Monero is a cryptocurrency founded in 2014 by a group of seven core developers.A crowdfunded exchange, XMR concentrates on great privacy and decentralization and runs on Windows, macOS, Android, iOS, Linux,and FreeBSD.
Monero stands among the top ten highly-valued cryptocurrencies. Monero has often been described as a confidential Bitcoindue to its high privacy. It was initially named BitMonero (Bitcoin and Monero) but was later shortened to Monero within a few days of its launch.
A few of the advantages of using Monero over other cryptocurrencies are:
- Decentralized: There is no regulation by any government or central bank to oversee the market. Nodes and wallets are not restricted from verifying monero coins.Monero is supported by exchanges such as Poloniex, Bitsquare, Bitfinex, Livecoin,andKraken.
- Privacy: Being its key selling point, no one can tell how many coins you have in your account.
- Undetectable: The encryption on Monero does not allow transactions to be traced.
- Fungible: Monero coins are interchangeable, meaning they have the same value across the market regardless of location or time of the transaction.
Among the main features that make Monero a favorite is not using servers or keeping logs of transactions. Monero uses three technologies to ensure complete privacy:
- Stealth Addresses: This technology ensures no one can trace where the money is being sent to. The public key and private key can be viewed but there is not a way to create a link between the two.
- RingCT: Ring Confidential Transactions has been in full effect from 2017. RingCT hides the amount being sent, while at the same time ensuring no more coins are created. The sum of the amount being sent and the amount being received has to be a constant.
- Ring Signatures: This technology was founded first in 2001. It hides where the money is coming from. Different rings are allocated a value then mixed up by an algorithm, thereby making it harder to tell which ring signature is the actual sender of the coin.
Monero coins (XMR) can only be accessed via your private key. XMR can be stored in the exchanges such as Gate.io, Binance, Bitfinex, BitBNS, Poloniex, HitBTC, Kraken, Livecoin and Bitsquare. It is always advisable to only keep your coins in exchanges for at most two days.
Trailing behind Bitcoin in market share, Monero’s steady growth will see it be a top cryptocurrency by 2022. Up until then, there will be 18,400,000 monero coins in circulation. Thereafter, only 0.3 monero coins per minute will be mined forever. This means that there will always be a supply of XMR, with an inflation rate factored into the algorithm.
With time, more people are seeking financial privacy and there’s no better option than Monero.
XMR also takes the least block time, at ten seconds compared to Bitcoin’s ten minutes.
The above features make it easier to be adopted by large institutions, as well as adopted by ardent and new cryptocurrency investors.
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