Monero (XMR) is a secure, untraceable, anonymous cryptocurrency based on the CryptoNote application layer protocol. The Cryptocurrency was launched on April 18, 2014, as a result of the fork of the Bytecoin network, the first anonymous cryptocurrency.
Unlike most cryptocurrencies, transactions with Monero cannot be tracked, and balances of this cryptocurrency are closed and unavailable for viewing thanks to the CryptoNote protocol. This protocol ensures the anonymity of the holders of cryptocurrency by using ring signatures that conceal the sender, and a system of one-time Stealth-addresses that provide anonymity to the recipient.
The ring signature is a digital signature option, in which it is known that a message was signed by one of the members of the list of potential signers, but does not disclose who exactly. In turn, Stealth-addresses are signed with two private keys Viewkey (key for viewing) and Spendkey (key for waste), they can not be tracked and cannot be tied to any participant in the network. However, if desired, holders of cryptocurrency can open the transaction history.
This technology is positively evaluated by Bitcoin Core developer Greg Maxwell: “Montero’s anonymity is really implemented on the head higher than that of similar crypto-currencies. This is a very interesting project and certainly more valuable than almost all other altcoins. It seems to me that this is one of the few, if not the only, currency that does not look overrated compared to bitcoin ”
The complete anonymity of the cryptocurrency explains its popularity on the black market: it is enough to recall Libertas, the first bracket exchange dedicated solely to this coin. In addition, the US Department of Homeland Security in September this year noted that the share of illegal transactions in the Bitcoin network fell from 50% to 20%, while in the Monero network, on the contrary, it increased, although no exact figures were provided.
To date, a team of seven developers is working on a cryptocurrency, but only two of them openly talk about their participation – Riccardo Spagna and Francisco Cabañas. The other five work under pseudonyms.
From the minutes of the cryptocurrency, you can note the large volume of the Monero blockchain, which takes on average eight times more space than the Bitcoin blockchain, scalability problems, and continuous inflation.
Monero allows users to make confidential transactions and resist possible government attempts at regulation. Due to the fact that anonymity is especially valued on modern cryptology, it is not surprising that Monero is in the top 15 of the Crypto-currency with a market capitalization of more than $ 3.7 billion, ranking the thirteenth in the list. And the cost of cryptocurrency is at about $ 237.