What is Monero: money for a casino without intermediaries
Montero Crypto Monetary (XMR) is a fully anonymous decentralized cryptocurrency, founded in 2014 as the result of Fortecoin cryptocurrency fork. But, initially, Monero was called BitMonero, which is translated from the dead language as “coin bitcoin”. As a result of rebranding, it was decided to change it to Monero. The developers of Monero decided to build on Bytecoin code, which basically uses CryptoNote protocol that which makes crypto currency code more difficult, which complicates process of disclosing user data.
Monero’s cryptocurrency is based on CryptoNote protocol that, in addition to CryptoNight algorithm, allows users to encrypt transactions on the network in such a way that Monero is the most anonymous cryptocurrency. Due to the use of the Stealth network of addresses, in which there are 2 keys, information on a transaction is completely hidden.
How to buy online Monero credit crypto
To do it all in mind, you have to first purchase Bitcoin. You, of course, can buy Monero coins for rubles directly through the exchanger, but it is still more profitable to take Bitcoin and exchange it for XMR on stock exchange. By making a direct exchange, you will come across a huge commission. For example, at the time of writing, the price of one coin was $ 250, while the exchangers will take about $ 330 from you – this is their commission.
Advantages and features of Monero
Montero Crypto currency was originally created not as an alternative to bitcoin, so developers added more original features and properties to it.
Presence of Proof-of-work system (proof of work performed) is a principle of protecting system from those who try to abuse services. Miners perform tasks, and the server registers all data at this time, so each user can be sure that his or her work will be paid accordingly. Monero is created based on this provision.
Unlimited emissions. Until restart, the number of coins was 18 million. Mining now brings in 0.6 coins in each block of tasks, so miners can receive more rewards. The project helps to attract new users.
Mining on x86. To extract bitcoin, you need to buy special computers. Otherwise, costs will exceed profitability. In Monero, the system allows you to set AES commands for x86 processors.
CryptoNote protocol. This allows you to completely hide the turnover of funds within the system, and increase the anonymity of users. The technology of ring signatures is used – each holder of the wallet is given an electronic signature that allows performing basic operations. And the one who specifically owns the signature cannot be known.
Stealth-addresses. These are two addresses that are given to any user. They can be passed on to you by others, and along with this you transfer your transaction history and the entire balance of the wallet. However, the advantage is that it can be given on network, keeping confidentiality. The key can be “viewkey”, which is used only to view all data or “spendkey” – to perform any operations on the account.
Such an extreme popularity of Monero was due to the fact that the demand for crypto currency increased. The whole economy smoothly turns into an electronic form. At the same time, thanks to crypto currency, you can be sure of safety of your money.