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Monero Cryptocurrency: Main Advantages and Features

Monero Review: A Reliable and Safe Cryptocurrency with Good Prospects

Timely investments in Bitcoin have allowed some businessmen to earn huge fortunes. This may be the most profitable project in modern history. Today, the number one cryptocurrency dictates the rules of the market, but other altcoins also have excellent potential. In this article, we discuss the history and features of the Monero coin. For crypto enthusiasts, exploring the top Monero websites means finding the insights in private and secure transactions.

Emergence and Development of the Project

Monero is one of the modern types of cryptocurrencies. It was developed in 2014 based on the CryptoNote ring signature algorithm (developed in 2012). The Bitcoin code was not used when creating this system, as in many other analogs. This suggests that the coin has a high degree of anonymity and reliability. Such advantages secured a demand in this currency.

The “ring signatures” used in the Monero blockchain are based on “mixins,” which include the inputs and outputs of other people’s transactions. This mix also contains the translation that is currently being carried out. The “signer” will not be able to determine where the real funds are and where the “impurities” are. The “ring signatures” used in the Monero blockchain are based on “mixins,” which include the inputs and outputs of other people’s transactions. This mix also contains the translation that is currently being carried out. The “signer” will not be able to determine where the real funds are and where the “impurities” are.

Advantages of Monero Currency

The Monero blockchain is based on a dynamic block, thanks to which transactions are confirmed faster, and fees are lower. A spam attack on this network is practically impossible because there is enough space in each cell so that transfers do not stand in the queue. However, this is only partial list of advantages:

  • decentralization – independence from banks;
  • independence from international and national currencies and, therefore, from inflation;
  • limited quantity, which has a positive effect on demand growth;
  • excellent security;
  • high liquidity;
  • high reliability;
  • good prospects;
  • the maximum number of coins is more than 18 million;
  • suitable for PC users;
  • reducing emissions;
  • it is possible to use a CPU+GPU combination, which effectively affects performance;
  • many functions and innovations that have no analogies;
  • high profitability;
  • small intervals between blocks (it takes up to 1 minute to generate a block);
  • simple and quick creation of a wallet in the system.

Another advantage of Monero is its special issue. The technology is needed to finance miners, which allows the distributed network to add 0.6 XMR to the total money supply every 2 minutes.

Mining Monero and Its Features

Most cryptocurrencies can be mined using processors or video cards. According to the created algorithm, this allows the participant to earn coins. The earned coins can be withdrawn to electronic wallets and used to make purchases in online stores.

To work, you need to have software, download from official websites, a strong processor and a constant Internet connection. Users who want high performance should use only the latest PCs that run on ASIC processors and programmable logic arrays. The ideal hardware choice for running Monero is a system with the following processors:

  • Intel i7;
  • Intel i5.

PCs with Radeon HD 6950, 6990, 270, 290, 7970, and others will help increase speed.

Interesting Security Information

Various crypto enthusiasts are trying to study the vulnerabilities of projects and ensure a high level of security. In 2019, users carried out a “Janus attack,” which made it possible to verify the level of protection. The technology is simple: a Monero user has two publicly available addresses. One is publicly advertised, and everyone knows its owner; the second is suspected by researchers, but the owner has yet to be identified for certain.

To prove the ownership of the second address, you need to agree on a transaction with a person who may be the owner, but send him money using assumed information instead of the real information. If he confirmed receipt of the payment, the researcher could carry out a “Janus attack.” There is another way to deanonymize transactions on the Monero distributed network, estimated to cost almost $2 million.

The idea is simple: researchers process thousands of small transactions on the network, where real transfers are made simultaneously. In this way, the impurities used in the ring signature technology can be controlled. The Monero cryptocurrency offers safer methods of money transfers than Bitcoin, but is very inferior to it in popularity.

This coin has its prospects, along with XPR, DOGE, and other popular altcoins. Many popular exchanges have approved Monero for listing on the platform, and users can buy the digital currency at an attractive price. Perhaps this transaction will bring you a good profit if done at the right moment.

 

 

 

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