Top Cryptocurrencies

A Beginner’s Guide To Monero

Monero is a secure, private and untraceable virtual currency. Its open source and accessible to everyone. With the crypto-coin, you are your bank. You are the only person who is responsible and in control of your funds. Also, your transactions and accounts are kept private from prying eyes.

The coin doesn’t use the concept of pre-mining or ICOs, and this makes it a trustable currency that is backed by market forces.

The Beginning

 Monero

No one owns Monero. It came to existence in April 2014 after a split from Bytecoin. Riccardo Spagni started this crypto coin with the help of six developers. Monero is a community project with a large team of engineers and researchers contributing to the coding and development of the platform. The platform so far has 30 core developers, but more than 240 have contributed to the code.

After launch, the community didn’t agree with the founder’s controversial ideas. This prompted a new team to take over, and it has been providing oversight since then. Over the years, Monero has migrated its blockchain to another database structure which has helped improve flexibility and efficiency.

The developers set minimum ring signatures sizes, and this helped make all transactions private. Also, RingCT has been recently added, and this has made it possible to hide transaction amounts. Since launch, every improvement made on the platform has made Monero easier to use. Something that has also enhanced security and privacy.

Security Features

Untraceability through Ring Signature

Ring signatures are digital signatures that can be performed by any member of the ring or group. By default, these types of signatures are applicable on the blockchain as they enable transactions mixing.

What this means is that, when a transaction is sent, it goes as a bunch of randomly picked ring signed transactions of the same amount. However, only one is the actual sender even though all can be eligible to send.

So, any incoming transaction comes as a group of transactions with many possible senders. Also, each sender has the chance of being the real sender. Consequently, this maintains the sender’s privacy.

Unlinkability Through Stealth Addresses

 Monero

Stealth addresses maintain the privacy of the recipient. They don’t allow a third party to see any transactions that are done in and out of the address on the blockchain.

When a transaction is done on the Monero network, the public address of the receiver isn’t displayed on the blockchain. Instead, the stealth address creates a new one-time destination address that is not linked to the receiver’s public address.

Also, irreversible cryptographic math ensures that there is unlinkability between the public and the stealth address.

RING CT offers transactional privacy

Ring CT stands for ring confidential transactions. It hides the amount that has been transacted on the Monero blockchain. To understand more on this complicated piece of tech, you can click on this link.

Obfuscation Of IP Using Kovari

Kovari is an open source tech that hides the IP address when one is transacting Monero. It uses the routing techniques and encryptions to hide IPs. It also protects the geographical location of transactions by creating a new layer over the internet.

It’s still in development, and it promises to make Monero the most trusted, open source currency that is entirely anonymous.

Monero Market Cap

 Monero

At the time of writing, Monero is trading at $103 with a market cap of $1.7 billion. It also has a circulating supply of 16,496,695.

In conclusion, Monero is for the people that are looking for additional privacy in their crypto transactions. It ensures user information is secure as well as transactional amounts. Also, since the platform is community driven, it connects users with others around the world. This helps create a sense of being part of something more significant.

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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