Monero (XMR): a privacy focused cryptocurrency

In a volatile market as that of cryptocurrency, capture the big projects behind each cryptocurrency focusing only on price, it’s very superficial. — For this reason, while the market’s attention is diverted, however there are many opportunities to collect coins that are seeing fundamental developments that amaze.

Among the many, we find Monero (XMR)

Monero (XMR) on CoinMarketCap.com

Monero stands out among the top 20 CoinMarketCap positions, registering its peak of $500 between December 2017 and January 2018.

What is Monero?

CryptoNote v2.0 White Paper by Nicholas van Saberhagen

Monero is a cryptocurrency that was originally launched by Nicolas Van Saberhagen in October 2013 with the name “BitMonero” (Bit as Bitcoin and Monero as currency in Esperanto) and then officially in April 2014, as a result of Bytecoin’s fork. It is based on the CryptoNote algorithm and is based on Ring Signatures to provide a certain type of privacy, which is its main feature.

Monero’s biggest offer is the total anonymity and many protocols are implemented and created to ensure its effectiveness, if I send a Monero to your address, neither you or anybody will know who sent Moneros and the amount sent. This is ensured by a special technology called “Ring Signature”, which mixes users’ public keys to eliminate the possibility to identify a particular user.

Ordinary Signature
Ring Signature

This alternative of bitcoin allows users to carry out the same type of digital transactions as their older brother, but with significantly wider privacy protections. While bitcoin transactions are recorded permanently and visible to all (if it is difficult to connect to a real person), Monero does everything to obscure what is really happening: you can never prove the sender, the recipient and the value of a transaction at the same time. The currency is also altered to make it easier to generate new coins using computer processors and mobiles, rather than requiring specialized “mining platforms”.

Monero is a cryptocurrency that uses a Proof-of-Work method for transaction validation, which can be mined with computing power from a CPU or GPU.
At the moment there are no ASICs for Monero, which means that anyone with a computer can do “mining”.

As explained in the previous article (see the article Comparison between cryptocurrency mining at Home or in a Datacenter) it is always better to rely on Datacenters for mining than to proceed alone.

6x VGAs Mining Rig for Monero

Other fundamental points of Monero are:

Validation: Proof of Work
Algorithm: CryptoNight
Difficulty change: each block
Block Time: 2 minutes
Block Reward: smoothly decreasing and subject to penalty for blocks greater than the median dimensions of the last 100 blocks (M100)
Block size: dynamic, maximum 2 * median of the last 100 blocks (M100)
Maximum Supply: infinite, just like Ethereum
Sender’s Privacy: ring signatures
Destination Privacy: invisible addresses
Transaction Amount Privacy: creates confidential transactions

CryptoNote Transaction

When bitcoin was conceived for the first time and, indeed, when it grew in popularity during the early years of crypto-growth, privacy was one of the features advertised as fundamental to the mainstream adoption of this sort of asset.

During its growth up to the present day, this anonymity has disappeared. In the vast majority of cases, a bitcoin user must now prove his identity when buying coins and this compliance and the regulatory problems associated with storing, archiving and sending bitcoins have practically eliminated all the privacy features .

CONCLUSION

Not only that, most of our private information can easily be found online almost by anyone. Mega Internet corporation such as Facebook, Apple, Google, Microsoft and others know everything about us. By studying our “online movements” they hold sensitive user data files and archives.

The uses of our data may be different, among the many we find the following: sell your private data and information to interested third parties, send your private information to advertisers to provide them with better targeting, send your private information to governments or tax agencies if required.

Monero is the strongest cryptocurrency able to maintain the originality of the anonymity of the transaction and thanks to its special technology and its $500 price boom, it is assumed that it will reach even higher price peaks.

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Monero (XMR): a privacy focused cryptocurrency was originally published in NovaMining on Medium, where people are continuing the conversation by highlighting and responding to this story.

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