Altcoin Cryptocurrency News

Monero [XMR] is designed to be a privacy preserving currency, says Riccardo Spagni

Riccardo Spagni aka FluffyPony, the lead developer of Monero and the CTO of Tari, spoke about Monero and its privacy protocol, in an interview with Forbes.

Spagni has always been a well-known advocate of the privacy coin and privacy itself, with the developer even remarking that privacy is a “basic human right” on several occasions. More so, during an interview with WhatBitcoinDid, FluffyPony revealed that the privacy aspect of the cryptocurrency was one of the main reasons that lead him to choose it over Bitcoin [BTC].

Here, he stated that the coin was doing something “concrete for privacy” and that the coin has pushed forth the privacy barrier. Apart from the privacy aspect, Spagni also stated that he went over to the Monero side because the coin was not based on the Bitcoin codebase.

Speaking with Forbes, Spagni continued to stand by his beliefs pertaining to privacy. He said:

“I’m a big advocate for personal privacy. I think that it should be a basic human right. The way all our data has just sort of been splurged online through hacks and compromises and malware and sometimes our own stupidity, we’re in a situation where privacy-preserving projects are a necessity”

Along with contributing to the development of the privacy coin, FluffyPony has also talked about the need for a privacy-preserving protocol for Bitcoin, wherein he had stated that privacy is the one factor setting Bitcoin and Monero apart. He had also stated that if there was an implementation for preserving privacy on Bitcoin, then it would be an “excellent feat of engineering.”

In order to push the privacy aspect of Monero ahead by implementing Tari protocol as a sidechain of Monero, Tari will also be implementing MimbleWimble protocol, introduced to solve the privacy and scalability problems of Bitcoin.

To add on, the lead developer also opined on auditing Monero’s transactions. He said:

“Monero is auditable. You can take the view key and you can give it to a third-party auditor or the IRS. Since the view key feature is cryptographically linked to your wallet, there’s a guarantee no one can manipulate or hide certain transactions associated with the wallet address”

Apart from this, during the recent interview, Spagni also opined whether Monero is an investment or not. He said:

“Monero’s probably not an investment. It’s designed to be a currency, and in particular it’s designed to be a privacy-preserving currency.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.