What is Monero (XMR) ? Explained in 4 minutes

Monero (XMR) has achieved a high level of popularity due to its privacy oriented features these blockchains, which form the underlying technology behind digital currencies are public Ledger’s of participants activities that show all the transactions on the network. However, Monero differs and a handful of ways manero’s blockchain is intentionally configured to be opaque. It makes transaction details like the identity of the sender and recipients and the amount of every transaction Anonymous by disguising. The addresses used by participants Monero supports a mining process where individuals get rewarded by joining mining pools, or they can mine individually Monero can be mined on your traditional computer and does not require any specific mining Hardware to do so Monero alleviates privacy concerns by integrating ring signatures and stealth addresses ring signatures enables a sending participant to conceal his identity from other participants in a group ring signatures are anonymous

Miss digital signatures from one member of the group but they don’t reveal which member sign the transaction to generate a ring signature. The Monero platform uses a combination of a sender’s account keys and clubs it with public keys on the blockchain which makes it unique as well as private this enables the ability to hide the identity of the sender as it is computationally impossible to ascertain which of the group members Keys was used to produce the complex signature. So how is Monero different from Bitcoin? I’m works on a protocol that attempts to Shield the participants identity using pseudo name addresses. These pseudo names are randomly generated combinations of alphabets and numbers. However that approach offers limited privacy as both the Bitcoin address and the transactions are registered on the blockchain. Even the synonymous addresses are not fully private a few transactions carried on by a participant over a time span can be linked to the same address allowing the possibility of public government family and friends to become a

Or of in address owners Trends and hence his identity. It allows identifying Bitcoin units that may have been linked to certain events like fraud gambling or theft which paves the way for blocking suspending your closing accounts that are holding such units compared to Monero with its non-traceable transaction history offers participants a much safer Network where they do not run the risk of having their held units be refused or blacklisted by others. Another advantage of Monero compared to bitcoin is it’s fun. Ability, this means that two units of a currency can mutually be substituted and there is no difference between the two while to one dollar bills are equal in value. There are not fungible as each carries a unique serial number in contrast to pieces of one ounce of gold of the same grade are fungible. Now there have been some challenges with Monero while these privacy advantages have fueled the rapid adoption of mineiro the non traceability and privacy features of an arrow allow them to be used for different.

Reputable purposes and a questionable marketplaces including those like drugs and gambling markets on the dark web Etc. The bottom line is Monero is the 13th largest cryptocurrency by market capitalization and it is not going anywhere anytime soon. If you guys would like to learn more about Monero. I will leave some links in the description.



Related Posts