Which of The Following is a Privacy- Focused Cryptocurrency? Marina Protocol 23 August 2024
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Updated Aug 23, 2024
Marina Protocol
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Which of The Following is a Privacy- Focused Cryptocurrency?
Today's Marina Protocol quiz has this question. They were also given four options. We have to pick the right answer.
Question: Which of The Following is a Privacy- Focused Cryptocurrency?
Four Options are as follows:-
BITCOIN
ETHEREUM
MONERO
RIPPLE
So, do you have any idea about the answer? We are here to help you!
Question Explanation
A privacy-focused cryptocurrency is a type of digital money designed to keep your transactions and financial activities private and anonymous. Unlike regular cryptocurrencies, which can sometimes be traced, privacy-focused cryptocurrencies use special technology to hide details like who is sending or receiving the money and how much is being transferred. This makes it difficult for others to track or see your transactions.
Answer Prediction
| Option | Answer Prediction | Suitability |
| BITCOIN | While Bitcoin offers some level of privacy, it is not completely anonymous | 50% |
| ETHEREUM | Ethereum records all transactions on a public blockchain where anyone can see the details of the transactions. | 0% |
| MONERO | Monero is specifically designed to keep transactions private and anonymous. | 99% |
| RIPPLE | Ripple is primarily designed for fast and low-cost cross-border payments and transactions, focusing on efficiency and scalability rather than privacy. | 10% |
Marina Protocol Answer for 23 August 2024
The correct suitable answer for Which of The Following is a Privacy - Focused Cryptocurrency? is MONERO
Answer Explanation
The correct answer for today's quiz is Monero because it is specifically designed to prioritize privacy and anonymity in transactions. Monero uses ring signatures to mix the spender's transaction with multiple others, making it unclear which one is the actual transaction. This hides the identity of the sender. To protect the privacy of the receiver, Monero generates a one-time address for each transaction. This means that only the sender and receiver know the address involved in the transaction, not the public ledger.
Monero uses confidential transactions to hide the amount of cryptocurrency being transferred. This ensures that the transaction amounts are not visible on the blockchain. This combines ring signatures with confidential transactions to further obscure the amounts involved in transactions. All these features collectively make Monero a leading privacy-focused cryptocurrency, providing strong anonymity and privacy for its users compared to other cryptocurrencies like Bitcoin and Ethereum.
