Monero Simplified! Everything You Need to Know About Monero

Monero Simplified! Everything You Need to Know About Monero

Education
November 4, 2017 Blockchain Magazine
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Features of Monero Emphasises on transaction anonymity Decentralized: totally decentralized platform Max supply is 18.4 million XMR Uses CryptoNight algorithm Monero as a cryptocurrency is a private, untraceable and secure currency system established in April 2014. Monero aims at decentralization and privacy that can be operated by Linux, macOS, Android, Windows, and FreeBSD. While most
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Features of Monero

  • Emphasises on transaction anonymity
  • Decentralized: totally decentralized platform
  • Max supply is 18.4 million XMR
  • Uses CryptoNight algorithm

Monero as a cryptocurrency is a private, untraceable and secure currency system established in April 2014. Monero aims at decentralization and privacy that can be operated by Linux, macOS, Android, Windows, and FreeBSD. While most of the other cryptocurrencies are created through mining process, the public ledger is used by Monero. Monero has its popularity widespread in North Korea.

To ensure 100 % untraceable and anonymous transactions, Monero uses a special type of cryptography. It is designed to enhance the current cryptocurrency design by covering up recipient, sender and no. of transactions made. This makes Monero more equitable to the process of mining.

Monero takes 21 minutes to make a transaction while Bitcoins takes more than an hour.

Monero emphasises on Anonymity

In a world where hiding any secret can be unearthed, Monero cryptocurrency can be utmost desirable. This is what makes Monero special.  Dynamic scalability, Multiple Keys, ownership to currency, Application specific integrated circuit (ASIC) Resistance, these are the properties that Monero upholds. Two sets of keys are present in Monero called a “spend key” and a “view key”. To enable the optional transparency, view key can be shared separately.

Monero is neither linkable nor traceable. There is no block limit for blockchain and it is scalable. Monero has accomplished a stunning growth in the past few months. When the supply of Monero runs out, the supply of 0.3 XMR/min continuously will incentivize the miners. As per the choice of a person, transactions can be made visible.

Monero has not been much widely adopted and accepted. As Monero is not based on Bitcoins, it has faced issues and falls short in some cases. Hardware wallet is not that compatible with Monero.

Monero has complex coding compared to Bitcoin. Even though it is faster than Bitcoin, it significantly slower than the latest cryptos like IOTA or EOS. Hence, Monero has a more feature (anonymity) specific users.

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