Cryptocurrencies are continously conquering the internet finance univers.New cryptocurrencies are born with different features, some are introducing scalabilities, fungibilities and the privacy-oriented features.
In this episodes of our cryptocurrency series, we will introducing extra ordinary cryptocurrency n that has almost perfect features and uses , a.cryptocurrency that focuses in privacy of its users. Presenting to you the Monero(XRM). Continue reading and dig the golden information about it!
Monero
Launched in 2014, Monero (XMR) is an open-source, privacy-oriented cryptocurrency that is built and operates on the blockchain concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants' activities that show all the transactions on the network.
Summarized Fun Facts
Fungibility
Monero is fungible meaning, its value can be influenced by its source of usage.
Mining in Monero
Monero minining is only done via CPUs and GPUs. Unlike other cryptocurrencies, they're using purpose built unit like 'ASIC Miners'.
Anonymity
It offers anonymity to the users to prevent seeing user's balance by others.
Monero's blockchain has no limit.
'Esperanto'
The word monero is from Esperanto Language.The Esperanto is decentralized language.Its defined as a noun that described a small amount of money.
MRL
Monero Research Lab is consist of academic researchers for physics, security,mathematics and blockchain.
Active Community
Monero community developers are active to mintain the stability of Monero through regularly performing network upgrades.
Choices
Monero users has an options to choose their prefered form of transaction either transparancy transction and privacy transaction.
Accesible
Mining in Monero can be perform with anyone that have web browsers.
Complete
Monero is the only cryptocurrency that has complete features that has decentralization and fungibility.
Bytecoin
Monero was previously called Bytecloin in 2012.
Anonymous Creators
5 of the Monero creators are chose to hide their realy identities.
Size Limit
Monero have not 'pre-set' block size limit.
Reward- Penalty System
If 100 blocks was exceded in mining Monero, the block-reward is reduced due to rewward-penalty system.
Hasing Algorithm
It has hashing algorithm alternate to Bitcoin's hashing algorithm called Cryptonight.
Monero have not fixed number of amount to be mine.
Storing Monero
Storing Monero is a little bit difficult to run the wallet, users needs to use command line.
Highest and Lowest Price
The Monero's highest price was $542.32 in January 09, 2018 and the lowest was $0.216177 in January 14, 2015.
Current Price
Monero's current price is $130.68 as of October 2020 and in rank #15 in coingecko.
Block Time
Monero's average block time is 2 minutes.
Not popular
Monero is not popular and not widely adopted unlike Bitcoin , Ethereum and other well known cryptocurrencies.
Supported Wallet
Wallet that support Monero is Limited
Black Market Adpoted
Monero's anonymity leads adoptation of black markets and widely used in dark web.
Compatability
Monero can be mine in low specs compters and device due to the fact that it uses CPUs and GPUs.
Malware-accesed
Hackers can be mine monero through infecting malwares in websites. The malwares features is to use visitor's CPU to mine Monero.
Every cryptocurrency developers are doing their best to build better features to their created cryptos. Improving and enhancing them everyday to mintain consistencies. Salute!
Thank you for reading.
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