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Monero: The Secured and Untraceable Cryptocurrency

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Monero
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Since the advent of Bitcoin in 2008, a large number of cryptocurrencies have come up by 2018 and many are on the line. Monero, launched in April 2014, like the other cryptocurrencies, is based on the blockchain technology.

The Story behind the Origin of Monero

The first real-life application of CryptoNote, Bytecoin was launched in July 2012. The application layer protocol, CryptoNote supports several decentralized cryptocurrencies. CryptoNote differs from the application protocol that fuels Bitcoin in several aspects. It was observed that Bytecoin was often used to conduct trades. By that time almost 80% of the crypto coin was published. The developers then decided to fork the Bytecoin blockchain and the newly formed coin would be named Bitmonero. Later, it was renamed as Monero. A block is mined every two minutes in the Monero blockchain.

Monero has gone through substantial improvement phases since its launch in 2014. Monero currently has a team of seven core developers and five of them continue to remain anonymous.

Basic Features of Monero

  • Monero respects privacy thereby, uses cryptography to hide the sending and receiving addresses from the viewers in case of any transaction.
  • Monero offers fungibility where an individual unit of a currency can stand-in for another. Monero thus does not have to face the risk of censorship.
  • In case of Monero, the transaction process is easier and faster. People do not have to wait for multi-day holding periods for confirmation of one transaction. Also, the crypto coin is safe from ‘capital controls’.
  • Monero has multiple keys unlike Bitcoin, Ethereum, and other cryptocurrencies. The public view key of Monero is used to generate the ‘one-time stealth public address’. It is the destination of the recipient. The private view key of Monero scans the blockchain for the recipient such that s/he can access it. The second part of the Monero address is called public spend key. The address length of Monero is 95 characters that include the public view and public spend keys.

The privacy of the sender and the receiver in case of Monero blockchain is maintained by ring signatures. The role of the ring signatures is to combine the user’s account keys with the public keys received from the Monero blockchain. This way the outsiders cannot link a user to a signature.

  Monero Bitcoin
Founder Group of 7 core developers Satoshi Nakamoto (pseudonym)
Release Date 18 April 2014 9 January 2008
Total Coin Supply 18.4 million XMR + 0.3 XMR/minute 21 million
Blockchain Protocol Proof of Work Proof of Work
Usage Digital Currency Digital Currency
Privacy Untraceable Yes
Trackable No Yes
Cryptocurrency Symbol XMR BTC
Transaction Fee 0.004-0.02 XMR/kB Varies based on load on blockchain
Algorithm CryptoNote SHA-256
Blocks Time 120 seconds At least 10 minutes
Mining GPUs, CPU Pools, ASIC miners
Scalable Yes Yes

 

Reasons to Choose Monero over Bitcoin

  • Mining algorithm

Mining is the process through which the cryptocurrency miners run a program on the computer that verifies and confirms the transactions. The Bitcoin mining algorithm runs faster on ASICs (custom made mining chips) compared to desktops and laptops. It is clear that a person cannot take part in the mining process of Bitcoin unless they have access to ASICs. The power consumed in the Bitcoin mining process is quite high. To solve these issues, the mining algorithm of Monero was designed such that the ASICs do not have any such advantage over ordinary computers. This way the general public can take part in the mining process of Monero and even earn the crypto coin. They will just have to run the mining software on their home computers and solve the puzzle. Anyone having a Monero wallet can start mining on their desktops or laptops by simply clicking on a single button.

  • Block size limit

The transactions appear as a part of the block when it is proclaimed to the Monero or Bitcoin network. The time taken to create a new block for Monero is approximately 2 minutes whereas that of the Bitcoin blocks is approximately 10 minutes. In case the Bitcoin block has reached its limit, the next transaction will take a considerable amount of time to be confirmed. If it is an urgent case then, the interested person will have to increase the transaction fees (paid to the Bitcoin network). The developers of Monero have designed the crypto coin in such a way that it features an automatically adaptive block size limit. This means that the blocks will expand to accommodate higher transaction volumes.

  • Incorporation of the ‘invisible internet project’ I2P layer into Monero

The ‘invisible internet project’ I2P layer will enhance the privacy features of the Monero blockchain during a transaction. It will also add a protective layer to prevent passive network monitoring. Therefore, the payments will remain untraceable. Moreover, people scanning the network will not even be able to say that a person is using Monero.

