XMR Monero Cryptocurrency in a Nutshell

XMR Monero Cryptocurrency in a Nutshell

The XMR Monero is mineable which basically means the new Cryptocurrency digital coins are created if a miner successfully verifies a transaction and adds it to a public ledger within the network of the Cryptocurrency being accessed. It also means that the individual needs to have a strong connection to the internet and has the suitable hardware that meets the process’s requirement in order to successfully perform the transactions.

The monero tokens are more like confidential Bitcoin which is made from scratch and it is not just another Bitcoin core’s code clone.

Monetary Data

MIOTA IOTA Cryptocurrency maximum circulating coins have 15,767,549 XMR.

History

The Monero is a proof-of-work and an open source Cryptocurrency and no certain individual owns it. It was created in April 2014 due to the splitting of the bytecoin Cryptocurrency mainly because the created bitcoin doesn’t offer adequate transparency in each of its transactions. The evidence rise on several crypto-forums which are more than 80% of the bytecoins was already pre-mined and this arose the discrepancy and distrust that led to the split into monero.

The Cryptocurrency is purely based on the crytonote protocol that was initially used by its predecessor bytecoin. However, there a significant difference between both Cryptocurrencies. Although not commonly used as a cryptocurrency, the crytonote has effectively demonstrated the privacy advantages of the token based on the different cryptographic methods.

What makes it different?

As mentioned earlier, monero is a Cryptocurrency like Bitcoin but the only difference is it doesn’t have a finite supply. It also untraceable and purely focuses on the privacy factors of the Cryptocurrency transactions as it doesn’t use any servers or any logs to store any history of transactions. Monero is also considered as a good choice for darknet users.

The sender typically inputs their entire wallet during the transaction and then it is verified by the fact which sums up all the input and outputs. In this way, this could prove that there is no new coins were created in the transactions. But the thing is, the actual amounts on every transaction are not shown as the computer encrypt the amount thus, keeping it hidden and protects and strengthen its privacy against any potential attacks.

Compared to older types of Cryptocurrencies, the monero solves issues like constant supply, anonymity, and scalability.

Who is behind Monero?

The monero is not controlled by a certain individual, central authority, foundation, or any institution as mentioned earlier. However, there is a core team that is composed of seven people that work for the cryptocurrency’s research, development, and maintenance. The core team funded the project with their personal money.

Links

Official Website

Announcement Thread link to BitcoinTalk

Block Explorer Link

Github source code

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