Share this article
What is Monero?
Monero (XMR) is a cryptocurrency that focuses on being non-traceable and private. Its design differs from Bitcoin in a few key ways, but should be understood as a Bitcoin-like cryptocurrency – it can be used to buy and sell things, and can be exchanged for other coins or tokens.
In order to Monero XMR is a cryptocurrency that focuses on privacy and anonymity. Bitcoin is actually pseudonymous and BTC transactions are still traceable, but XMR transactions can be completely anonymized like physical money. It’s a fork of Bytecoin, the original data protection coin.
Of course, every physical dollar has a serial number that is tracked by FDIC-insured banks and governments. However, it is not necessary to see a person’s balance in order to accept their dollar bill. In the same way, retailers only need to check that you have enough to cover your transaction when using a debit or credit card.
Monero uses ring signature cryptography to reduce the amount of information used in cryptocurrency transactions. This gives the sender and recipient of XMR transactions the opportunity to review the transaction confidentially.
Strong encryption, an optimized blockchain and an endless supply make Monero one strong privacy coin with a solid future ahead of them. Before we dive into the basics of the project, let’s take a look at the crypto market performance of the Monero XMR crypto coin.
XMR’s Crypto Market Performance
The Top price from XMR So far, it was $ 494.16 incurred on January 6, 2018. As mentioned above, there is no cap on the total supply, but there are over 16,500,000 XMR in circulation.
XMR, like BTC, is a Proof of Work cryptocurrency. However, unlike BTC, it uses a variant of the CryptoNote cryptocurrency mining algorithm, which makes it more CPU-friendly. Indeed, Monero continues Update of the blockchain protocol Being ASIC resistant, much to the chagrin of ASIC rig makers like Bitmain. It was hard forked in its war against ASICs in both 2017 and 2018.
currency rejects ASIC mining due to the centralization of cryptocurrencies like Bitcoin and Ethereum, which are now moving towards proof-of-stake. In 2017 and 2018, both ASIC durability and privacy in the network were continuously improved. These are great signs of development support in a blockchain market full of vaporware.
This gave rise to many Monero forks, including the Monero Original (XMO), Monero 0 (ZMR), Monero Classic (XMC), and MoneroV (XMV).
Monero is traded on a variety of cryptocurrency markets including Bithumb, Binance, HitBTC, Poloniex, Bitfinex, and CoinEx. There are a ton of trading pairs out there including BTC, BCH, USDT, LTC, ETH, EOS, DASH, and even fiat currencies like USD and EUR. Over $ 25 million in XMR is traded daily.
The Monero community was built Wallets for pretty much any operating systemand a hardware XMR wallet is on the way. Additionally, third-party wallets such as Cake Wallet, Monerujo, My Monero, and Ledgers hardware wallets support XMR.
Behind the veil of the anonymous
Anonymity online is a hot button issue that is important to everyone. Every time you log into your Samsung device using Google’s operating system to connect to the AT&T network and browse the Amazon app, many hands touch, monitor and sell your data and habits. Tech-savvy people use VPNs, proxies, and TOR networks to avoid backtracking.
However, financial transactions and other personal information were used to keep track of people centuries before we ran around with the internet in our pockets.
Using XMR for dark web transactions gives you the best chance of anonymous online transactions.
Monero is aggressively defending its platform’s privacy, pointing out a CryptoNote bug affecting privacy coins like Bytecoin. However, despite Monero’s commitment, data protection and anonymity on the Internet are never guaranteed.
Monero continues to use a similar two-key authentication method for transactions with other blockchains. It just adds one extra step. Your public key is used by the sender to generate a random one-time key, and the recipient uses a private key to receive. Brutally enforcing such a system would be difficult even with quantum computers, but no matter how many times you encrypt a single transaction, metadata contains answers.
This is where ring signatures come in to make things even more difficult. In essence, each issue also has several false issues to trick the system. Imagine the most complicated bank vault you’ve ever seen in a major Hollywood movie, multiply it by ten, and that’s what Monero promises.
Tor traffic has long been monitored by government guards like the NSA using the Navy’s powerful network tools. And even reducing transactions to minimal data hasn’t stopped researchers from reportedly using big data analytics to track over 80 percent of XMR transactions on the Monero blockchain.
While the actual transaction itself is obfuscated, any contextual information can help pinpoint transactions. In addition, if your private key is compromised, someone can track all of your individual transactions. Hence, it is important that you keep your Monero private key safe.
Nevertheless, the anonymous core development team headed by Riccardo “Fluffypony” Spagni and David Latapie built a lean, secure and efficient blockchain-based cryptocurrency. He also quickly points out shortcomings in other crypto projects such as BAT.
Degrading the security of a system like Monero isn’t exactly fair, as it’s still more secure than most blockchains and at least as secure as systems used by Bank of America, Visa, Wall Street, and other financial institutions. Government-level encryption is used, and that’s good enough for now.
Privacy coins are in the crosshairs of regulators, and while transactions on their blockchains can be safe, most market trades need to be logged.
Monero summary
Monero XMR is a privacy coin that has gone from Bytecoin to be one of the highest rated cryptocurrencies by market capitalization. It is often used in place of Bitcoin in darknet marketplaces as it promises anonymity instead of pseudonymity. The success of Monero depends on the following key factors:
- Monero XMR uses ring signatures to mask randomly generated authentication keys and restrict transactions to both secure and relevant information.
- Mining XMR can still be done on home PCs. In fact, the Monero community is aggressively updating their network to stay ASIC resistant.
- Monero has a lot of trading pairs which makes it easy to get on and off. This accessibility will help maintain a high volume of trade for years to come.
As long as Monero and privacy coins like these don’t come under government fire, XMR is a solid cryptocurrency that has been widely used since its inception. An active development team and community make this privacy coin a coin that you should look at for years to come.
Share this article
The information on or through this website is obtained from independent sources which we believe are correct and reliable. However, Decentral Media, Inc. does not warrant or guarantee the currency, completeness, or accuracy of any information on or through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, incomplete or inaccurate. We may, but are not obliged to, update outdated, incomplete, or inaccurate information.
You should never make an investment decision for an ICO, IEO or any other investment based on the information on this website and you should never interpret or otherwise rely on any information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional when seeking investment advice on an ICO, IEO or any other investment. We do not accept any compensation for the analysis or reporting of ICO, IEO, cryptocurrency, currency, token sales, securities or goods.
See full terms and conditions.
Comments are closed.