Monero (XMR) is a cryptocurrency based on the Crypto Note ring signature algorithm. Monero is an independent currency that is not a fork of Bitcoin. To accumulate Monero coins, users use one unique e-wallet address, the key to which only the owner has. Monero is among the 10 most expensive cryptocurrencies in terms of capitalization. The launch of the cryptocurrency took place in 2014.
Main features
After a very short boom that saw Monero surpassing $ 137 again in early September 2018, it has never reached that level since. By December of that year, it had dropped below $ 50, and by mid-March 2020, it had dropped to $ 32. Since then, however, the price of Monero has risen significantly, returning to around $ 100 by mid-August, and today again surpassed the $ 138 level.
As such, today’s value of XMR is not only the highest in the last two years, but is also at the same level as during a short peak in early September 2018.
In fact, one of the main characteristics of a CBDC is a complete traceable transaction, as all transactions will be recorded in a centralized ledger controlled by the central bank itself. In other words, CBDCs will not be anonymous at all and will allow every transaction to be completed completely. Each recipient of transactions can be easily verified as quickly as possible.
As a cryptocurrency, indicates a financial or speculative interest in XMR rather than its actual use as a cryptocurrency, the rise in the value of Monero over the past few months. With a high level of confidentiality. It is possible that, as is often the case, the markets are trying to get ahead of their time.
The main feature of Monero is anonymity: electronic cash cannot be traced. These virtual coins are also characterized by such qualities as:
- unconnectedness of payment transactions;
- resistance to block chain analysis;
- “Ability” to adapt to the needs of the user;
- open source;
ü using the principle of Proof-of-work (proof that the operation has been completed).
The life of the Monero cryptocurrency was far from sweet, because at the beginning of its journey to the cryptocurrency, a rather powerful hacker attack was committed, which Monero overcame with pride. This fact helped the Monero cryptocurrency to gain the trust of users, which, as a result, led to an increase in the popularity and value of Monero.
Bitcoin is one of the most demanded cryptocurrencies, with ample opportunities and great prospects. It consistently remains the most expensive and highly quoted. Unique coins have become well established in the circulation of the Internet space and are gradually being introduced into the real life of the modern community. But the main difficulty is that the Bitcoin cryptocurrency is very difficult to mine, its production has always been difficult, and after the halving that took place in May 2020, the reward generally fell by half. But it is easy to find btc to xmr exchange online.
A professional team is constantly improving its brainchild. The latest achievement – a bug has been fixed in the CryptoNote protocol itself, which is also used by other cryptocurrencies.
Interesting Monero Facts:
- Microsoft Corporation uses the developments of Monero to create its new platforms.
- According to the FBI, the main cryptocurrencies used by cybercriminals when demanding ransoms are: Bitcoin; Litecoin; Monero.
- Ethereum also uses a ring signature to ensure anonymity.
- During its official launch, Monero was immediately attacked by hackers.
