MONERO (XMR)

MONERO (XMR)

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Monero (XMR) is an open source cryptocurrency founded in April 2014, and its main features are decentralization and privacy.

Its purpose is to renew the previous designs of cryptocurrencies but without competing with the others, always hiding the identity of the users of both parties and also hiding the amount of transactions made.

Regarding privacy, from the point of view of the creators of development, it has caused arbitrary uses of people interested in avoiding the activity of justice.

All Monero transactions are impossible to trace and are completely confidential.

Each one of Monero's transactions, automatically, prevents from seeing the addresses of both sending and receiving, and also the negotiation of the amounts.

This fixed privacy law makes the movements of each user of Monero have a great improvement in privacy with all users, thus marking the difference with other cryptocurrencies.

Monero, unlike other original Bitcoin digital currencies, is based on the CryptoNightPow summary function, which provides the CryptoNote protocol.

Monero has relevant algorithmic differences related to Blockchain blindness (block chain). *(obcecacion = blindness)

As it can provide a high level of privacy, Monero is fungible, so we can say that any unit of currency can be replaced by another unit.

This marks the difference between Monero from the rest of cryptocurrencies of public transactions like Bitcoin, in which the relation between currencies associated in the activities is risky and can be included in blacklists or even that said currencies can be rejected by other users.

Specifically, the signatures in a circle combine the address of the issuer among other addresses, this makes the tracking of each new transaction very complicated.

Likewise, the hidden addresses generated by each of the transactions make it possible for the actual destination addresses to be discovered by another user that is not the receiver or the issuer thereof.

Monero was designed to dominate mining using integrated circuits through a specific application, which are commonly used to mine cryptocurrencies such as Bitcoin.

Monero uses mining very efficiently, applying conventional hardware such as x86, x86-64, ARM and GPU processors.

Monero uses the underlying CryptoNote protocol that was edited in October 2013 mainly by an anonymous author, under the alias of Nicolas van Saberhagen.

Through a user of the Bitcointall forum known as "thankful_for_today" Monero was introduced, using the name of BitMonero, which was a literal translation of the word Bitcoin.

Almost a week later, the members of the currency decided to substitute the name using an abbreviation coming to the name of Monero which literally means "currency" in the Esperanto language.

As early as September 2014, Monero was attacked, the origin is still unknown, in which the vulnerability in CryptoNote was observed, which allowed the creation of two sub-chains that jointly refused to recognize the value of their transactions.

A posteriori, CrytoNote created a specific solution to cover this vulnerability, which was implemented by Monero.

Monero saw a very rapid growth of stock market capitalization and a considerable volume of transactions during 2016, as a result of the adoption that took place on the part of a large market of the Dark Network, which was definitively closed by the jurisdictions as early as the middle of July 2017.

Through the acquisition of the Confidential Transactions algorithm, Monero reinforced the privacy of its transactions in January 2017.

Monero is currently considered one of the speculative possibilities in Altcoins thanks to its deserving 13th position in the ranking of the best known cryptocurrencies, with a market capitalization of $ 3,042,712,224.

XMR is the acronym for which Monero is known, appearing as a fork (Hard Fork) Bytecoin, which provides total anonymity that only Monero can offer.

You have to take into account the privacy criteria offered by the rest of the cryptocurrencies normally, so we can see at a glance the Monero characteristic since it has total anonymity, for the transactions carried out are 100% confidential and untraceable.

This feature occurs because the chain of blocks is hidden, thus maintaining total confidentiality by not allowing users to view the economic transactions.

The darkest part of Monero is that it is accepted in all places without taking into account the legality of the services or products.

Although it is heavily criticized by the press, it continues to maintain constant growth.

In some parts of Asia and throughout Latin America the prohibition of the cryptocurrency has been requested, and in Italy some have commented that "anonymous cryptocurrencies should be forbidden", in the event of this happening, there would be the possibility for many countries of the world to put limitations.

The fund of Monero is still to be determined, but it is expected to be an unlimited currency, instead, it was commented that during the next 8 years there could be a possibility that it could reach some 18 million units, but at the end of said period, it will be possible to continue generating Monero units and blocks.

Bitcoin currently remains as the best option for investors, for it maintains its position at the highest points thanks to capitalization.

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