Since launching the new iteration of our app back in March, we’ve seen growing interest and support in the 25 altcoins on our platform. Monero (XMR) is one of the coins we recently added that we’re particularly excited about. For the uninitiated, Monero (XMR) was designed with user protection and privacy at its core.
Against the backdrop of the almost daily news and headlines about massive hacks and data breaches that expose personal information, the idea of building privacy controls into the foundational levels of new cryptocurrencies — like Monero does — is attractive to many users.
The increased liquidity and awareness for Monero that the Abra service will generate is really an exciting development for the Monero community,” says Riccardo Spagni, a lead developer with Monero’s Core Team.
Launched in 2014, Monero was an open source project by an anonymous founder. Similar to bitcoin, there was no initial coin offering, heavy investment by venture capital, or major marketing campaigns. Instead, Monero was and continues to be supported by a loyal following of developers and users, growing organically to consistently occupy a spot near the top ten of all cryptocurrencies by market cap.
Monero’s privacy features are enabled by the way that transactions are recorded on its blockchain. Rather than signing transactions with a private key and a public key, Monero’s transactions are signed with ring signatures, which is a cryptography-based computational tool that combines a group of signatures together (one of which is the actual signature) in order to complete the transaction. The signatures that are added to the group can be used again in other groups, creating a cloak of sorts. Monero also employs stealth signatures, which are addresses that are used once, kind of like how a burner cell phone might be used and disposed of to create an untraceable call and Ring Confidential Transactions, which obscure the transaction amount so that no outside party knows how much Monero was sent in any specific transaction.
Abra’s user-friendly interface will offer incredible exposure to Monero to help bring the privacy-conscious coin to the general public. Like the Monero community, we believe that privacy isn’t just a useful feature, it’s critical to enabling the creation of new, decentralized financial systems.