Monero

One of the top cryptocurrencies is Monero. Its story began five years after the release of Bitcoin. The platform has gone through several stages of development, has been further developed and changed several times. There was a period when many experts believed that this project had very little left to live. However, Monero continues to be used by many users around the world. At the end of 2017, the capitalization of this cryptocurrency reached 6 billion USD.

Project features

Monero was not developed as an alternative to Bitcoin. The authors of the project sought to create something original and not just another BTC clone. Monero in Esperanto means “coin”. Below you will learn about the basic properties and advantages of this cryptocurrency.

Proof-of-Work

Operations based on the principle of proof of work performed protects the platform from abuse by its participants. In the course of the calculations, miners register all data on the server. Due to this, each coin miner receives fair pay for their work. This is one of the undeniable advantages of Monero.

No emission restrictions

Until the project was restarted, the total number of coins equaled to 18 million. Currently, mining brings about 0.6 coins per block. The absence of restrictions on emissions attracts new users and miners to the project. This property of the system can also be attributed to advantages.

Mining on x86

To efficiently mine BTC, you must purchase special equipment. If this is neglected, the income from the extraction of coins is unlikely to pay back the costs. On the Monero platform, you can install AES commands designed for execution on x86 microprocessors.

CryptoNote

This protocol completely hides the circulation of coins within the network and significantly increases the level of anonymity of the system participants. “Ring signatures” is one of the main technologies implemented in the project. Each member of the network receives its electronic signature, which allows making transactions. At the same time, its owner is not recorded anywhere.

Stealth-addresses

Each user gets addresses. They can be transferred to third parties, along with the history of transactions and the balance on the wallet. The advantage is full confidentiality. One of the keys is called “viewkey”. It is used to view wallet data. “Spendkey” is the key used to complete transactions.

Key advantage

The key advantage of Monero is a high level of anonymity. In this regard, this cryptocurrency has no equal. Due to this, the coin got a bad name. Many fraudsters and criminals prefer to use Monero since it is almost impossible to track transactions and wallet owners. Against the background of Bitcoin, this coin surpasses it in the following ways:

  • average transaction fee;
  • high performance of new blocks;
  • smaller adaptive block capacity;
  • simple and efficient mining algorithm;
  • anonymity.

Cryptocurrency is also of interest to speculators. At the time of the release of the coins, their exchange rate was in the range of 1 to 2.5 USD. The cryptocurrency price maintained this level for about two years. Then the exchange rate of the coin began to grow rapidly. By the end of 2017, Monero price reached 200 USD.

This electronic currency is suitable for investing and trading. You can earn a good profit on the fluctuations in its exchange rate. Many traders have managed to use the high volatility of the coin and have earned fortunes on Monero.

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