Posted on April 2, 2018
Monero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.
Monero uses a public ledger to record transactions while new units are created through a process called mining. Monero aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made as well as making the mining process more egalitarian.
A fungible, meaning that every unit of the currency can be substituted by another unit. This makes Monero different from public-ledger cryptocurrencies like Bitcoin, where addresses with coins previously associated with undesired activity can be blacklisted and have their coins refused by other users.
– Provides all the benefits of a decentralized cryptocurrency, without any of the typical privacy concessions.
– Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.
– Fungible because it is private by default. Units of Monero cannot be blacklisted by vendors or exchanges due to their association in previous transactions.
– The Monero client makes it very easy for anyone to send/receive XRMs.
– The fact that Monero is minable with CPU (in contrast to GPU) has made it viable for malicious actors to covertly distribute miners embedded in malware, utilizing the victim’s hardware and electricity for the financial gain of the malware developer.
– The private and untraceable nature of Monero has allowed illicit Bitcoin users to break the link between transactions by converting the BTCs in XRMs.
The network has been running since April 2014.
The next big development by Monero will be the alpha release of Kovri. It creates a private, protected overlay-network across the internet allowing users to effectively hide their geographical location and IP address. It was supposed to be released in 2017, but it is not out yet.
Monero is a Proof of Work cryptocurrency that can be mined with computational power from a CPU or GPU.
Contrary to most other cryptocurrency, holding XMR does not give you a vote when in comes to changing the protocol. Only the core developers have that power. Monero has a forum funding system where users can donate money to projects they believe in, effectively working as a vote.
There are many other private cryptocurrencies. The most notable are: DASH, Zcash, PIVX, Komodo, Zcoin and Verge.
Monero’s most notable partnerships are with The Invisible Internet Project (I2P), Microsoft and Project Coral Reef.
XMR is traded on Bithump, Bittrex, Bitfinex, Poloniex and Kraken.
An application layer based on the CryptoNote protocol.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations