What is the premise in crypto currencies
Monero - the secret coin
Launched in 2014 as a fork of Bytecoin, Monero is not just a leaner Bitcoin offshoot like its biggest competitors Litecoin or Bitcoin Cash, but has numerous special features in terms of its premises - anonymity and data security - that make it a digital payment service provider suitable for everyday use Particular emphasis should be placed on Crypto competition. Will this succeed ?! - We take a look at the Monero obfuscation tactics.
Value date of the Moneo Coin
At the time of going to press, one Monero coin (XMR) is roughly equivalent to USD 143.69. In terms of market capitalization, Monero ranks 13th among the cryptocurrencies overall. Trading with XMR is possible by purchasing Bitcoin, Ethereum or Litecoin via the Coinbase exchange with subsequent exchange of these in XMR on the Binance exchange.
A brief history of the Monero Coin
7 developers are sometimes hiding under a pseudonym behind Monero, which, as already mentioned, started as a fork of Bytecoin in 2014 and gained prominence as a payment service provider for the AlphaBay darknet marketplace from 2016 onwards. The declared aim is to provide a digital means of payment geared towards anonymity and data security. This goal is to be achieved through various special programs. A hard fork every 6 months should also keep the Monero protocol dynamic.
The most important Monero features at a glance:
- POW - based block creation every 2 min; The block size must never exceed the median of the last 100 transactions, otherwise there is a risk of losing the block reward through XMR; thus the block size is in principle flexible, but democratic and at the same time better scalable (in contrast to e.g. Bitcoin)
- Flexible adjustment of the mining difficulty with steadily decreasing but never completely missing block reward until a total of 13,132,000 XMR is reached. (expected to be reached in 2022); then a fixed reward of 0.6 XMR per block
- Unlike Bitcoin, the total amount of XMR to be distributed is not fixed, but will continue to rise and ultimately exceed the total volume of coins
- CryptoNite hash algorithm: compared to Bitcoin's SHA algorithm, less computationally intensive and therefore compatible with commercially available hardware (CPUs and GPUs); but more memory-intensive
- Anonymous transactions through ring signatures that combine transactions into groups of authorized subscribers and thus anonymize the actual subscriber in the group
- Extension of the ring signatures to include CT (Confidential Transaction) procedures: Possibility of concealing a transaction amount
- Creation of stealth addresses: Between 2 transaction participants the possibility is created via code to set up further stealth addresses known only to them, apart from their respective public addresses, to which transfer can take place. The transaction recipient's Monero wallet then "scans" the Monero blockchain using a secret view key for addresses that are only linked to this key and can be viewed, aka intended for him
- Implementation of the Kovri application: By using I2P nodes (Invisible Internet Project Nodes), the Internet traffic of users can be disguised who otherwise surf more or less transparently via their IP addresses
Can Monero assert itself at the top of the digital world? - a comparison
What is certain is that Monero, like Bitcoin Cash or Litecoin with similar market ambitions, is already outshining the crypto giant Bitcoin, especially in terms of scalability. The day-to-day implementation of the protocol is, however, less smooth than with the two Bitcoin offshoots, precisely because of its partly programmatic otherness.
The inclined reader knows that privacy also costs something, not least since the GDPR. In the increasing cooperation between stock exchanges and supervisory authorities or in customer support, it will still have to become clear to what extent this does not make the processes more complicated and which measures can still be effective, despite the protection of data in the event of ever possible misuse. The last fact in particular does not allow Monero to shake off the recurring accusation of the darknet vehicle, as it is precisely this privacy that even dodgy businessmen know how to use for themselves.
Perhaps the ongoing regulation of the crypto currency market by state authorities can create even more reliable external cornerstones for users in the future and close the gaps between the crypto competitors in this regard. Coexistence with specific business areas would then be entirely conceivable.
A portrait of other exciting crypto currencies
Bitcoin - all the facts about No. 1 crypto currencies
The most famous coin in the crypto world is without question the Bitcoin. In 2008, Satoshi Nakamato invented Bitcoin, which has been publicly traded since 2009. We introduce the Bitcoin and orientate ourselves, among other things, on the respective value, technological features, specific trading venues and beyond other areas of application in business and society.
Ethereum - all the facts about the smart coin
After starting with Bitcoin, we will continue our presentation of the most important coins and first dedicate ourselves to Ethereum. This crypto-coin is runner-up in terms of market capitalization and also a digital contemporary with interesting features.
Litecoin - All the facts about the nimble twin of Bitcoin
Litecoin currently costs EUR 97.65 (according to www.coinmarketcap.com) - a solid price for solid technology in the digital age of transactions based on blockchain technology. What makes Litecoin different from Bitcoin and thus interesting for users and investors? - More on this below here.
IOTA - All the facts about the crypto currency
After the crypto currencies already presented, IOTA is a representative with numerous special features that give it a special position compared to other Altcoins. Find out more below.
Kathleen has been writing for Unternehmenswelt magazine since 2018. Her main interests are new ideas and concepts, disruptive technologies and sustainable entrepreneurship. Kathleen previously worked as an editor for the social startup scene, various foundations and communication agencies.
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