Monero is an open source currency which focuses on improving a cryptocurrency in multiple ways. Considered as the future of digital payments, cryptocurrency development has now reached at its peak where different companies are focusing on developing different aspects which can enhance the value of their currency.
What is Monero?
Monero is an open source cryptocurrency which is developed while keeping in mind privacy and security. The transactions done with it are untraceable and completely private due to which, it has gained popularity. It is a currency which is decentralized, open source, private and is highly scalable.
The transactions done with it are recorded in a public ledger while new units of Monero are developed with the process of mining. The currency hides details like sender and receiver’s names along with the account information to add more value to cryptocurrency. This cryptocurrency truly justifies the name cryptocurrency as it follows the CryptoNote protocol and also adds the ip2 layer to make the transactions more secure.
Team behind Monero:
Monero was launched in 2014 and has 5 core members as a team working for its development. The team members are Riccardo Spagni, Francisco Cabanas, smooth, othe, luigi1111, tacotime and noodledoodle. These team members have been working with cryptocurrency and have a strong research team contributed for its development.
How to get monero?
There are various online platforms from where you can buy Monero. The spaceshift and challenging services are available with monerodirect.com for direct purchases, kraken and localmonero.co for purchasing and selling Monero. Visit top10bestbitcoinexchanges.com to find which exchanges allow Monero trading.
Monero cryptocurrency does not have any hardware wallet and thus, for storing it, you would need a web wallet and in which you have a key hashed into a phrase. Other storing options require technical knowledge for use.
Key points and advantages of monero
Monero is more secure
This currency is aimed to develop decentralized and secure transactions. All the transactions done with This cryptocurrency are recorded as block chains and thus, for security purposes it’s not necessary to depend on the 3rd parties.
The transaction details are private
The privacy options are quite high compared to the other digital currencies. This currency is designed keeping in mind the privacy. It uses a special mechanism known as ring signature tracking which provides 3 way security while hiding the name of senders and receivers along with the account details.
Monero transactions are untraceable
The transactions are not connected to any real world entity or user which makes it untraceable. Privacy is one of the things missing in the most popular cryptocurrency bitcoins. When people can see the transactions you do in your wallet, there is a threat on your physical safety. While you travel, transparency in wallet transactions is definitely a threat.
When you deal with business transactions using non-private cryptocurrencies, your suppliers and dealers can analyze your business details from your transactions. Also, if unknowingly you get in touch with a person having criminal background and perform transactions, you can even become a suspect if any crime happens. Thus, privacy and untraceable transactions are extremely reliable.
Better block size limit
The bitcoin blocks are developed every 10 minutes while the Monero coins are developed every 2 minutes. It directly means the transactions will not get delayed as quick transaction speed is one of the this cryptocurrency advantages.
At the moment of writing the value of Monero is $265.50 which is quite more competitive than bitcoins and etherium. Along with this, it has open communication channels and active participation on social media platforms which makes it more trustworthy.
Increase in value:
During the year 2016, bitcoin and etherium performed excellent and got benefited with increased value. However, the best performing cryptocurrency of 2016 was Monero. Since launched in 2014, it witnessed a high rise in its value as well as the number of users. Compared to the privacy related blockchains Zcash and Dash, the market capital of Monero was high at $193m. Along with this, the average number of transactions was 1959.5 which is quite considerable.
Threats to Monero:
- If bitcoin and etherium come up with similar or more robust privacy features than monero, it can be a threat as these coins have more capitalization and reach than this cryptocurrency
- Lack of proper leadership can deprive it of partnerships and exchange of coins
- The privacy feature of monero can be hacked and the transaction history can be exposed
If you consider the security factor and need privacy in transactions, Monero is quite a worthy option to consider. Along with this, competitive prices and increasing value are convincing. Monero is quite scalable and has numerous coins for mining and investment. Though, conduct a research and invest your money after getting satisfactory answers.