Monero was created with the goal of providing a privacy-focused alternative with code different from bitcoin.
Monero (XMR), originally called Bitmonero, was launched in 2014 after a hard fork from Bytecoin. Additionally, (XMR) is a privacy-focused cryptocurrency with a different codebase than Bitcoin.
The cryptocurrency has its meaning in the Esperanto language as currency (an international language created in 1887). It also aims to allow payments to be made quickly and cheaply without fear of censorship.
The Monero platform is unique because it is designed to keep wallets and transactions completely anonymous, including network members, developers, and miners. It is for this reason that it has become an increasingly attractive alternative in various areas, but especially in a disturbing one: cybercrime.
Thus, it was linked to cybercrime and the supermarket of illegal Internet products.
Initially, it was created under the name Bitmonero, but soon adapted its current name Monero is not illegal in the US, but many countries ban privacy tokens on exchanges and some others ban them completely.
In June 2017, AlphaBay (dark web) was intervened and closed by security forces. Despite this, the price of Monero has skyrocketed in 2017.
Characteristics:
- It uses advanced cryptography techniques to obfuscate transactions and maintain privacy.
- They allow a sender to hide their identity from other participants in a group, through ring signatures.
- It hides the identity of the sender.
- People receive rewards for their activities by joining mining pools, or they can mine coins individually
How does it work?
It works the same as other cryptocurrencies, using proof-of-work mining to control the issuance of XMR and incentivize miners to add blocks to the blockchain. It also allows for a mining process in which people receive rewards for their activities by joining mining pools, or they can mine coins individually.
Transactions cannot be easily traced on its blockchain. That is why users can more freely exercise their ability to send and accept cryptocurrencies in all types of transactions.
Monero’s privacy and anonymity are also useful in other areas. As we have seen, the cryptocurrency has managed to recover and has differentiating characteristics compared to other digital currencies.
We invite you to become part of the world of cryptocurrencies by investing in iCashweb.
iCashweb allows you to pay for your medical services and supplies in a simple, fast and secure way.
I invite you to read another article:
iCashWeb: Pay Easily and Earn More Health. Invest!
Font:
https://es.wikipedia.org/wiki/Monero_(criptomoneda)
