Whenever we think about cryptocurrencies, we generally talk about Bitcoin or Etherium, the ones which are most famous of them all. However, there are other cryptocurrencies that are also gaining rapid popularity, part due to their inherent USP’s which put them in the top 10 club of the most mined and traded cryptocurrencies in the world. Yes, we are talking about the mining and Exchange of Monero, traded as XMR.
How Monero ensures high levels of privacy
Monero utilizes a unique type of ‘ring signature’ which hides the identities of both the buyer and the seller. The idea for this technology was taken from academics at the Weizmann Institute and MIT. Monero lets its users to keep the transaction history private or share information selectively.
In addition to this, Monero also uses stealth addresses which are one-time generated random addresses used for maintaining the users privacy. This is done for every transaction on behalf of the recipient.
Availability to trade on Cryptocurrency exchange like Evonax
Monero is a cryptocurrency just like the others. It can be traded easily here on Evonax. Unlike other cryptocurrencies, which may require you to have an application-specific integrated circuit(ASIC), Monero can be mined from any regular computer.
Monero uses a Proof-of-Work(PoW) algorithm that allows it to be accessible from a wide array of processors, letting a wide group of parties to mine Monero as against the need to join mining pools(which is also possible).
Just as is the case with other crypto currencies, Monero too has had its fair share of price volatilities. From inception till date, it has appreciated multifold with the current price hovering around US$115 per XMR.
Though there has been volatility with the value of this cryptocurrency, Monero offers you the flexibility of buying it through fiat currencies or other cryptocurrencies. This can also help traders buy and sell Monero for a profit.
As against other currencies like zCash, Monero is not used much as a speculative currency.
The way forward
Like other cryptocurrencies, Monero too has a limited supply which has to be mined. However, with its volatility and gradual increase of price, it remains to be seen how much demand the currency will get with the passage of time. Industry observers and analysts believe that this uncertainty and volatility will be the biggest motivating factor drawing people in to invest in this currency.