Monero (XMR) is a digital, public, cryptocurrency web-wallet developed with an objective of enhancing privacy through employing a cryptonote protocol known as blockchain obfuscation that use ring signatures. The ring signatures are completely untraceable as every member of the group could be a potential performer of the ring signature, making the system ideal for privacy-sensitive markets operations. After every transaction, the coins get mixed in the currency pool as the coins are subjected to ring signatures, bringing about the advantages of fungibility.
The cryptocurrency has amassed a huge number transactions, with a high level of market capitalization, over the past two years, owing to its robust popularity growth over the period.
|Market Cap||Volume||Last Trade|
|Max Supply||Algorithm||Proof Type||Start Date||Difficulty Adj||Website|
|0||CryptoNight-V7||PoW||02/06/2014||2 blocks||YES||Block RR||Block No||Network H/S||Current Supply||Block Reward||Monero|
The History of Monero Coin
XMR was launched as a cryptocurrency in the year 2014, as a fork of Bitcoin. Among the major inspirations of mining the crypto is the was the fact that more than 80% of Bitcoin was already circulating in the markets.
The new coin became operational and people transacted using a command line wallet. This was a less resilient code, which had to be improved with the eventual development of GUI project.
The eventual success of the new currency was its new privacy feature that allowed the currency to be fungible. As a result, it is 100% exchangeable, making every coin out there similar in that a specific coin used for a given exchange is completely untraceable.
The Technology Behind Monero
Monero employs mixins, a sampling technology that adds chaff transaction inputs that obscure the direct linkage of the sender and receiver. Mixing uses the fact that each XMR cryptonote is perfectly similar to each other and the traces of a given exchange that an individual note that was involved can be hidden since each coin is 100% fungible.
Stealth addresses enable the perfectly similar cryptos to be infinitely substituted, reducing the chances of traceability and linkability after every transaction. Ring Confidential Transactions use the latest signature system that enables a user to hide the total number of transactions that one has carried out, creating the ultimate anonymity of the currency.
The web-currency is decentralized and uses a mining algorithm that is both transparent with no upper limit of the blockchain.
Coins similar to Monero
Make Monero Coin Work for You
As people continue using the web-wallet, the markets will have more users and mining will continue since the coins will become even safer. Every exchange will have more potential key signatures, and the chances of identifying the real signature will reduce.
Therefore, while most cryptos, such as bitcoin continue to have privacy compromises such as blockchain analyzers, Monero has become more secure and improved on its privacy measures.