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.
|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|
|Transaction Fee||0.004-0.02 XMR/kB||Varies based on load on blockchain|
|Blocks Time||120 seconds||At least 10 minutes|
|Mining||GPUs, CPU||Pools, ASIC miners|
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.
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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
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