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Monero (XMR) Cryptocurrency

Cryptocurrencies are increasing in popularity. These are virtual or digital currencies that are decentralized and can be used to trade or spend using blockchain technology. Many of them are aimed to enhance privacy and anonymity, and whether they achieve success is unpredictable. A few of these currencies allow public viewing of all transactions, while others make privacy optional. And still, others keep the privacy feature strictly implicit.

When most of us think of cryptocurrencies, Bitcoin is usually the first one that comes to mind. It was one of the first of its kind, using peer-to-peer technology to allow users to make payments with their coins. But there’s another currency that has achieved a high level of popularity and acceptance, mainly for its privacy-oriented features. This one is called Monero. This article explains the key concepts, features, and challenges of Monero.

Key Takeaways

  • Monero is an open-source, privacy-oriented cryptocurrency that was launched in 2014.
  • Its blockchain is opaque, which makes transaction details and the amount of every transaction anonymous by disguising the addresses used by participants.
  • Investors can mine Monero using their own CPUs, which means they don’t need to pay for special hardware.
  • Its privacy features make Monero easy to use for illicit activities as well as for use on the dark web.

Monero Blockchain and XMR Coin

Monero (XMR) is a decentralized, open-source cryptocurrency that is popular with its high privacy level. The cryptocurrency is a brainchild of the bitcointalk user thankful_for_today. XMR coin is one of the oldest digital currencies in the market. It was released in April 2014. There are two known developers (of seven existing). They are Riccardo Spagni and David Latapie.

Monero stands for ‘coin’ in Esperanto. The creator used Bytecoin and CryptoNote code base and made Monero from scratch. By the way, Bytecoin was the first digital currency that used CryptoNote technology. It combines several keys in a single transaction, so it becomes nearly impossible to track the sender and the receiver.

All improvements were implemented in privacy and security direction. The main aim was to reduce block time. Initially, it was only 60 seconds, but now the block is generated every 2 minutes. Since thankful_for_today disappeared, Johnny Mnemonic began to develop XMR coin.

Great privacy features made XMR coin the rising star of 2016. It grew faster than any other cryptocurrency. The privacy feature was improved more in 2017. By the beginning of 2018, the XMR rate was breaking the record in its price.

Monero (XMR) coin price chart from 2014 to 2020

The developers implemented a confidential transaction algorithm which was made by Bitcoin Core developer Gregory Maxwell. The technologies behind Monero’s anonymity are Ring Confidential Transactions (RingCT) and Stealth Address. Ring signatures mix a user’s account keys with public keys obtained from Monero’s blockchain. A stealth address is a randomly generated one-time address that is created for each transaction.

However, there is another side of cryptocurrency anonymity. Monero became one of the leading crypto coins in darknet society. Due to the particular transaction scheme, it was easy to hide the purpose of the money. Here is an explanation of Monero’s transaction in comparison with Bitcoin.

Transaction in BitcoinTransaction in Monero
Alice sent 1 BTC to BobWhoever sent # XMR to Whoever

As you can see, it’s easy to send XMR coins and to stay anonymous. That helps darknet users hide their money and buy stolen credit cards, drugs, and weapons. This fact can characterize Monero as a fungible coin. Fungibility means that no one can tell which transaction each coin was involved in. It’s impossible to link XMR coin to any crime (or even legal) transaction.

One more Monero distinct feature is its scalability. The term itself means the opportunity of how well the network can grow in relation to demand. For instance, Bitcoin has a 1MB block-size limit. In Monero, there is no pre-set block size. The blockchain fits the circumstances and the requirements of the network in a particular period of time. This makes Monero blockchain extremely scalable and helps to provide more transactions than in Bitcoin.

Регуляторы против Monero

Создатели Monero разработали систему динамических блоков, которая позволяет быстро подтверждать транзакции и держать комиссии в сети низкими. Система работает таким образом, чтобы не создавать очереди из транзакций. Если неподтвержденные транзакции начинают скапливаться, то размер блока может увеличиться, но не более чем вдвое от начального размера.

Общее количество токенов Monero ограничено (18,4 млн цифровых монет). Но разработчики предусмотрели механизм, который будет восполнять потерянные токены и держать их количество в обращении примерно на одном уровне. С мая 2022 года блокчейн будет добавлять по 0,6 XMR каждые две минуты.

Обычно seed-фразу, которая используется для восстановления доступа к криптовалютному кошельку, генерируют из набора случайных английских слов. В Monero есть возможность сгенерировать seed-фразу на разных языках, чтобы ввести в заблуждение злоумышленников при попытке получить доступ к кошельку.

Из-за высокой анонимности монеты финансовые регуляторы разных стран вводят запреты на ее обращение. Из-за этого от листинга Monero пришлось отказаться криптобиржам Японии и Южной Кореи, в частности UpBit, Coincheck и OKEx. Это произошло после того, как межправительственная организация по борьбе с отмыванием денег (FATF) обязала все криптовалютные обменные сервисы соблюдать процедуры CFT (противодействие финансированию терроризма) и AML (борьба с отмыванием денег). Из-за особенностей архитектуры Monero соблюдать эти требования невозможно.

Immediately after the appearance of Monero, it was criticized for its anonymity, as weapons, drugs and other prohibited goods could be paid by crypto-currency. In part, the criticism turned out to be fair: in 2016, the rapid growth of Monero’s market capitalization was due to its use for transactions on the large AlphaBay darknet market, closed by law enforcement agencies in the summer of 2017.

Mid-October 2017, the Monero exchange rate was $ 95.14. The market capitalization in the amount of $ 1.447 billion approximates the cryptocurrency closely to the top ten in terms of this indication. The price peaked $494.16 Jan 07, 2018; market capitalization reached about $7,696,000,000 [5] and currently, mid 2019 the price is

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