One of the main rules of blockchain technology is to provide users with unwavering privacy. Bitcoin as the first decentralized cryptocurrency relied on this purpose to sell itself to more and more listeners who previously needed a virtual currency free from government intervention.
Unfortunately, by the way, Bitcoin has proven to be full of many vulnerabilities including the immutable and transferable blockchain. All transactions and addresses are written in the blockchain so it is easy for anyone to connect the dots and open the private details of the users in their existing records. Some government and non-government agencies are already using blockchain analytics to read data on the Bitcoin platform.
Such errors are led by developers looking at alternative blockchain technologies with improved security and speed. One of the projects is Monero, which is often represented by the XMR ticker.
What is Monero?
Monero is a privacy-oriented cryptocurrency project whose primary purpose is to provide better privacy than other blockchain ecosystems. Users of this technology information through hidden addresses and ring signatures.
The hidden address refers to creating an address for a single transaction. No two addresses can be pinned in a single transaction. Received coins go to a completely different address that makes the whole process unclear to an outside observer.
The signature ring, on the other hand, refers to the mixing of the keys to the public key account thus creating a “ring” of multiple signers. This means that a monitoring agent cannot link a signature to a particular account. Unlike cryptography (mathematical methods of securing crypto projects), the signature ring is not a new block child. Its principles were explored and recorded in a 2001 paper by The Weizmann Institute and MIT.
Cryptography has truly won the hearts of many developers and blockchain aficionados, but in reality, it is yet another widely used tool with many uses. Because Monero uses the already tested technology of Ring signature, it has been set aside as a legitimate project to be embraced.
Things to know before starting Monero business
The Monero market is similar to other cryptocurrencies. If you want to buy it then Kraken, Poloniex, and Bitfinex are some of the exchanges to visit. Poloniex was the first to adopt it followed by Bitfinex and last Kraken.
This virtual currency is often seen hanging on the dollar or against fellow cryptos. Some of the available pairs include XMR / USD, XMR / BTC, XMR / EUR, XMR / XBT and many more. Most trading and liquidity records in this currency are very good statistics.
One of the great things about XMR is that anyone can participate in mining it as an individual or by joining a mining pool. Any computer with significant processing power can mine Monero blocks with a few hiccups. Don’t bother going to ASICS (specific application application) which is now mandatory for Bitcoin mining.
Despite a heavy cryptocurrency network, it is not particularly special when it comes to hacking. Actually all altcoins are very variable. It should not be a concern for any discerning trader as this factor is what benefits them in the first place you buy when prices are falling and selling when it is on a trend.
In January 2015, XMR went $ 0.25 after jogging up to $ 60 in May 2017 and now it is bowling above the $ 300 mark. The Monero coin recorded an ATH (all-time high) of $ 475 on January 7 before it began to fall with other cryptocurrencies up to $ 300. At the time of writing, almost all decentralized currencies were in the period. to justify the price that Bitcoin teeter-totals between $ 10-11k from the glorious ATH of $ 19,000.
Availability and adoption
Thanks to its ability to offer reliable privacy, XMR has been adopted by many people who make coins to easily exchange other currencies. In simple terms, Monero is easy to sell for others.
All Bitcoins on the Bitcoin Blockchain are recorded, and therefore, if an incident such as theft disappears, every coin involved is avoided from the operation that makes it unreliable. In monero, you do not recognize one coin at a time. As a result, no trader can dismiss any of them because they were involved in a bad incident.
The Monero blockchain is now one of the most trending cryptocurrency with a significant following. Like most other blockchain projects, the future looks bleak despite government crackdowns. As an investor, you need to do your due diligence and research before selling any Cryptocurrency. If possible, seek help from financial experts to get in the right direction.