Monero is an open-source anonymity-oriented cryptocurrency that allows for the execution of transactions discreetly between the participants on the network. The operation of the network’s blockchain is based on the same underlying technology used by most cryptocurrencies which are known as public ledgers for viewing the entire transactions on the network.
Coupled with the anonymity provided on the platform, Monero’s mining process has its basis on an egalitarian concept. The concept is based on the theory that everyone is equal and as such deserves equal opportunities.
After Monero was launched, its developers did not hold any stakes for themselves. However, the required the backing of the investor contributions and support from the community for its continuous development.
Even though Bitcoin is generally viewed to conceal people’s identity. However, the Bitcoin network allows for easy access to trace previous transactions back to their origin because of the transparency of the blockchain. Monero on the other hand uses advanced cryptographic software to obscure the transactions of both the sender and the receiver.
Who are the Founders of Monero (XMR)?
Prior to the launch of Monero, there were seven developers involved in its creation. However, along line 5 of the developers decided to remain anonymous. According to unconfirmed rumors, Satoshi Nakamoto, the inventor of Bitcoin is speculated to also be behind the creation of XMR.
The origin story of Monero can be traced back to Bytecoin. Bytecoin is a decentralized cryptocurrency with a major focus on privacy that was launched in 2012. Two years after this, one of the members of the Bitcointalk forum forked the establishment of BCN’s Coinbase, and Monero was birthed from the exercise. According to the forum, there have been suggestions of controversial changes being added to the Bytecoin network which the community as a whole disagreed with and then made a decision to suit their needs.
Based on the Monero structure, it is believed that a series of engineers and developers have added their input to the Monero network over the years.
What is Monero (XMR) used for?
Money operates on a similar pedestal to several other cryptocurrencies. As it holds value, it can be traded on several supported platforms for other types of cryptocurrencies for a corresponding amount agreed upon by the parties partaking in the transaction. The point where Monero differs from its peers is in its anonymity function.
Monero provides a top-notch level of anonymity for parties transacting in the network. This provision is such that the transactions cannot be traced back to a particular source as the protocols on the network configure that transaction to a cryptic format that cannot be decoded by any parties outside the transaction. This makes Monero suitable for a variety of purposes including making anonymous purchases.
In as much as the use of XMR is mostly good, speculations have mentioned that the currency is becoming greatly popular on the dark web as it is seen as suitable for executing some illegal transactions.
What Is the Unique Point of Monero (XMR)?
There are a series of things that makes Monero significantly different from most of the other cryptocurrencies available today. Among the list of this is the company’s broad aim of attaining the highest level of decentralization ever recorded. This implies that the individual parties on the website are not under any obligation to trust anyone else on the platform. This level of privacy is to be achieved through a couple of distinctive features.
Unlike Bitcoin, in which every token in circulation has a unique serial number that can be tracked and monitored if the need is required. Monero, on the other hand, is absolutely fungible, implying that the details about the transaction including the identity of the sender, receiver, and the specific amount being transferred left cryptic. The developers of Monero signify this as being a major upper hand in the privacy sector over several of the other cryptocurrencies available.
The software used by the Monero platform uses several distinctive features which have led to the promoted use of XMR for fraudulent transactions. This has led to different governments around the world, particularly the US government offering money to anyone with the means of cracking the Monero code.
How many Monero (XMR) are in circulation?
In many ways, the Monero cryptocurrency is different in operations from most of its counterparts up to the time when it was still an initial coin offering. For XMR, its tokens were not put up for sale or premined.
The Monero cryptocurrency by design is able to resist application-specific integrated circuits, a process that is generally in the mining of new Bitcoin. Theoretically, this implies that mining of XMR tokens can be done anytime using regular computing equipment.
The available supply of XMR tokens available at the time of writing is 17,703,471. However, the eventual projections for XMR that will be in circulation are 18,400,000. Monero is expected to achieve this market capitalization rate on May 31, 2022. After this happens, the miners on the network will be rewarded using tail emission through minute amounts of XRM being input to the system every minute in the form of incentives. This method is generally held in a higher level of efficiency than using transaction fees.
Is the Monero (XMR) Network secured?
One of the principal objectives of Monero is the prevention of centralization on the network at any cost. The network does this by making use of a consensus mechanism known as CryptoNight.
The CryptoNight system operates on a proof of work security. This means that the nodes on the network are required to provide evidence of expended computational resources to be able to successfully get a decentralized consensus to prevent individuals with ill intentions from taking over the network.
In a bid to ensure that the transactions on the network are not traceable to one another, the Monero network creates stealth addresses for each transaction executed on the network. The thing about these stealth addresses that makes them secure is their one-time usability.
How do I buy Monero (XMR)?
Monero provides major security for parties that want to remain anonymous through any transaction, this has led to an incredible adoption rate for cryptocurrencies and their availability on several platforms.
To purchase Monero (XMR) tokens, just follow these simple steps:
* Open an account with any crypto trading platform that offers XMR.
* Transfer your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy XMR through the trading platform account.