Monero is considered to be the privacy coin, the currency of choice for absolute privacy. Now, privacy doesn’t necessarily mean security and we should remember that 2018 has seen a tonne of ‘Monero mining’ hacks, calling into question some of the projects integrity. Even so though, Monero promises to keep its users privacy completely intact. Simply put, XMR aims to keep it’s users hidden.
According to the Monero website, this occurs via 5 different processes, by being untraceable, unlinkable, secure, private and analysis resistant.
“Unlike most of the digital coins, Monero uses a special technology called ‘ring signatures’ which shuffles users’ public keys in order to eliminate the possibility to identify a particular user.”
“Being a great feature, untraceability doesn’t protect a receiver from defining his or her balance through inspecting ingoing messages to the user’s public address. Therefore, Monero employs a specific protocol which generates multiple unique one-time addresses that can only be linked by the payment receiver and are infeasible to be revealed through blockchain analysis.”
“Like any other digital currency, Monero is cryptographically secured. Though, the peculiarity of algorithm consists in tremendous computational and electric capabilities that a hacker would need to even try to steal your funds. To put it in a nutshell, your wallet is unbreakable.”
“Besides other features, privacy is basically provided with the idea of anonymous transactions without any obligations to cooperate with third parties. Monero is based on cryptography that has lots of muddling factors in its arsenal, making it difficult to detect whom transactions belong.”
It is this notion of privacy that seems to be very complimentary against historic human rights documentation, as a matter of fact, many believe that Monero themselves have been inspired by the United Nations Universal Declaration of Human Rights, set out in 1948 as a result of the Second World War. As a result of this, it could be argued that within their movement towards providing a totally private financial platform, Monero are doing a lot for human rights in the process too.
How do the two compare?
According to Blokt, Article 12 of the United Nations declaration states the following:
“No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honor and reputation. Everyone has the right to the protection of the law against such interference or attacks.” [sic]
If we look at this and have quick think about how FIAT and traditional financial systems fit into this, we quickly realise that they simply don’t. Traditional finance and FIAT payments can be traced and followed. Monero of course aims to stop this, falling back in line with the UN ideal that everyone simply has a right to total privacy.
Furthermore, according to Blokt, Article 2 of the United Nations Declaration states:
“Everyone is entitled to all the rights and freedoms set forth in this Declaration, without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status. Furthermore, no distinction shall be made on the basis of the political, jurisdictional or international status of the country or territory to which a person belongs, whether it be independent, trust, non-self-governing or under any other limitation of sovereignty.”
It’s well known that cryptocurrency is far more inclusive than FIAT currency. Okay, yes, everybody can access FIAT currency somehow, however it is controlled and issued out via centralised resources. The decentralisation and privacy of Monero however means that XMR exists as a financial asset that can be accessed by anybody, providing they have access to the right technology of course.
How is XMR bolstering human rights?
Simply put, by giving people more access to a fair financial system and by protecting the identities of those people, Monero have created a product within XRM that does resonate very well with the UN declaration. In terms of human rights, this means that by using XMR, people are gaining access to a fairer system that enables them to exercise their own human rights in more sophisticated ways. Yes, traditional financial systems do uphold fundamental human rights, however under Monero and XMR, these human rights are enhanced and secured.