What is Monero?
ByteCoin developers proved to be not the smartest people, having distributed 80% of the bitcoin coins and there was nothing to mine, then the geniuses came up with a re-issue of the coin from scratch: April 14, 2014, the ByteCoin coin forked, which produced the Monero or XMR token.
Monero is on the 14th place at the top of cryptocurrencies and is the most popular anonymous coin with a capitalization of 79 billion rubles ($ 1.25 billion).
The most anonymous coin
Monero, like Bitcoin, is used to make payments, but Monero uses a very rare Proof-of-Work confirmation protocol and it is called CryptoNote. The protocol was created in 2012 and uses sophisticated ring signature technology and one-time addresses. The peculiarity of the ring signature is that it is impossible to track the signatory: a list of potential signers is formed and it is impossible to track who it is.
What is the safety of monero?
Unlike the Bitcoin system, the blockchain chain of which can be found in open sources, absolutely everything is encrypted in Monero: personal user data, account balance, information on transactions. All this is encrypted and this data is not available even to network owners.
- Complete anonymity
A ring signature makes transactions untraceable
- High security
To crack a wallet, hackers need some information, for example, the balance of the account. Monero encrypts all data, this makes it impossible for hackers to penetrate the network
- TOP 20
- Included in the TOP 20 most popular cryptocurrencies
- Transaction volume
A transaction takes eight times more space than Bitcoin
- Transaction rate
Compared to other forks, Monero processes transactions rather slowly.
- Black money
The government may limit the monero due to its popular use in the “gray schemes” and on the darknet, which makes it impossible to control the legality of its use