The world of cryptocurrencies are diverse, and it is becoming more and more diverse each day. Out of these vast choices of cryptos, Monero is one of the most unique and different cryptocurrencies available.
Benefits of Monero Cryptocurrency:
Private: No one can see how much balance you have by looking at the blockchain.
Secure: Irreversible cryptographic math secures Monero transactions and wallets.
Untraceable: Monero coins can’t be traced back to the blockchain due to encryption.
Decentralized: All nodes or wallets are equally eligible to verify Monero coins.
Fungible: All coins have the same market value irrespective of time or place.
When it comes to buying cryptocurrencies, you have plenty of options.
But when it comes to untraceable and anonymous cryptocurrencies, you have very few options.
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What is Monero? A Definitive Guide for Beginners
Right now, not all cryptos can offer features of privacy, security, or fungibility at the protocol or fundamental code level. But Monero does, hence making it a very viable choice.
Monero, launched in 2014, is the world’s first private, secure, and untraceable digital currency of the internet.
You can say it is like a more confidential Bitcoin.
But Monero is made from scratch and is not just another clone of Bitcoin’s core code.
Note: Monero prices have shot up achieving an unprecedented fifty fold growth in just a span of one year. It is still in the top 10 cryptocurrencies list of CryptoCompare.
Now, let’s understand what makes it so compelling to own a currency which is untraceable and secure.
How is Monero End-To-End Anonymous?
Untraceability Through RING SIGNATURE
They are digital signatures which can be performed by any member of the ring or group, and all the signatures are potential and eligible signatures. A ring signature is by default applicable on the blockchain, and it enables transaction mixing.
This means that when money is sent, it is sent as a group of randomly picked ring signed transactions of the same amount. And out of this, only one is the actual sender, though all may be eligible to send.
Any incoming transaction is coming as a group of transactions and has many possible senders, and each sender has the same chance of being the true sender.
This makes Monero a top choice for maintaining a sender’s privacy.
Unlinkability Through STEALTH ADDRESSES
Stealth addresses take care of the recipient’s privacy. Stealth addresses don’t allow a third party to see any transactions done in and out of that address on the blockchain.
To make it easier to understand, consider your stealth address as your bank account number.
In traditional banking, even if you give your account number to someone, they can’t see your transactions, identify your balance, or find out your spending habits.
Stealth addresses guarantee the same level of transactional privacy in Monero.
When a transaction is done on the Monero blockchain, it doesn’t list the public address of the receiver on the blockchain. It instead creates a new one-time destination address which is not linked to a receiver’s public address.
Irreversible cryptographic math ensures this unlinkability between both the public and stealth addresses.
The receiver can only scan the blockchain for these one-time stealth addresses and verify their funds.
Transactional Privacy Through RING CT
Ring CT stands for “ring confidential transactions”.
This hides the amount that’s been transacted on the Monero blockchain. This feature is now implemented and will not only hide the source of the funds but also hide amounts being sent in a transaction.
Obfuscation Of IP Using KOVARI
Kovari is an open-source technology that hides the IPs while transacting Monero.
Kovari uses both the routing techniques and encryptions to hide the IPs as well as the geographical location of transactions by creating a new layer over the internet. It is still a work in progress but it is worth waiting for.
I think this is the final nail in the coffin for this anonymous cryptocurrency. And will make Monero the most trusted, open source, decentralized, and fully anonymous cryptocurrency.
History of Monero
Monero is an open source, proof-of-work cryptocurrency, and no one owns it.
Riccardo Spagni started this cryptocurrency along with six other developers. There is no concept of pre-mining or ICOs, which makes it a trustable currency backed by market forces.
It came into existence in April 2014 because of a fork (or split) from the Bytecoin cryptocurrency. The split up happened because Bytecoin, an open source cryptocurrency project, was not transparent enough in its operations. Evidence arose on crypto-forums that more than 80% of coins were already pre-mined.
This discrepancy and distrust led to its split into Monero.
Monero uses the CryptoNote protocol, which was initially used by Bytecoin. However, there are significant differences between both cryptocurrencies.
The People Behind Monero
As I mentioned, Monero is not controlled by any central authority, institution, or foundation. But there is a core team of seven people who look after its development, research, and maintenance. These seven members crowdfund the project with their own money.
Out of this core team of seven members, two members have revealed their identity, and the rest of the members prefer to stay anonymous at this time.
Apart from the core team, there is the Monero Research Lab comprising of academics, scientists, and researchers in math and cryptography.
Total Supply of Monero
The mathematics of the total supply of Monero coins is pretty smart. There will be a total of 18.4 million XMR in circulation. Its mining will go until May 31, 2022, and after that, 0.3 XMR per minute will be fed into the system continuously forever.
This continuous supply of 0.3 XMR/minute will ensure that coins never run out of supply and incentive to miners will continue.
Apart from that, there will also be an acceptable inflation rate maintained by this supply.
Market Cap of Monero
At the time of writing this article, the total available circulating supply of Monero (XMR) is approximately 16,470,871 XMR, and the price of each unit of XMR is $112.18. coinsutra first covered Monero when it was 42$ in June 2017)
Hence, the market capitalization of Monero (XMR) is $1.8 billion.
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Topic: What Do You Think About Monero? (Read 16352 times)