MONERO XMR

By Ulu_Olcayto | Bitcoin Vs Altcoin | 2 Oct 2019


 

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What is Monero?

 

 It would not be wrong to say that Monero is among the oldest altcoins. Monero began trading in May 2014, using a protocol called CryptoNote in its infrastructure. Monero is also mining based like many other crypto currencies. However, mining in Monero alone is almost impossible. It is essential to participate in mining ponds for mining. In mining ponds, miners come together to unite hash forces and try to unravel a block. Miners who provide valid business proof that they have contributed to the solution of the bloc receive a share of the prize according to the hash power. The CryptoNight algorithm provides users with equal mining conditions on both GPUs and CPUs. On the other hand, this algorithm prevents special designed hardware that can make mining a central location.

Monero = Trust

 

 Monero is a digital money operated by the user network that you can safely trade because it is decentralized. Transactions approved by the distributed consensus in Monero are irrevocably saved to the blockchain after approval. You don't need third parties to keep your Moneros safe.

Monero = Privacy

Monero uses public signatures, secret ring transactions and secret addresses to hide the origin, quantity and destination of all transactions. Public signatures are defined as digital signatures that are included in a group (ring), that can be made by all users with the key. Although everyone in the group is authorized to sign, the identity of the signer is not known. Monero offers its users everything that a decentralized crypto currency can promise, without compromising the privacy element waived in other crypto currencies.

Monero = Non-pursuit

 The amount, the sender's address and the recipient's address may be hidden in transactions made according to the rules accepted in Monero. Operations in the monero blockchain cannot be associated with a specific user or real identity.

 

 Monero = Interchangeability

Monero is a crypto currency that allows for seamless coin exchange due to its structure. So much so that, unlike Bitcoin, there is no way to separate one Monero coin from another. Because it is not possible to track the transactions in Monero. Monero is quite close to the bottom of this sense. In Monero, which offers true confidentiality, no stock market or vendor can blacklist Monero because it is not possible to access past transactions.

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