The anonymity or privacy in the transactions of cryptocurrencies such as Monero is one of the characteristics that have most attracted users to this new form of money. And is that keeping your information hidden has become a must in this world of hyper connectivity.
One of the most important currencies in this category, or that at least has a better promise of value, is Monero. Many love it for the way it keeps users anonymous, while others regard it as the currency of cyber criminals.
➡What is Monero? ✨
As we already anticipated you, Monero is an XMR symbol cryptocurrency which was launched in 2014. This cryptocurrency has its axis of operation in an open and decentralized code whose main objective is to keep the information of the users totally anonymous.
For that, Monero uses the already known Blockchain technology or chain of blocks similar to that of other cryptocurrencies. The main difference is in the two additional functions and technologies that it incorporates. One of them are the so-called circular signatures, or ring signatures. The other is the so-called stealth addresses or Stealth Adress.
In this way, circular signatures are responsible for mixing transactions of several users with public keys (Public Key) of other users. This means that the cryptographic analysis of the Blockchain cannot reveal the information of those involved in the transactions.
This, together with the hidden addresses, makes it difficult to track the information of the people or users involved in the transaction. That is why A large number of people accuse Monero as a cryptocurrency that they are responsible for protecting criminals and being able to be used as a fraudulent vehicle.
➡Differences between Monero and other cryptocurrencies✨
- Blockchain: Despite the fact that Monero runs on a Blockchain similar to that used in other cryptocurrencies, the difference is in the CryptoNight function of the PoW algorithm. This makes the Monero Blockchain have variable size blocks instead of fixed ones.
- Anonymity: Although Bitcoin claims to protect user information, it is known that the level of protection is not so something. That is why Monero stands out from other cryptocurrencies by having a much more complex level of protection with circular signatures and hidden addresses, which guarantees your anonymity.
- Transaction capacity: Bitcoin has a fixed block size which limits the capacity of the chain when carrying out transactions. Instead, Monero operates through variable blocks (what we tell you in the first point). In this way, it is possible to increase the transaction capacity according to the needs of the chain.
- Consumable: That word might seem a bit strange, but it refers to the concept that Monero has the ability to substitute each unit of the currency for another unit as there is no distinction between them. This is something unique, little seen in other cryptocurrencies.
- Rich List: A Rich List is a list where the information of each user is gathered with data from their Wallet and the different amounts of cryptocurrencies they own. In the case of Monero, this Rich List does not exist, as it represents a violation of user privacy.
- Value: More than a difference, this is a similarity that Monero shares with many cryptocurrencies, since it does not have a stabilized value. This means that There are no mechanisms to help stop the volatility of its price, so it can have peaks in value and falls in it.
➡The technology behind✨
One of the main features of Monero is that it operates with its own Blockchain chain. The design of this was not done using the language and code of Bitcoin, if it was not built on a protocol called Cryptonote.
Cryptonote has the peculiarity that it allows to execute the previously mentioned functions such as circular signatures and hidden addresses. Without this protocol, the anonymity of user information could not be guaranteed, nor could the record of transaction information be hidden.
Another striking feature of Monero's technology is the fact that it works with a Blockchain of variable blocks. This means that each block has the ability to change its size to improve the transaction process, which translates into greater efficiency in the chain.
It is known that all nodes are the same and that there are no Master nodes that exert any type of influence or greater control over others. No more is known about the architecture or programming because the information of this cryptocurrency is kept hidden by the developer himself.
Monero can be mined, you can use ASICS equipment or you can use GPUs, although these must be just as powerful. To mine this cryptocurrency it is necessary to be part of a pool. Currently 80% of Hasrate is under the control of 4 large mining pools.
One of the points to take into account is that Monero has realized the risk of hacking that Pools face. And it is enough to convince 51% of the miners that the information is real to hack them and with 3 Pools take control of the Blockchain. That is why we are already working on an immediate solution to this gap.
➡How to get it? ✨
The first option to get this cryptocurrency is through the mining process. This can be very efficient if you have the necessary equipment such as powerful computers or ASICS.
Another option available is to buy Moneros. Although these are not so popular, there are some platforms or exchanges that offer them as a cryptocurrency for exchange or investment. According to the exchanges, the most common pairs for XMR (Monero Token) are: USD, BTC, EUR, ETH and USDT.