The ability to inсlude a memo/tag/message is particularly relevant in cryptocurrencies that use a systеm of shared addresses or blockchain networks, where multiple users utilize a single address for deposits or withdrawals, for example, BNB, Cosmos ATOM, Terra 2.0 LUNA, EOS, XEM, XRP, XLM. Without this function, platforms or exchanges would find it difficult to differentiate transactions made by different users to the same address.

An everyday analogy to understand this concept is a communal mailbox in an apartment building. Imagine the apartment building as a blockchain network, and each apartment as a user's wallet. Now, suppose there is a communal mailbox where all residents receive their mail.

In this scenario, the mailbox number serves as the shared address, and each resident has a unique compartment for memos/tags/messages. When the mail carrier delivers a package or letter, they need a way to ensure it reaches the intended recipient. This is where the memo/tag/message comes into play. Residents can add their apartment number or name as a memo/tag/message on the package, allowing the mail carrier or other residents to accurately identify the intended recipient.

Similarly, when conducting a transaction in certain cryptocurrencies, you may come across a field labeled "Memo," "Tag," or "Message." If you are sending funds to a shared address, such as an exchange deposit address, including the required MEMO/tag/message is crucial. This allows the recipient or platform to associate the incoming transaction with your account, ensuring that your funds are properly credited or used for the intended purpose. Otherwise, your assets may be irretrievably lost!