One of the basic commands of blockchain technology is to provide users with lasting privacy. Bitcoin was based on this premise as the first decentralized cryptocurrency, the government needed a virtual currency that went unmixed to market to a wider audience.
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Unfortunately, along the way, Bitcoin has many vulnerabilities such as unscalability and a changing blockchain. All transactions and addresses are written in a blockchain so that anyone can connect to the points and share users ’private data based on existing records. Some government and non-government agents are already using blockchain analytics to read data from the Bitcoin platform.
Such bugs have led developers to explore alternative blockchain technologies with better security and speed. One of these projects is Monero, usually replaced by an XMR ticker.
What is Monero?
Monero is a privacy-oriented cryptocurrency project whose main goal is to provide better privacy than other blockchain ecosystems. This technology hides user information through hidden addresses and call signatures.
The Stealth address refers to the creation of a single address for a single transaction. Cannot anchor two addresses in a single transaction. The coins received go to a completely different address so that the whole process is clear to an outside observer.
The signature on the ring, on the other hand, refers to the confusion of key accounts with public keys, thus creating a “ring” for multiple signatories. This means that a driver cannot associate a signature with a particular account. Unlike cryptography (a mathematical method for securing crypto projects), the ring signature is not the new child in the block. His principles were studied and recorded in a paper in 2001 by The Weizmann Institute and MIT.
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Cryptography has certainly won the hearts of many fans of the developer and blockchain chain, but the truth is that it is still a creative tool of no use. Since Monero uses already proven Ring signature technology, it stands out as a legally worthy project.
Things to know before you start trading Monero
Monero’s market is similar to other cryptocurrencies. If you want to buy, Kraken, Poloniex and Bitfinex are some of the exchanges to visit. Poloniex was the first to adopt and then Bitfinex and finally Kraken.
This virtual currency is mostly associated with the dollar or other cryptocurrencies. Some of the available pairs include XMR / USD, XMR / BTC, XMR / EUR, XMR / XBT and many more. The trading volume and liquidity statistics of this currency are very good.
One of the good things about XMR is that anyone can participate in mining individually or by joining a mining pool. Any computer with high processing power can extract Monero blocks without any problems. Don’t worry about going to the ASICS (application-specific integrated circuits) that are mandatory for Bitcoin mining today.
Although cryptocurrency is a huge network of currencies, it is not so unique in terms of volatility. Almost all altcoins are highly volatile. This should not have to irritate any trader, as this is the factor that makes it profitable first; you buy when prices slow down and sell when they have an upward trend.
In January 2015, XMR traded for $ 0.25 and then did some jogging for $ 60 in May 2017 and is now a bowling alley for over $ 300. The Monero coin registered $ 475 ATH (the highest ever) on January 7, along with other cryptocurrencies, before falling to $ 300. At the time of writing, almost all decentralized currencies are in the price correction phase, with Bitcoin ranging from $ 10-11 to $ 19,000 from the excellent ATH.
Fertility and adoption
With its ability to provide reliable privacy, many XMR people have taken their coins to easily replace other currencies. In simple terms, Monero can be exchanged for something else.
All Bitcoins in the Bitcoin Blockchain are registered and so when an incident like theft occurs, all the coins involved will be prevented from being exchanged. With Monero you can’t separate one coin from another. So a salesperson can’t rule out one of them because it’s associated with a bad incident.
Monero blockchain is currently one of the most common cryptocurrencies with a large number of followers. Like most other blockchain projects, its future looks great for the government. As an investor, you need to do proper due diligence and research before marketing any Cryptocurrency. As much as possible, ask for financial support to go the right way.