CryptoZiller Monero Dashboard
What is Monero?
Monero is an open-source, privacy-oriented cryptocurrency that allows users make transactions without revealing their identity.
Monero was launched in 2014 to provide users with a greater chance of remaining anonymous when making transactions in a blockchain network, something Bitcoin or Ethereum haven’t been able, or didn't even try to achieve. It is a blockchain-based digital currency developed by cryptography and distributed system experts from all over the world.
What makes Monero different from other cryptocurrencies?
Based on cryptonote algorithm, Monero relies on Ring Signatures to obscure the identity of senders and recipients in the network. Ring signatures work by combining or mixing a user’s account keys with public keys obtained from Monero’s blockchain to create a ‘ring’ of possible signers, such that outside observers cannot link a signature to a specific user.
Generally, mixing services are provided by many cryptocurrencies, and users sometimes mix coins when they are looking to hide something. But with Monero, mixing is for all coins used in transactions. This helps to eliminate the suspicion that normally comes due to coins being mixed by participants to conceal information from third parties.
Although users in Monero network have the ability to keep their transaction history private, they are also at liberty to share this information selectively. Every Monero account has a view key feature, which gives permission to anyone holding it to look at the account’s records.
Monero recently released an update called RingCT, which is basically a ring signature that conceals both the individual transactions and the identity of both the sender and the recipient.
Another of Monero’s privacy-enhancing features is stealth addresses. These are randomly generated, one-time addresses that are created for each transaction on the behalf of the recipient. It allows the recipient to publish a single address and the transaction they receive go to a separate, unique address. This means that Monero transactions cannot be linked to the published address of the sender or the recipient.
How does Monero marketplace work?
Monero’s marketplace operates in a similar fashion as many other cryptocurrencies. People interested in investing in Monero’s XMR can purchase it through Exchanges like HitBTC, Binance and many others.
XMR is the Monero’s cryptocurrency token that can be exchanged for other cryptocurrencies such as, but not limited to, Bitcoin (BTC) and Litecoin. Monero also offers miners to mine XMR blocks in mining pools or as individuals.
How does Monero (XMR) Mining pool works?
Monero uses a Proof of Work (PoW) algorithm, which allows mining to be accessible to a wide range of processors including CPU and GPU. Monero does not offer XMR mining using ASICs (application-specific integrated circuits).
Those who want to mine in Monero blockchain have an option to join mining pools or mine individually. Although mining in a pool comes with a fee, pool miners usually get to enjoy the benefits of combining their computational power in order to earn rewards faster and have a steady flow of income. Solo miners also reap benefits, but they don’t have to run a full node or store the entire blockchain.
What’s the hype with Monero XMR all about?
Monero has enjoyed a steady increase in adoption because of its security features and untraceable nature of transactions.
Monero offers fungibility. This means that each individual unit of currency can be substituted for another in Monero blockchain. No two coins are distinguishable from one another, hence, every coin has equal value. This helps to eliminate situations that arise in blockchain where a vendor accepts cryptocurrency but refuses a unit of these assets because of its past transaction history.
Monero is a digital currency that allows for faster and inexpensive transfer of payments to and from different parts of the world, without delay, fraud or censorship.