cover over half of the global economy by 2025-2027. With such a huge size, the market will become vulnerable and prone to hacks. Platforms like Exodus and Monero will have an added advantage, as they are almost future-ready to tackle what the future holds.
The market collapse of 2018, just after Bitcoin peaked in December 2017, forced various crypto companies to reassess their strategies and business designs in order to avoid any such downfalls in the future. Most of the questions which arose were related to transparency, decentralization, and security. Exodus and Monero have these concerns covered, which could make them the most sought after among crypto enthusiasts.