When you think about cryptocurrency, Monero is one name that is unlikely to cross your mind.
However, it’s one of the few cryptocurrencies that is committed to making transactions private, while the others fixate on increasing value and decreasing fees.
The value of Monero currently stands at $106.14, with a total value of $16.49 million. It was launched in 2014 and is abbreviated as XMR.
Features
Today, the primary focus seems to be on Monero’s privacy concerns. Generally speaking, Monero is an open-source cryptocurrency that operates on the concept of Blockchain (introduced by Bitcoin), but Monero’s Blockchain was customized to be opaque. It makes all the transactions, user identities and sender and recipient identities anonymous by design.
Monero is also completely donation-funded and the creators have not kept any of the stakes in the currency for themselves. Based on an entirely egalitarian concept, Monero seeks to show that everyone is equal and deserve equal opportunities.
It also allows individuals to mine or to mine as part of a group or a pool. Mining can be performed on a standard computer and doesn’t need any custom hardware for mining like Bitcoin and Ethereum do. Moreover, it has the ability to run on all sorts of platforms, such as Windows, Mac, Linux, Android, etc.
Improving Privacy
Monero uses two key things to improve privacy: ring signatures and stealth addresses. The former allows a participant to hide his or her identity from any other participant in the group through a digital signature. They don’t reveal which member of the group signed the transaction. The signature is generated through a combination of the sender’s account keys and groups it with public keys on the Monero Blockchain.
The latter, stealth addresses are one-time addresses that the Blockchain creates for one transaction. It allows the use of the actual address for the receiving money anonymously and hides the identity of the recipient.
Differences from Bitcoin
While Bitcoin also disguises the identity of its users, it uses random name addresses produced from the combinations of numbers and words. However, since both the Bitcoin addresses and transactions remain as part of the register on the Bitcoin Blockchain, these addresses can’t be considered fully private. If anyone wanted to see a pattern of transactions carried out by the same address, they potentially could.
Monero’s second advantage over Bitcoin is fungibility. Each Bitcoin piece is different from the other because it has a unique signature, which makes it easy to identify.
However, Monero units are indistinguishable from each other like two pieces of silver. Hence, Monero is a much better bet if you want your transactions to remain anonymous
Monero Review
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Monero Review
Monero Review
Today, the primary focus seems to be on Monero’s privacy concerns. Generally speaking, Monero is an open-source cryptocurrency that operates on the concept of Blockchain (introduced by Bitcoin), but Monero’s Blockchain was customized to be opaque. It makes all the transactions, user identities and sender and recipient identities anonymous by design.
Monero is also completely donation-funded and the creators have not kept any of the stakes in the currency for themselves. Based on an entirely egalitarian concept, Monero seeks to show that everyone is equal and deserve equal opportunities.
It also allows individuals to mine or to mine as part of a group or a pool. Mining can be performed on a standard computer and doesn’t need any custom hardware for mining like Bitcoin and Ethereum do. Moreover, it has the ability to run on all sorts of platforms, such as Windows, Mac, Linux, Android, etc.