Review all about the Monero . co-project

• What is Monero?
• Features of the Monero . cryptocurrency
• Pros and cons of the Monero cryptocurrency
• Compare Cryptocurrency Monero and Bitcoin
• Things to know about Monero
• Conclude

What is Monero?

What is the Monero concept ?

What is Monero (XMR), it is a decentralized cryptocurrency similar to Bitcoin but with a stronger focus on privacy and decentralization. More specifically, Monero is a Privacy Coin (anonymous Coin) with the characteristics of hiding the transaction addresses of the parties, hiding information about the transaction amount, hiding the account balance as well as being inaccessible. trade volume.

The Evolution of the Monero . Cryptocurrency

The Monero project was founded by a team of seven people, two of whom remain anonymous.

The development protocol of the Monero cryptocurrency is called CryptoNote. This protocol was first introduced by a pseudonymous author named Nicolas Van Saberhagan in 2013.

The development protocol of the Monero cryptocurrency is called CryptoNote.

In April 2014, the project was born under the name BitMonero.

Five days after its release, BitMonero was renamed Monero.

In 2016, Monero's market cap showed a breakout gain, it was used more often in the black market, Alphabet.

As of April 2017, Monero has a market capitalization of over $323 million.

Monero project development team

According to general information, the Moreno project has a total of 7 developers participating in research and release, but only 2 people have revealed their identities: David Latapie and Riccardo Spagni (also known as Fluffypony) remaining 5 people. has not yet been revealed.

Outstanding features of Monero

Fungible – Replaceability

Fungible – Interchangeability is one of the most important features of Monero. Without the possibility of surrogacy, Monero probably wouldn't perform as well as other cryptocurrencies. This feature builds on the downsides of Bitcoin. 

Bitcoin is an open ledger. That means all transactions on Bitcoin are traceable and traceable. For example, in case the Bitcoin you own has been used to launder money, determine that this Bitcoin will be depreciated when it is bought and sold on the market. Monero is different, all transaction information is confidential, no one can know who your XMR transaction has gone through. Therefore, the exchangeability of this currency is similar to that of fiat money. This is the outstanding replacement ability of Monero.

Stealth Address – Hidden Address

With the Stealth Address feature, when starting a transaction, the sender will create a new "random" address, which represents the recipient. Thus, no one can know the sending and receiving addresses of the two participants in the transaction.

Public View Key and Private View Key

Monero simultaneously owns two types of locks:

• The public view key is used to create a temporary address when the money is sent to the recipient.
• The private view key allows the recipient to Scan the Blockchain to find the amount sent.

Ring Signatures – Ring Signatures

With the ring signature feature, Monero will mix unknown user addresses together. This creates address impossibility.

Pros and cons of the Monero cryptocurrency

Advantage

• Monero's block processing time is short. Normally, it takes up to 120 seconds to process a block of other coins. But with Monero, the time is reduced to half, only falling into the 60 second range.
• Monero also has a shorter block release time. As well as block processing times, Monero tokens have a 50% faster block release time than other cryptocurrencies.
• With many supporting features such as hidden addresses, ring signatures, Monero's level of anonymity is almost perfect.

Defect

• Because the characteristics and features of Monero are different from other coins, the capacity on the Monero Blockchain is extremely expensive and consumes very quickly.
• Because of its strong anonymity, Monero is often used by hackers. This causes it to receive a less favorable "look", affecting the practical applicability of this coin.

Compare Cryptocurrency Monero and Bitcoin

Compare Monero and Bitcoin Cryptocurrencies.

Bitcoin is built on the Blockchain platform , when you send and receive Bitcoin all transactions as well as the amount you have transacted will always be linked to you. The transaction history will reveal whether the user can buy or pay for illegal products or services. This is a feature not everyone wants.

Monero uses ring signatures and anonymous addresses to ensure the privacy of network participants. In addition, Monero also uses a ring signature function to ensure that the transaction amount is completely secure.

Things to know about Monero

Basic information about Monero

• Price: 209.96 USD (Price was recorded at the time of writing on 03/07/2021).
• Market capitalization: $4.77 billion.
• Total supply: 18.4 million.
• CoinMarketCap ranking position: 26.

Purpose of using Monero token

• In daily life, Monero (XMR) is used as a means of payment for products and services in the market.
• In the Monero Blockchain (XMR), it is used as a block reward for miners for contributing mining power to validate transactions.

Use Monero . storage wallet

Currently, depending on your need to use and invest XMR, you can choose the right wallet for you.

• Cold wallet: Suitable for those who want to store XMR coins for a long time and have few transactions. The advantage of cold wallets is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are:  Ledger Nano S , Ledger Nano X.
• Web-based wallet (online wallet): You can choose a Web-based wallet that supports XMR tokens such as: MyMonero
• Wallet on computers (PC, laptop): The best choice for this wallet is Monero GUI Wallet, a wallet released by the Monero development team. It supports all operating systems, so you can use it with confidence.
• Exchange wallet: This wallet is suitable for those who often buy and sell XMR because it is optimal for trading. 

Exchanges that support Monero

Currently Monero has appeared on 45 major exchanges in the world such as Binance , HitBTC, Cryptopia, Poloniex, Bittrex , OKEx... You can easily buy/sell Monero at exchanges by using BTC or ETH to deliver Translate with XMR faster and easier.

Conclude

Over the years, many crypto projects aimed at ensuring privacy have been born, but perhaps Monero is still one of the most mentioned names. It is no coincidence that after 7 years of existence, until now Monero is still one of the tokens with the highest market capitalization. If you intend to invest in XMR, please study this article carefully!

Note: This article is for informational purposes only and should not be considered investment advice. Cryptocurrency investment is a form of risky investment, you only participate with the amount of capital that can be lost.

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