One of the main rules of blockchain technology is to give users unshakable privacy. Bitcoin as the first decentralized cryptocurrency relied on this purpose to sell itself to a much wider audience that previously needed a virtual currency free from government interference.
Wait, along the way, it has been proven that Bitcoin is full of many vulnerabilities including immeasurable and movable blockchain. All transactions and addresses are written in the blockchain so it is quick for anyone to connect the dots and disclose users ’private details in their available records. Some governmental and non -governmental agencies are already using blockchain analytics to read data on the Bitcoin platform.
Such mistakes are led by developers looking at alternative blockchain technologies with improved security and speed. One of the projects is Monero, which is often represented by the XMR ticker.
What is Monero?
Monero is a privacy -oriented cryptocurrency project whose primary purpose is to provide better privacy than other blockchain ecosystems. The information of the users of this technology is through secret addresses and ring signatures.
The hidden address is meant to create a single address for a single transaction. No two addresses can be pinned to a transaction. The coins received go to a completely different address making the whole process unclear to an outside observer.
The signature ring, on the other hand, refers to mixing account keys with public keys thus creating a “ring” of multiple signatories. This means that a monitoring agent cannot link a signature to a particular account. Unlike cryptography (a mathematical method of securing crypto projects), the ring signature is not a new kid on the block. Its principles were explored and documented in a 2001 paper at The Weizmann Institute and MIT.
Cryptography has certainly won the hearts of many developers and blockchain aficionados, but the truth is, it’s still a relatively new user-friendly tool. Because Monero uses Ring’s already -tested signature technology, it’s set aside as a legitimate project to follow.
Things to know before starting a Monero business
The Monero market is similar to other cryptocurrencies. If you want to buy it then Kraken, Poloniex, and Bitfinex are some of the exchanges to visit. Poloniex was the first to adopt it followed by Bitfinex and last Kraken.
This virtual currency is often seen hanging on the dollar or against fellow cryptos. Some of the available pairs include XMR / USD, XMR / BTC, XMR / EUR, XMR / XBT and many more. The amount of trading and liquidity record of the currency makes it very good statistics.
One of the good things about XMR is that anyone can participate in mining it as an individual or by joining a mining pool. Any computer with significant processing power can mine Monero blocks with a few hiccups. Don’t bother going for ASICS (specific integrated circuits used in the application) which are now mandatory for Bitcoin mining.
Despite a heavy cryptocurrency network, it’s not particularly special when it comes to injury. In fact all altcoins are highly volatile. This shouldn’t be a concern for any savvy trader because this factor is the reason they get in the first place you buy when prices are in the dip and sell when it’s in high trend.
In January 2015, XMR went to $ 0.25 after jogging up to $ 60 in May 2017 and now it’s bowling above the $ 300 mark. The Monero coin recorded an ATH (all -time high) of $ 475 on the seventh of January before it started falling along with other cryptocurrencies to $ 300. At the time of writing, almost all decentralized currencies are in the price correction that Bitcoin teeter-totals between $ 10-11k from the glorious ATH of $ 19,000.
Availability and adoption
Thanks to its ability to offer reliable privacy, XMR is adopted by many people who make coins to be easily exchanged for other currencies. In simple terms, Monero is easy to sell for others.
All Bitcoins in the Bitcoin Blockchain are recorded, and therefore, if an incident such as theft disappears, each involved coin is prevented from being activated making it immovable. In monero, you can’t recognize one coin over another. As a result, no seller can dismiss any of them because they were involved in a bad event.
The Monero blockchain is now one of the most trending cryptocurrencies with a significant following. Like most other blockchain projects, the future is bright even if government crackdown is imminent. As an investor, you need to do your due diligence and research before selling any Cryptocurrency. If possible, seek help from financial experts to track the right path.