Monero is a cryptocurrency which is decentralised and secure. Monero is digital cash controlled and operated by a network of users. Distributed consensus confirm transactions, which are recorded on the blockchain. Monero is kept safe and secure as third parties do not need to be trusted to keep the digital cash, safe. XMR is Monero’s symbol, and as with other cryptocurrencies, offers several advantages, which we will go into further on.
Monero: Past to Present
Monero was launched in April 2014, with the word ‘Monero’ derived from the word coin, or currency in Esperanto. There is a limited supply of 18.4 million coins, and a fixed production of 0.3 per minute, so the amount is strictly controlled, keeping the value high. Since one of the leading advantages is anonymity, players from all over the world can use the currency freely in any jurisdiction, since the owners' identity is never disclosed. To solidify privacy, Monero uses ring signatures and ring private transactions (RCT). These techniques and solutions help to provide top level privacy and the protocol level.
Advantages of Monero
Let’s take a look at the multiple advantages Monero offers users. Privacy is the first that springs to mind. And a significant advantage it is indeed! It allows players from any country to access any online casino in the world, without restrictions, which puts all players on an equal footing. Monero offers all the benefits of a cryptocurrency, without the usual privacy concessions. Monero is also untraceable besides being private; this means that transactions and details, on the blockchain, cannot be connected to any user or real-world identity. Since Monero is interchangeable, and private by default, the Monero currency; the XMR, cannot be blacklisted by vendors and sellers, as well as exchanges, due to their association in previous transactions.
Who creates Monero?
It is a mystery which has created Monero. Seven developers forked the blockchain in relation to ByteCoin. The coins were initially named Bitmonero; however, this was later changed to Monero, to avoid any confusion with Bitcoin. From the seven attributed to the invention and creation of Monero, only two individuals have been named; David Latapie and Riccardo Spagni.
The Evolution of Monero
Since its inception, Monero has become an alluring prospect for investors as well as everyday users. Monero utilised more advanced cryptography than Bitcoin or Ethereum for instance, which means it is a more secure option. The sending and receiving addresses are hidden from view and shielded, just as the transaction amounts are. Monero’s whole user network is much safer and infinitely more anonymous than many other cryptocurrencies with a higher profile. The IP address is obfuscated by the Kovri project, which is currently under development. When this project is completed, it will efficiently route and encrypt all the transactions through Invisible Internet Project (I2P) nodes. Monero is continually improving and evolving, improving the security features along the way. The grassroots community of over 240 developers and 30 core developers are continuously working to enhance Monero’s features and function, allowing it to grow. Furthermore, there is no chance of fraudulent chargebacks because of the robust encryption. Be prepared for the future of Monero, and it is set to explode once more people get to understand its unique advantages over the competition. Welcome Monero with open arms and be one of the first to latch onto a winner!