EasyBit | Coin Analysis XMR Exchange

Type

COIN

Algorithm

CryptoNight-V7

Protocol

POW

Start Date

18/04/2014

Max Supply

Circ. Supply

17,814,740

Website

Explorer

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Intro

Monero is a private, secure and untraceable cryptocurrency that was launched on 18th April, 2014 as a fork of ByteCoin. It is an open-source, privacy-oriented digital currency built on a blockchain that is designed to be opaque. It emphasises the obfuscation of private data (like addresses and transaction values) making for a blockchain with a public ledger with open access for broadcasting and writing transactions but with complete privacy for users. Each user can read the portions of the blockchain that relate directly to their own addresses, or can choose to broadcast unobfuscated transactions.

Monero is based on the CryptoNote protocol, and has a dynamic block size and fees, as opposed to Bitcoin. Monero is a decentralized cryptocurrency, meaning it is secure digital cash operated by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.

Monero works as a privacy-oriented cryptocurrency by using ring signatures and stealth addresses. A ring signature is an anonymous digital signature that does not reveal who signed the transaction. They are generated on the Monero platform through a combination of a sender's account keys and public keys on the blockchain. Stealth addresses are randomly-generated addresses that are created during each transaction for a one-time use, and they hide a transaction's destination address, as well as the receiver's identity. Ring confidential transactions (RingCT) also hides the amount of the transaction; this feature was added in January 2017 as a mandatory feature of all Monero network transactions.

Features

Privacy coin
Monero is fungible, past transactions can not be traced, thus all coins are indistinguishable from other coins. Transaction addresses and amounts are obfuscated by design but transactions can be revealed by a user if required. Privacy of transactions mimics the use of cash in current economies.
Ring signatures
A ring signature is a way to make sure a transaction can't be tied back to a specific individual. As you transact through the network, it mixes the public information of hundreds of transactions together. (Your money is still yours. It's never commingled with anyone else's.)
Decentralisation
The smart mining forthcoming feature will allow transparent CPU mining on the user's computer, far from the de facto centralization of mining farms and pool mining, pursuing Satoshi Nakamoto's original vision of a true p2p currency.
Scalability
Monero has no hardcoded limit, which means it doesn't have a 1 MB block size limitation preventing scalability. As bitcoin has grown, the block sizes have stayed the same. This has caused the bitcoin network to slow down. It just can't handle a lot of transactions at once. For instance, the Visa payment network can handle up to 56,000 transactions per second. By comparison, bitcoin can only handle seven per second. Monero has no such preprogrammed limit. It's designed with a look-back window. That means the network reviews the preceding transactions and automatically adjusts the size of the blocks to account for transaction volume. That makes Monero scalable. And that means as more people use Monero, it will be able to grow quickly.

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Explorer

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*The indicators above, do not represent an investment advice and should not be treated as such. Please make your own research and risk assessment before exchanging your assets.

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