7 Things Everybody Must Know About Monero

Cryptocurrencies world is diverse and becoming more diverse day-by-day. Among all cryptocurrencies in the market, Monero is the unique cryptocurrency available. Owing to its security and privacy feature, everybody want to invest in this cryptocurrency.

However, most of the people are not aware of this cryptocurrency; thus to make them informed, here is a blog post. Take a look.

Benefits of Monero –

  1. Private – Transactions made with Monero are private, no one can check the balance on the blockchain.
  2. Untraceable – Owing to encryption, Monero transactions can’t be traced on the blockchain.
  3. Secure – Complex mathematical puzzles secures Monero wallets and transactions.
  4. Fungible – Irrespective of place or time, all cryptocurrencies possesses same market value.
  5. Decentralized – Wallets or nodes are eligible for verifying Monero coins.
When it comes to buy digital currencies, you can choose from a wide range of options. However, when looking for anonymity and untraceable then it can only be find in a few cryptocurrencies.

What is Monero?

Monero is a decentralized cryptocurrency that helps in making secure transactions in between two users. Invented on 18th April 2014 by a group of seven developers, Monero is the first secure, untraceable, and secure online or digital currency in the world. The cryptocurrency uses cryptographic equations in order to ensure 100% untraceable transactions.

How is it Anonymous?

Monero transactions are made untraceable through ring signatures. Invented by Yael Tauman, Ron Rivest, and Adi Shamir in 2001, Ring signatures are digital signatures that can be performed by the group member. All signatures are eligible and potential signatures. It is basically a signature that is applicable on blockchain by default and enables mixing of transactions.

This ultimately means that sent money is sent in a form of ring signed transactions. In these transactions, sender is only one; however there is a possibility that other might are eligible to send money.

The sender’s privacy makes Monero a preferred choice among people.

Stealth Addresses

These addresses of the cryptocurrency take care of privacy of recipient. The addresses do not involve any intervention of third party so that they can’t see the transactions details on the blockchain. In simple words, you can consider stealth address as bank account number. However, in fiat currency banking, when you provide your account number, you provide them complete access to your account, as they can see all transaction details, check your balance, and analyze your spending.  Monero transactional privacy is guaranteed by stealth addresses.

Whenever transaction is made on the blockchain of Monero, its details like receiver’s public address does not get listed on the blockchain. In place, a new destination address is created and linked to the public address of receiver. Cryptographic problems ensure the unlinkability in between stealth addresses and public. Receiver can scan the blockchain through stealth addresses and verify the funds.

Privacy of Transactions through Ring CT

Ring Confidential Transactions or Ring CT hides the transaction amount on the blockchain. However, this feature is under test phase and developing further. It will get live in the end of 2017 and hide transaction amounts and source of funds. Thus, this will make the cryptocurrency decentralized, open source, fully anonymous, and most trusted digital currency in the market.

People behind Monero

Just like other cryptocurrencies, Monero does not have control of any central authority, bank sectors, and other foundation. However, the core team of Monero consists seven developers that look after its research, maintenance, and development. This project is crowdfunded by these seven members on their own money.

The core team’s two members reveled their identity; however rest are still anonymous. Riccardo Spagni and David Latapie are two known members of core team. Besides the core team of Monero, there is Monero Research Lab that comprises of scientists, cryptography researchers, and academics.

Monero’s Total Supply

Total supply of Monero is very smart. There are around 18.4 Million XMR in circulation. This Monero mining will go till 31st May 2022 and thereafter 0.3 XMR/minute is continuously fed in the system. This coin supply of 0.3 XRM per minute ensures that the supply of coin will never run out and rewards to the miners will continue. Besides this, an inflation rate is maintained by the supply.

The above-listed features of Monero makes it one of the most sought-after cryptocurrencies in the market. However, at present, Bitcoin is the top most cryptocurrency and enjoying the advantage as a first mover, but Monero will also not leave behind.
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About Dhanur Chauhan

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