Data protection in an open society requires anonymous transaction systems. Until now, cash has been the most important system of its kind. An anonymous transaction system is not a secret transaction system.
An anonymous transaction system enables individuals to reveal their identity if and only if they so wish. This is the essence of privacy.
Cryptocurrencies were essentially designed to protect the financial privacy of individuals and businesses. Innovative mechanisms are emerging that aim to provide privacy, encryption, and security to users. Data protection mechanisms are positive attributes for data protection enthusiasts, but they also raise questions related to compliance with data protection regulations.
There are known and identified shortcomings in financial privacy mechanisms. Various data protection coins use data protection, encryption and security. The money laundering regulation for data protection coins takes different approaches in different countries. Privacy tokens are actually protecting legitimate individuals and commercial privacy interests, and the pre-existing financial regulation sufficiently addresses the AML issues that the privacy tokens pose.
Monero has the most obvious application for data protection in a decentralized network. Before Bitcoin appeared, there were several decentralized projects like Tor, i2p, Freenet and many others. Now, Monero will be the best cryptocurrency privacy effort. It is very obvious that Monero will fight enough to maintain privacy.
Monero (XMR) and the darknet giant
The Darknet giant in the White House recently announced that it will only support Monero payments in the future as support for Bitcoin has been discontinued. And now they only use Monero.
One of the watchers stated that Monero will be the only dinosaur to survive long after all other PoW dinosaurs are extinct, and that Monero will be of great use. XMR has proven that it is everyone’s die-hard coin. Many of them still point out that Monero is not going to go away and that BTC and ETH thrived because of the first mover advantage.
Some of them are very firm believers that governments are unable and never will be able to combat cryptography by citing an example: Torrenting: 0 Funding the media and entertainment industry; largest governor lobby in America; Combat results: overwhelming asymmetrical defeat.
Monero is definitely healthy money in a safe mode. For those who missed the information, Bulletproofs +, a knowledge-free verification system that ensures Monero transactions are easier, faster to verify, and smaller in size, is already ready for security vetting. With Monero, Money remains confidential, open source at the grassroots level, committed to the protection of privacy and freedom.
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