What truly sets Monero (XMR) apart from all of crypto and why does it matter?
With the ongoing threat of blockchain analytics, crypto scams, and an overall lack of education in the space, there has never been a more urgent and important time to protect your financial privacy than now.
I had the rare pleasure of sharing a candid discussion with Monero Core Developer Dr. Francisco Cabañas (AKA “ArticMine”) at the first MoneroTopia event in April. The conversation was beyond humbling.
Although we covered a broad range of topics, he is best known for his expertise in scaling XMR. To which, we both agreed that after nearly 13 years since inception, BTC is still unable to solve this issue with its limited 1 MB block size.
Cabañas shares that this has already been achieved with Monero’s dynamic block sizes. Should a user wish to send a transaction greater than the median block size, they simply pay a fair penalty fee to the miners, the block size adapts, and the network thrives onward.
While privacy is our core fundamental value at TCV, the issue of scaling is consistently proving to be a fundamental flaw if not resolved on the base layer of any protocol.
“Before privacy was even a concern, transacting peer to peer was the focus,” he explains, “yet some developers are putting security ahead of actual ability to use the coin. Having the ability to settle on-chain efficiently is what sets crypto apart from banks and debit cards.”
However, there is a real risk to settling on-chain when transacting with a crypto that is NOT private by default, unlike Monero.
Cabañas urges, “Do not send Bitcoin to anyone you do not know.” Should they be hacked and that hacker uses those coins for ‘illicit’ activity, you could be falsely accused by Chainalysis or any other blockchain analytics company or government entity linking those coins back to your wallet.
I was beside myself at this reminder of how serious this can be.
In relation to Monero, he speculates that, “Blockchain analysis companies are selling snake oil. They can’t actually track it.” Furthermore, “Bad surveillance companies making false accusations is actually worse than having good surveillance.”
In this interview, he covers the details of how this is possible and ways to protect yourself.
In addition to the critical issue of scaling, a common question among subscribers is how Monero tech compares to that of Pirate Chain (ARRR) tech, for example.
ArticMine stresses, “You cannot compare Ring Signatures by itself. You must compare Ring Signatures, Stealth Addresses, and Ring Confidential Transactions (AKA RingCT).”
This trifecta of tech is what makes Monero a comprehensive function of privacy, similar to the comprehensive function of zk-SNARKs within Pirate Chain.
He is very excited for the launch of Seraphis as the next development in the XMR pipeline. He states, “It could allow for significantly larger ring sizes from 64 to likely 128 ring signatures.”
Overall, this eye-opening conversation had reinforced my confidence in the utility of privacy coins in general. I am so thankful for the community of principle-driven developers that continue to move the needle for the benefit of everyone.
You can watch the video on Vigilante.tv HERE.
Post originally posted on CryptoVigilante.io