Sirwin
Sirwin

E&S: XMR, A Private Digital Currency


Hey Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.

In this article we talk about more features of Monero!

In the last E&S article I introduced you Monero (XMR) and I said that Monero is the leading cryptocurrency, focusing on private and censorship-resistant transactions. Most existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains. Anyone in the world can verify and/or track transactions. This means that the sending and receiving addresses of these transactions may be associated with real-world identities. On the other hand, Monero uses various privacy enhancing technologies to ensure the anonymity of its users.

Now, let’s continue to explore Monero!

The Monero Project is at the forefront of cryptocurrency privacy and security. Its Research Lab and Development Team are constantly working on new, innovative technologies. Since its launch, the project has received contributions from over 500 developers from all around the world.

Monero is for all intents and purposes a 100% anonymous cryptocurrency that complies with the principle of blockchain and cryptocurrencies. In the past, even law enforcement agencies have tried to find out how to trace the true identity of the sender and recipient in a Monero transaction, but they failed miserably. This is why the potential of this cryptocurrency is nothing short of immense. Many users are looking for totally anonymous tokens so that they can make transactions. This is why this cryptocurrency would be able to capture attention among these users as well.

What about Mining Monero?

Well, the term mining appears at the same time as cryptocurrencies and can be translated as the word “extract”, emphasizing that it is a digital process through which cryptocurrencies can be obtained. Mining is not the creation of money through digital currencies, but a complicated verification procedure that is generated by exploiting the computing power of a computer or special tools aimed at this purpose.

Monero

Mining is presented as a tool for validating transactions in a cryptocurrency's network. The miner is an individual (or company) that invests processing power to get a share of the same cryptocurrency as a reward. The reward decreases transaction fees by creating an incentive to contribute processing power to the network.

I’ve already done a video about cryptocurrency mining. If you missed it, that’s the link!

Monero is a cryptocurrency that relies on proof-of-work mining to achieve distributed consensus. The Monero Project does not endorse any particular pool, software or hardware. Mining ensures the safety of the network. Monero uses randomx, an ASIC-resistant algorithm developed by Monero contributors, which aims to remain mineable by common consumer-grade hardware.

Monero Roadmap: 2021 steps and plans for the future.

As mentioned in the previous article, Monero has been on the market for 7 years. During this time, it has already made several changes and steps forward. Let's now see what they plan for this 2021 and what the future steps of evolution will be.

2021:

Monero

 

Future:

Monero

With this second article about XMR we have discovered new things about Monero Mining and future plans! I would like to know if you are mining this crypto!

Next week I’ll introduce you a new cryptocurrency!

So, be sure to follow my profile for receive the notification of my next articles on Publish0x!

See you soon!

 

 

 

 

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Easy&Short. Cryptocurrencies made accessible
Easy&Short. Cryptocurrencies made accessible

In this section, we are going to create two article per each cryptocurrency/token. The first one will be technical, with a simplification of the Whitepaper and the second one will be about particulars of the coin. For example staking yields, particular functions and so on! I am sure you will like this very much!

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