  • The design goals of the Monero developers

The designing and developing team of Monero have introduced some unique features to the world of cryptocurrency and their goals are ambitious.

The Monero coin holders have the option to keep their transaction history private. They can also choose share certain information. The view key of an account allows the Monero users to see the transaction history of that account. Monero’s USP thus lies in privacy, anonymity, and security of the transactions.

We will be updating our subscribers as soon as we know more. For the latest updates on XMR, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Altcoins

A matter of time before TRON (TRX) achieves mass adoption

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TRON
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Tron (TRX) has all its eyes on decentralizing the internet, or rather content-sharing to ensure that creatives, artists, musicians, and authors can all release their content without the need of middle companies. As it seems, Tron’s founder hopes that the coin will challenge the globe’s major content providers like Facebook and YouTube.

The coin has undoubtedly made progress since its launch from a coin offering on the Ethereum ledger platform to now a native coin present on the official Tron Mainnet. If you think launching the independent MainNet is all Tron wanted to achieve, you are mistaken.

The aim is towards mass adoption as well as creating a decentralized web. Yeah, it is a  fact that in the past weeks TRX has experienced price declines, but currently, the cryptocurrency is riding 5.37% hike against the USD in the last 24 hours (remember most of the other top coins including Bitcoin are in red).

It’s also continued succeeding in attaining quality listings such as the Bittrex (to name one of the most recent ones). Therefore, it seems as every step TRON makes is a sign of progress to make the decentralized web a reality.

How TRON (TRX) is Making Mass Adoption a Reality

The primary objective for TRON (TRX) is to create a decentralized web which will be a representation of the internet’s next generation. Therefore, in making that a reality, the largest file-sharing platform, BitTorrent that has over 100M global…

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Altcoins

Hyperion-Stellar Partnership Finalized — Support For Stellar’s Crypto Assets Trade About To Arrive

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Stellar
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Hyperion and Stellar: A new partnership

According to a recent announcement by Global Blockchain Technologies Corp., it would seem that the known crypto exchange Hyperion has finally made an agreement with Stellar (XLM). The new partnership is to allow Stellar’s own crypto assets to be traded on Hyperion’s platform. This move is expected to significantly impact Stellar’s price and spread awareness of the coin and its goal even further.

Hyperion uses an alternative trading system (ATS), which was licensed by the SEC. As a part of this arrangement, previously attained via investment in DBOT (Delaware Board of Trade), Hyperion has permission to also operate as a broker-dealer. It is also expected to become North America’s first advanced security token exchange.

As many are already aware of, Stellar is a trading protocol that is used for issuing, exchanging, and transferring digital assets. It works with several other cryptocurrencies, but also with fiat currencies like the USD. Additionally, Stellar also works even with some commodity assets, like gold.

Stellar’s goal is similar to that of Ripple, at least when it comes to enabling faster and better cross-border transactions. While Ripple focuses on providing its services to banks and financial institutions, Stellar aims to provide these services to individual investors. Thanks to this, Stellar has received a lot of attention and praise from individual investors, as the general interest in cryptocurrencies grew.

Why is this partnership important?

By joining Hyperion’s…

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Bitcoin

Bitcoin Volume Improves — Is A New Bull Run About To Start?

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Bitcoin volume
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After more than half a year of price drops and losses in value, Bitcoin’s price has finally demonstrated signs of stability. For weeks, Bitcoin managed to remain above the price of $6,550 per coin, which was followed by a small price surge that has allowed the coin to reach $6,600.

Not only that, but Bitcoin’s volume also saw a 12% increase that has taken it from $3.2 billion to $3.6 billion according to CoinMarketCap. While this state of the market did not include all the altcoins, with some of them even experiencing losses, the situation regarding Bitcoin did look promising.

However, the new situation has changed that, as both investors and analysts woke up to the news of crypto prices going down.

Bitcoin volume predictions

Cryptocurrency analysts around the world have been predicting that the recently-balanced situation regarding Bitcoin and many altcoins will not last. While some believed that Bitcoin volume will go up, others have been claiming that it will drop once again, as it has finally happened.

At the moment, Bitcoin has managed to drop below what was recently believed to be its bottom, with a new price being at $6,297. Instead of reaching milestones such as $6,800, and then $7,000 mark as many have hoped, BTC actually dropped by around 6%.

For a while, Bitcoin has been showing signs that it is ready to grow once more. However, the trouble once again lies with the…

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