All About Monero- One Of The Most Popular Altcoins
January 14, 2019
There are many cryptocurrencies in the market out there. Only a few have been able to remain popular enough to be considered worthy of investing in. Bitcoin is by far the most popular and most valuable crypto currency. However, there are other coins that offer great potential to its followers, one of them is Monero, symbolized by XMR. This is one crypto coin that has seen people stand up and notice it for quite some time, due to its good performance. In this article, we will discuss all about Monero.
The basics of Monero
Most cryptocurrencies are known for the privacy and untracability that they allow for their transactions. However, the privacy offered by Monero is a class apart. The makers of Monero admit that this is one cryptocurrency which has great encryption which renders all transactions untraceable and anonymous. This is an open source cryptocurrency where no third party can view any transaction done by anyone. Monero’s key features are that it has the best in class privacy, fungibility and decentralisation. Let us see all of this in detail.
Main Characteristics of Monero
Decentralization of Monero
Generally all blockchained technologies are decentralised. Despite all of this, there are a group of developers who hold all the influence of the respective cryptocurrency. With Monero, however, this issue does not arise as the developers are scattered all across the world and whenever there is a meeting of developers it is available in a public domain, for everyone to see. This ensures complete decentralization and transparency of the cryptocurrency.
Fungibility of Monero
Each and every coin of Monero is fungible. This means that you can use it to pay or receive something in return and that every coin has a certain fixed value. This is the same with fiat currencies. However, many other cryptocurrencies like Bitcoin and others are not fungible as each coin has its own transaction history which impacts the way it can be used. With Monero, however, this is not the case as every coin’s past transaction is untraceable.
Scalability of Monero
With other cryptocurrencies and Bitcoin, you cannot scale up the mining and have to go by the block size limit that is on offer. However, with Monero you can create a large block for mining. To prevent malicious miners from taking over the system, Monero has introduced a block reward penalty system which comes in place whenever there are large blocks to be mined.
Security and Privacy of Monero
Generally, to ensure privacy of the transaction, the parties in question use a public and private key to complete the transaction. However, the public key can be traceable and visible. To get over this problem, Monero uses ring signatures where nobody can trace the signatures to either the origin of the transaction or the destination. This also makes attacks on data security unlikely.
These are the main characteristics that make Monero different from the rest. For those of you who want to Exchange Monero for other cryptos, these are the reasons why you should not do so. Doing a Cryptocurrency Exchange is one way of ensuring that you can be a part of the best performing crypto currency in the world. Stay with us to know more about the latest in cryptocurrencies.