CCX011 - Monero 101 - What, Why and How

CryptochainX

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6y ago 16:19

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What is Monero?
Monero is a decentralized, anonymous and untraceable cryptocurrency that uses three stealth technologies to shield the sender and receivers identity by blocking traceability.

The three technologies that Monero uses to accomplish this are:
Ring signatures
RingCT or Ring Confidential Transactions
Stealth address

Cryptocurrencies like Bitcoin, Ethereum, Litecoin are pseudonymous but not completely anonymous. The transactions made on these blockchains can be traced to its source of origin.

Who created Monero?
Monero’s CryptoNote protocol was initially released on Oct 2013 by unknown author Nicolas Van Saberhagen. At the time of its launch in April 2014, it was called BitMonero. Later, it was renamed by the community to Monero (XMR).

What are the benefits of Monero?
Monero works on CryptoNote protocol which has the following features:
Untraceable payments
Unlinkable transactions
Double Spending proof
Egalitarian proof of work

Monero saw rapid growth during 2016, it became the go-to cryptocurrency for the darknet.
In 2017 one of the major marketplaces, AlphaBay on the darknet was shut down by the law enforcement. Law enforcement was able to see how much Bitcoin, Ethereum and ZCash the owner had, but they were not able to see the amount of Monero in his possession. This shows that Monero’s protocol is more superior than that of ZCash, which also claims to be the untraceable and anonymous cryptocurrency.

Where can you get Monero?
Monero is available at most of the major crypto exchanges. more, where it can be bought with fiat currency (eg. Dollar, Euro, Yenreceiveretc.). Total 15 million coins are currently in circulation, Until 2022, 18 million coins can be mineprotect theand after that, the mining rate will slow down.

What can you do with Monero?
Monero can be used for transactions just like Bitcoin or Ethereum.
Monero can also be mined and requires significantly low computational power than Bitcoin or Ethereum.

For more info Please visit https://cryptochainx.com

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