What is Monero ( XMR )

What is Monero ( XMR )

By Snow Under Sun | SnowUnderSun | 7 Jun 2020


The number of cryptocurrencies listed in Coinmarketcap is over 5300 and most of them are very similar, do not have problem solving intentions and are therefore destined to disappear.

Monero (XMR) is the product of an original idea.

Some sources claim that the word “Monero” is the equivalent of the coin in Esperanto, an artificial language. It is possible to say that there is a reasonable relationship between the desire to bring all the people of the world together in a common language and the structure of Monero which is open to everyone.

Designed in 2014, Monero is one of the pioneers of privacy-focused cryptocurrencies.

In addition to its privacy feature, it has a naturally safe and also non-traceable structure.

For example, when John Doe sends 5 XMR, Monero's cryptocurrency to Jane Doe, no one can see John, Jane, and 5 XMR.

So you have your own banking system. You can transfer your money whenever you want, without the supervision and intervention of others.

Most of the existing cryptocurrencies, including Bitcoin and Ethereum, have a transparent blockchain structure. This means that transactions can be tracked by anyone in the world.

In addition, the addresses used in these transactions can easily be associated with a person's real-world identity.

In Monero, transactions are hidden and cannot be followed.

Cryptography is used to screen the transaction amounts as well as the sender and receiver addresses.

Cryptography is a kind of encryption system and the most basic operating logic of cryptocurrencies is based on this.

Unlike optional privacy, such as Zcash, the activities of every Monero user remain confidential.

Over 500 developers, including more than 30 cores, are sweating for the Monero project, it is not possible to see these numbers in most projects.

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Let's go back a little bit now.

We are aware of the existence of an institution called CryptoNote. CryptoNote, which appeared before 2012 and officially announced its foundation in 2014, is a technology that allows the creation of completely anonymous and egalitarian cryptocurrencies.

I would like to talk about the philosophy behind this technology.

The CryptoNote team has some objections. The current economic order is controlled by a small number of people, causing the status quo and bloodshed.

Despite humanity's hope of overcoming local crises through education and globalization, we still cannot have full control over our lives.

However, the latest developments in technology, mathematics and cryptography can help break this order. The emergence of cryptocurrencies is the harbinger of the new world order.

Freedom; quality education, drinking water, and access to financial resources that will give hope for a better life start to the oppressed class.

CryptoNote’s problem is not to create new cryptocurrencies. It is the mindset and concepts that represent the first small step of regaining control over us for peace and prosperity.

Yes, as you can see, it's not just blockchain, cryptocurrencies, etc. There is a struggle to achieve the right to live humanely, which is based on financial freedom.

The CryptoNote protocol has brought many innovations to the crypto money ecosystem. "Ring signature" is one of them. Thanks to this feature, the source of the input in the transfer process is hidden, it cannot be determined who approved the transaction and it cannot be "traced".

Another innovation of the project is the CryptoNight hash algorithm. This algorithm prevents mining from becoming the center. Less energy use and a more egalitarian structure. As it is known in Bitcoin, SHA-256 hash algorithm is used and mining is generally centralized. In the meantime, let me give the following information for those who love conspiracy theories: The SHA-256 algorithm was invented by the American National Security Agency. This unit, which is an expert in cryptology, is estimated to be the most intelligence gathering organization in America.

 


Snow Under Sun
Snow Under Sun

A westerner in Thailand. Previously,13 years Sales Executive in a Forbes 500 company and 6 years HR executive in a multinational company. Crypto trader since 2015.


SnowUnderSun
SnowUnderSun

A westerner in Thailand. Crypto trader since 2015. Previously Sales Executive in a forbes 500 company.

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