What Is Monero (XMR) Cryptocurrency and How Does It Work?
Monero (XMR) is a decentralized, open-source cryptocurrency which is highly popular with its high level of privacy. XMR coin is one of the oldest digital money which was released in April 2014.
What Is Cryptocurrency?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. Most cryptocurrency systems are decentralized and maintained by a distributed network of computers spread around the world
Special features of Monero
What are the unique properties that the CryptoNote algorithm gives it?
1- Your currency is yours : You have complete control over your transactions. You are responsible for your money. Because your identity is private no one will be able to see what you are spending your money on.
2- It is Fungible : Another interesting property that it gains, thanks to its privacy, is that it is truly fungible.
3- Dynamic Scalability: The Bitcoin scalability issue has been a very hot topic in the crypto circles the past few months. Bitcoin was created with a self-imposed 1 Mb block size limit. however, in order to prevent spam transactions, the size limit was enforced. Monero, on the other hand, has no “pre-set” size limit, but this also means that malicious miners can clog up the system with disproportionately huge blocks.
4- ASIC Resistant: Monero is not exactly “ASIC resistant”, but the cost of manufacturing ASICs for Monero would be so high that it simply won’t be worth it. Why is that the case? Monero was based on the CryptoNote system which makes it distinctly different from bitcoins? Well, the hashing algorithm used in CryptoNote based systems is called “CryptoNight”. Cryptonight was created to build a fairer and more decentralized currency system. Cryptocurrencies which incorporate Cryptonight cannot be mined using.
5- Multiple keys: One of the more confusing aspects of Monero is its multiple keys (public view key, private view, public spend key and private spend key)