Monero (XRM) is one of the best known cryptocurrencies in the world. It was created in 2014 based on issues such as privacy, scalability and decentralization. A particularity of Monero is that it is based on the CryptoNote protocol. In April 2017, it exceeded $ 600 million in market capitalization, placing it sixth. Within a few months, it had reached a capitalization of over $ 2 billion. This digital currency was launched on April 18, 2014 with the name of BitMonero, deriving from Bit (as in Bitcoin) and Monero (translatable into Esperanto as "currency"). However, the development team shortened the name to Monero.
It was launched as the first fork of the Bytecoin cryptocurrency, although it was later released with two substantial differences:
- The time for creating the blocks has been halved, from 120 seconds to 60 seconds.
- The emission speed has been halved. Monero's block times then returned to 120 seconds but the blocking bonus was doubled while keeping the emissions schedule the same. Additionally, Monero's developers found bugs that were later replaced and reconstituted.
It uses the same proof-of-work system as Bitcoin to avoid double spending and to secure the network. It is possible to use this system on the most popular operating systems. Monero is programmed for fewer coins issued than Bitcoin: 18.4 million tokens that will run out within eight years.
Everything works through the ring signature algorithm that allows you to hide the amount of a transaction from a third party compared to the transaction. RingCT transactions are enabled by default and there is no need to apply any additional settings. The ring signature hides the balance sheets using changeable addresses that cannot be traced back to a specific individual.
In Monero there are two different keys:
- The spend key is used to log into your account, access your funds and make transactions.
- The view key allows the user to show the details of a transaction to a third party, but not to access the funds contained.
Monero is a decentralized cryptocurrency. It also uses a "Proof of Work" scheme with a mining algorithm that can run on billions of devices. It uses CryptoNight Proof of Work technology (also known by the acronym PoW) which allows mining on low-ranking computers. This type of intelligent mining allows you to do this with the CPUs directly from the user's computer, which is not possible with Bitcoin mining.
Monero is also characterized by its scalability. Monero does not have a maximum block size inside. Therefore it does not have the limit of 1 MB blocks (like Bitcoin). However, the system provides for a penalty mechanism to prevent excessive blocking from occurring.
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