Securely Open and Use Your Monero Wallet
Coin Wallet offers high-security, privacy protected storage for your Monero assets without compromising functionality. It’s a safe and reliable option for all your Monero needs.
What is Monero?
Monero is an open-source privacy blockchain that allows transactions to occur on the blockchain with total anonymity through its unique mechanisms. Monero is the leading privacy coin in the market today as it comes with several advantages.
The general nature of cryptocurrencies is to keep transactions discrete however flagship coins like bitcoin and ethereum are only cryptic up to an extent.
Transactions can still be traced on the blockchain to a particular user especially when paired with centralized exchanges. Monero solves this problem by creating an opaque blockchain with additional features such as Stealth Addresses, RingCT, Ring Signatures, Dandelion++ etc.
Monero was developed primarily to ensure end to end to end privacy in a fairly decentralized manner which was developed by a team of seven rumoured to be headed by Satoshi Nakamoto, the pseudonymous creator of bitcoin. Monero has a circulating supply of 17,952,484 coins.
How Does Monero Ensures Privacy?
Monero ensures Privacy through the use of Ring Signatures, RingCT, Stealth Addresses etc.
A Ring Signature is an anonymous signature from a member of a group that ensures that the sender’s identity is undisclosed as it doesn’t reveal which particular member of the group carried out the transaction. A combination of the user’s private keys and public keys are used to create ring signatures.
Stealth Addresses conceal the transaction destination. Stealth addresses are generated for each transaction on behalf of the recipient. Only the owner knows the person a transaction belongs to.
Ring Confidential Transaction, RingCT was brought to Monero in 2017 to conceal the exact transaction amount. Monero deploys the use of mixins (10 random inputs for every input) making only the owner know the real inputs.
How We Implement Monero
There are three ways to implement Monero wallet:
Option 1: Full node
To synchronise your wallet, it is meant to scan all new transactions to ascertain the transactions that belong to the CoinSpace wallet. Processing transactions on the wallet for a week should take about 15 minutes and around 300 mb of traffic on a mobile device.
Option 2: Server-side scan
Yes, it is possible to scan blockchain in the background on the fast server. MyMonero uses this approach. But it is required to pass the Private View Key from the wallet to the server.
It mitigates almost all advantages of private Monero because the owner of the server (yes, owners of MyMonero wallet) knows to whom each transaction belongs and how much it is… We decided that it is the worst even approach for Monero users.
Option 3: Adding incoming transactions by ID
Incoming transactions can be easily added by transaction ID, the transaction is loaded and parsed by the wallet itself without sharing your secret private key to any third party. Coin Wallet is the most secure light wallet for Monero crypto.
How Can I Open A Monero Wallet Account?
Opening a Monero wallet with Coin Wallet is fast and hassle-free. You can register your Monero wallet account from your computer or mobile device without providing any personal information.
The process is simple:
- Select ‘Create new wallet’
- You will be given a unique passphrase. This is your only way to access your Monero wallet account. This information cannot be retrieved if lost, so it is essential to record it in a secure place.
- From here, you’re ready to send and exchange tokens with the app. You can buy tokens with a credit card, Google Pay, Apple Pay, or your existing crypto assets.
One wallet for all your needs
Coin Wallet offers the Monero wallet for Android, an Apple Monero wallet, and an online desktop/laptop versionCreate wallet
Use An Anonymous Monero Wallet
Coin Wallet wallets keep your transactions completely secure and anonymous. We store zero personal data, meaning that your account is virtually impossible to compromise.
The most important thing to remember about using an anonymous Monero wallet is that no one can access your wallet except you — not even us. That means that your passphrase must be kept in a secure location because it cannot be retrieved from any database if lost.
Advantages of Monero
Launched in 2014, Monero is now the largest and most popular privacy coin because of its utility to users. The advantages of Monero, XMR, border on privacy, security and decentralization.
The nature of cryptocurrencies is to perform private transactions without interference from centralized bodies. These centralized bodies have all the details of transactions that are carried out on the platform. DeFi operates without these intermediaries giving a level of privacy through blockchain technology.
Privacy coins like Monero enhance privacy through its opaque blockchain by covering the addresses of both parties and the transaction fee involved through RingCT. Monero gives all users a uniform level of privacy regardless of the users level of tech and coin holding.
Both the sender and recipient are hidden and any type of payment can be made without any fear of regulation. Monero is good for many users because it protects them from the law in some cases and users can trust Monero without having to become careful about their spending pattern.
Monero is a secure coin with no risk of error. Miners are the ones who provide this level of security-related information through its decentralized network and they are well compensated.
Security in cryptocurrency transactions is paramount because you don’t want to lose your assets through any form of hack. Transactions are cryptographically secured on the Monero Network giving users peace of mind.
The Monero Network is perfectly decentralized both in code and network security. Decentralization is the hallmark of blockchain technology and Monero takes this to a whole new level.
Monero enables users to participate fairly through the prevention of specialized mining hardware from dominating the network. Users can mine Monero with only a CPU which makes it cheaper and more efficient The development of Monero is public with all development decisions posted online ensuring transparency.
Advantages of Using A Monero Wallet App
A Monero wallet is necessary to buy, sell, or store XMR tokens. They provide direct access to the blockchain and an interface to view, trade, or spend your XMR.
All your Monero transactions happen through your wallet, which is why it’s important to select a wallet provider that has strong security measures in place and can facilitate fast transactions.