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With the advancements in the field of blockchain, developers are expanding the presence of the technology into various fields and are trying to tap into the vast potential that blockchain holds. Over the few years, blockchain has evolved from being a substitute to fiat currency and has created a platform of its own where applications and programs can be developed, bought, and sold. Monero aims to create a foothold in the cryptocurrency industry by providing users with unparalleled privacy-oriented features on its platform. With a lot of multi-national software companies facing data breaches and data theft either from the hands of third-party hackers or by the company itself, privacy has become a vital component when using or investing in software.Earn Free Monero
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Digital Gold of the Future, Monero is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Moneros is a good option.
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Monero is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
Don’t Worry If you are new to cryptocurrency. You can learn more about Monero and other cryptocurrencies, look for our price indicators or attend our monthly webinars to be a pro at Monero investing.
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Monero is a decentralized, open-source, and privacy-oriented cryptocurrency that utilizes the technology of blockchain to operate its network. It was launched in 2014 and since then has amassed quite a following due to its leanings towards complete privacy. The blockchain forms the foundation of the cryptocurrency and is used to store the public ledger of its user’s activities and all the transactions that occur on the platform. The developers of Monero intentionally made the network’s blockchain entirely opaque. This way, personal details such as transactions and the identities of the sender and receiver remain secure and private while the amount involved in the transaction is also anonymous. The platform does this by disguising the addresses of the sender and recipient.
Monero was originally launched by pseudonymous author Nicolas van Saberhagen in October 2013. It was originally launched by a Bitcointalk forum user only known as 'thankful_for_today' under the name BitMonero that is a compound of Bit (as in Bitcoin) and Monero (literally meaning 'coin' in Esperanto). Five days later, the currency's supporters opted for the name to be shortened to Monero. In September 2014, Monero was attacked and a flaw in CryptoNote that permitted the creation of two subchains that refused to recognize the validity of transactions on each other. CryptoNote later released a patch for the flaw, which Monero implemented.Monero experienced rapid growth in market capitalization and transaction volume during the year 2016, partly due to adoption in 2016 by major darknet market AlphaBay On January 10, 2017, the privacy of Monero transactions were further strengthened by the adoption of Bitcoin Core developer Gregory Maxwell's algorithm Confidential Transactions and hiding the amounts being transacted, in combination with an improved version of Ring Signatures.
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Other than the privacy factor, Monero follows an egalitarian perspective towards business and ensures that all its users and investors get equal opportunities. The developers of the Monero blockchain did not reserve stakes of the blockchain network themselves and instead relied on public and community fundings and contributions to develop the cryptocurrency. A fine example of their egalitarian outlook is evident in the mining process that the platform has implemented in order to accommodate everyone, irrespective of their hardware. The network allows its users to join mining pools to earn XMR coins without having to invest in expensive equipment for mining, or they can mine individually to have the lion’s share of the profit and a higher chance of earning XMR coins. Also, the platform enables users to mine on standard computers and does not require expensive and dedicated hardware products such as application-specific integrated circuits (ASIC) that are usually a necessity while mining cryptocurrencies such as Bitcoin and Ethereum.
One of the biggest benefits of investing in Monera is the security and privacy that the network provides to its users. Besides using the standard security measures that are common among most cryptocurrencies, the Monero network utilizes the concept of ring signatures in order to make users anonymous. The ring signatures enable the sending participant to conceal their identity among a group of other users. They are anonymous signatures that verify the validity of the transaction without revealing which member signed it. In order to generate a ring signature, the blockchain network combines the sender’s personal account key from a public key that is chosen from a plethora of choices that are available on the network, thus making the signature unique as well as private. This procedure hides the identity of the sender as it makes it impossible to decipher as to which of the member’s user key was used to create the ring signature.
Stealth addresses add another layer of security and privacy to the network as it helps in hiding the identity of the people on either end of the transaction by creating a unique one time use identity that is used for enabling the transaction. The stealth address conceals the actual destination of the transaction and hence maintains the privacy of both the parties involved.
Another advantage of Monero is its fungibility. This means that every denomination of XMR coin is not unique, that is, XMR coins of the same values are exactly the same. On the other hand, fiat currencies and even certain cryptocurrencies like Bitcoin are non-fungible as every BTC coin is unique in nature, even if they are of the same denomination. This particular nature of XMR coins makes them virtually untraceable as the transactions that are done in XMR coins do not have any transaction history. The best comparison of XMR coins is with that of gold bricks of the same weight and carat.
Since its launch in 2014, Monero created a ripple in the cryptocurrency exchange market with its revolutionary network and huge importance to privacy. As soon as it was created, the XMR coins in terms of BTC were valued at 0.007 per XMR coin, although the market cap and price against the dollar remained significantly low. In September 2016, the price of XMR coins in BTC peaked at 0.022 BTC per XMR coin while the Monero market cap went up to $168,619,001 USD. While the market cap and the BTC value of XMR fluctuated, its values against the dollar remained substantially low. In January 2018, the Monero cryptocurrency broke records by peaking its market cap at $7,106,525,755 USD while the price of XMR coin in USD stood at a massive $456.29 USD per XMR coin. But due to the subsequent crypto exchange market crash of 2018, the value of Monero as well as its market cap plummeted.
As of 18th July 2020, the Monero market cap is at $ 1,196,292,747 USD while the price of XMR coins in USD stands at $67.84 USD per XMR coin.