Those who do not want the world to know about their transactions like Monero. The privacy which is provided by Monero and other privacy coins are making it far more fungible than other cryptocurrencies.
Justin Ehrenhofer, pointed to how manual mixing can be a horrible strategy to ensure privacy as the resultant fees can be insane. Users would not want to pay high fees, suffer long waiting times, and deal with tainted coins. These issues should be solved for users to adopt privacy features. However, Justin approves that centralized mixers can be an absolutely terrible solution.
He further stated that mixing will work only it is mixing ahead of time and waiting for days for the mix to complete while staying online for the whole mix while receiving tainted coins. Also, A >1% fee with the payment amount being public by using a special wallet.
Talking about Monero and their privacy, Sydney Ifergan, the crypto expert tweeted: “Monero (XMR) are doing all it takes to ensure privacy while being an open and Permissionless network. They are progressively innovative.”
Further, Justin Ehrenhofer reinstated on howMonero and (shielded only) Zcash solves the real issues, which institutions and individuals have today.
The issues are sorted with no worse user experience or extra integration effort. Privacy makes it possible for everything to be simple; despite, that not being the primary intent of these features. Apart from hiding addresses on-chain, a sophisticated wallet software might be the solution to safely exchange information.
Monero (XMR) and Privacy
Justin states that for Monero and Shielded Zcash institutions, users can be provided with a single address in a way that these addresses eventually get the best of both worlds in terms of safety and convenience of reusing the addresses and the privacy of not associating these transactions together.
In terms of transparent coins, institutions should be deciding between the safety and convenience of reusing the addresses (or) the privacy of not reusing the addresses. Of note, the exchange deposit address does not change.
The idea of getting new address, verifying the accuracy of the owner and recipient further adding it to the software can all prevent accidental spends, which is cumbersome and prone to lot of risk.
Justin Ehrenhofer is in favor of SHIELDED Zcash. Zcash generally consists of very transparent addresses, which most institutions support, but do not have all protections. However, the attitude towards transparency is changing between institutions.
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