Monero (XMR) –Common practice among many cryptographic currencies is offering better transactions and scalability to the blockchain and their coins as well. Here’s another coin that has joined the fray in the digital sphere. Monero (XMR) is that heaven-sent currency that will address some core issues.
Forked From Bytecoin
When a cryptographic currency suffers scalability issues, there is tendency of a split and that was termed fork. By forking itself from Bytecoin, Monero (XMR) is literally continuing the lineage of the latter and also bringing new features to the table.
Monero (XMR): Anonymity as Selling Point
You must have heard about Bitcoin and its latter successor, Ethereum. These platforms had been at the fore-front of the blockchain and later on, other currencies joined the queue. As they claimed, they were there to solve severe problems noticed on Bitcoin. Each of these coins has unique features that cut across lines of faster and cheaper transactions.
On its part, Monero (XMR) sought to stand out from the crowd of cryptographic currencies and therefore opted for anonymity. The idea here is that a user’s data is secured and though not focusing on encryption, Monero (XMR) promises to offer better security to users.
CryptoNote as Powerhouse
Mention had been made that Monero (XMR) was a fork of Bytecoin. For concise comprehension of its functionality, emphasis will be laid on the latter. Bytecoin was the first currency to be patterned after the workability of CryptoNote. This brings the poser “what is CryptoNote?”
CryptoNote is interested in making transactions untraceable and deployed grouped public keys to achieve this. This grouping did wonders because a receiver and any other part on the platform cannot state which of the users initiated a transaction. Thus, CryptoNote’s combination of different public keys makes it difficult to decipher the source of a transaction. It also used the ring signature for transaction signing.
Bytecoin though being the first currency to use CryptoNote had to relinquish itself after issues arose during its ICO. The main downside was about 80% of non-minable coins that were present even before the ICO. This incident propelled formulated the decision of seven developers who forked Bytecoin and created another currency called Bitmonero. This would later go on to become Monero (XMR).
Working on Ghost Mode
Monero (XMR) is no doubt, the only currency out there that seems to have less competition when it comes to anonymity. Bytecoin which was its fork parent could have held the front save for its already-mined coins. Coming back to Monero (XMR), it has functionality as one that can transact with traces.
To have held the 10th spot on CoinMarketCap is no small feat and this goes to show how much acceptance Monero (XMR) had gathered.
We’ll be seeing a far cry from transparent platforms such as the one available on Bitcoin. With its transparent blockchain, Bitcoin allows a sender have a peck into a receiver’s account and decipher his account balance. This was possible because a receiver’s address will be released for transactions to hold. To this end, Monero (XMR) opted for a platform that would be immune to such incursions.
What Makes Monero (XMR) Tick?
Monero (XMR) is popular for its anonymity and so far, no coin has measured up to its standard and it seems a coin that would have is yet to hit the pipeline. Monero (XMR) is open-sourced and thus, can meet the pain points of unbanked people because they can have access to cryptographic currencies.
The major upside the platform boasts is privacy of transactions and users’ data. It would be a herculean task deciphering the source of a transaction and taking a peck into other users’ account might have just hit the rocks.
Because Bitcoin was transparent, the privilege was abused and transactions are therefore verifiable and can be tied to a user’s real identity. Monero (XMR) uses cryptography as channel to mask both transactions and addresses of concerned parties. This was the singular reason why it got endeared to many users and there is no stopping it.
Monero (XMR): A Coin without Taints
You might have been opportune to bear witness to a crime. In some climes, currencies stolen during a bank operation are marked and anyone found with same is taken in. Cybercrimes are not limited to the internet alone and since cryptographic currencies have had fair share of it, Monero (XMR) sought to change the story.
With backing from the ring signature, the platform obfuscates fund sources making it impossible to identify whether a coin had been involved in any crime.
To this end, coins used in transacting on the platform are interchanged and with random movement, tracing the source and previous transactions with a coin will not be possible.
Still on being fungible, Monero (XMR) reroutes transactions and instead of moving directly to the receiver’s account, same is dispatched through a specific address before sending funds. The idea here is that Monero (XMR) creates addresses for each transaction using its ledger and through this; it does not link a user’s address.
Can You Beat Monero (XMR)?
Monero (XMR) had beaten other purportedly-touted anonymous coins to second place. There would be concealment of users’ identity just as their account won’t get compromised during transactions. In a nutshell, Monero (XMR) is the much needed currency that would bring anonymity to transactions.