Monero
Monero is a cryptocurrency known for its privacy features. It is an open source cryptocurrency that was created in April 2014. Using the flexibility of the CryptoNote system makes it CPU friendly. While other currencies such as Bitcoin and Ethereum work in a traceable way, in the case of Monero, a transparent ledger ensures that a third party cannot check who is sender, recipient, or amount in the transaction. Monero coins can be created through the mining process. It can be done using any operating system such as Windows, Mac, Android, and Linux due to the ease of access to the Proof of Work algorithm.
History of Monero
Bitcoin was launched in the summer of 2012, It is the first digital currency written using the technology called CryptoNote, CryptoNote is today the backbone of many crypto-based currencies that exist, This including Monero, CryptoNote coins are considered private. public key collection, By combining multiple keys with one transaction, it is impossible to know who sent it.
Using these “signature rings” to enter transactions provides the anonymity of CryptoNote technology, Bytecoin is a good attempt for an anonymous cryptocurrency, however, there are a few issues with its initial distribution, when first released. launch, it turned out that 80% of the coins to be mined already exist. This caused a group of seven developers to challenge the Bytecoin blockchain and a new currency to be called Bitmonero, This eventually led to the only Monero which is Esperanto for “coin”, a currency like Monero that can be used to pay public debt person or “matchmaker. type of application”, therefore, privacy is important even if there is no violation of the law.
Why Monero was invented
When Monero first started, the need for complete anonymity was something it needed to address, and to a large extent, it filled that gap. In its early days, no digital currency offered flawless transactions. However, today, few other works follow the path of its identity.
Monero is designed to be a currency that will operate independently of the control of forces such as central banks and government-controlled institutions. One of the biggest criticisms of fiat currencies is that the basis for their creation and value is unclear. Monero derives its value today from the market forces of demand and supply and other factors in the global economy. Apart from the above, it can be used as follows:
As an exchange process for the maintenance of goods and services
And The Digital Currency Market That Enables Digital Asset Trading
Integrated digital wallet enables instant payments
Top Features of Monero
Your goal is yours
Your business is completely under your control. You are in charge of your money. No one will be able to see what you are doing with your money because your identity is private.
This guarantees privacy and no restrictions. Business reports are confidential and ultimately it’s up to you where you want to spend your money.
It is Fungible
Another interesting quality that it has because it is hidden is that it is really fungible. The interchangeability of goods or assets with other goods or assets of the same type is called fungibility.
Take the example of bitcoin. Bitcoin is proud to be an open source and open source document. But it also means that anyone can see the transactions on it, and more importantly, anyone can verify those transactions. It just means that if you hold bitcoin that has been used in illegal transactions, such as buying drugs, it will be published in the transaction data. What this actually accomplishes is “damaging” your bitcoin. “Foul” and “clean” coins will not be valued at some providers and bitcoin exchanges. This eliminates fungibility and is one of the most common criticisms of bitcoin. This is where Monero comes in. Since all data and transactions are confidential, no one can see what your business Monero has done in the past, or what was bought with your Monero. His business history is unknown, and a search for “business” is not available. Therefore, the concept of “dirty” and “clean” Monero does not exist, therefore, they run.
Scalability changes
The issue of bitcoin scalability has been a major topic in crypto circles in recent months. So, to sum up the problem, bitcoin was made with its own limit limiting the size of 1MB. Bitcoin had no blockchain in its early days; However, limits are put in place to prevent spam transactions. Monero has a zero block size system with no “hard restrictions” on block sizes. However, this shows that malicious miners can break the system with large blocks that don’t make sense. ASIC is drug resistant
Monero is not an “ASIC-resistant” technology, but the cost of developing an ASIC for Monero will be prohibitive.
Cryptonight was founded to establish a stable and decentralized financial system. Unable to access funds including Cryptonight.
It is believed that by doing this, the mining ponds will be broken down and the amount of water will be distributed equally. So, below are some features of CryptoNight that make it ASIC resistant.
To work, Cryptonight requires 2MB of RAM. This means that hash parallelism is limited by the amount of memory that can be accessed on the CPU and still be cheap.
Cryptonight should be CPU and GPU compatible as it uses the AES-Ni protocol.
Multiple keys
The fact that Monero has multiple keys is one of the most confusing things about it. In Bitcoin, Ethereum, and other cryptocurrencies, you only have a public key and a private key. However, with a system like Monero, things are not so simple. The public check key is used to create a unique private address to which funds will be transferred. The recipient uses the private check key and searches the blockchain for the money they are given.
