The creation of many cryptocurrencies is driven in part by the detailed description of the Bitcoin process. Using these developments, the BitMonero currency appeared on April 18, 2014.
However, there was no point in completely copying the original idea, the developers used many other development methods, one of which was implemented for Bitmonero. This cryptocurrency began to work under its own CryptoNote protocol, thanks to the achievement of a higher degree of anonymity than that of the Bitcoin to Monero project. By the end of 2014, the creators decided to relaunch the project, resulting in a new cryptocurrency Monero XMR. Around then, a specially designed electronic wallet for storing this digital coin, MyMonero, was launched.
Main advantages of Monero cryptocurrency
The digital Monero coin boasts some distinctive features that are not currently available for other cryptocurrency algorithms:
· Enhanced security and privacy, which is constantly attracting new users. All transactions have the highest degree of secrecy, so you don’t have to worry about third parties finding out about them.
· The CryptoNote protocol plays the most important role in the operation of this cryptocurrency. It deliberately obfuscates the traces of transactions and leaves the identity of the sender and recipient in complete secrecy.
· It is possible to unravel the tangle of codes, but this will require simply colossal power and performance of the equipment. Accordingly, huge amounts of money will have to be spent, so no one will engage in such a senseless waste of finances and efforts.
Disadvantages of the coin
Despite all the advantages, the coin has some disadvantages, namely:
· The peculiarity of the code leads to the fact that the block “weighs” much more than that of most other coins. Compared to Bitcoin, Monero’s information block is almost 8 times larger.
· The anonymization of cryptocurrency has contributed to the fact that it is used with high activity as a means of payment for various dubious transactions, which is the reason for its negative reputation.
· The massive use of the coin in dubious transactions (sale of weapons, drugs, prostitution) leads to the fact that the level of its recognition by the general public is minimized.
Instead of a conclusion
The Monero cryptocurrency, in addition to being super-anonymous, has other remarkable properties, thanks to which it attracts the attention of developers and investors. A giant like Apple turned its attention to Monero. The coin was presented in the calculations and in the AppStore. And this cannot but affect the growth of authority and positive prospects for its development.
Another strong plus of the coin is the presence of a close-knit development team, actively improving the coin. Not so long ago, a planned hard fork (improvement of the mining protocol) was made, which did not lead to any offshoots and excesses for miners (objects leading the extraction of a coin), as happened with Bitcoin to Monero.
All the facts indicate that Monero XMR got into the TOP of cryptocurrencies for a reason and found its well-deserved position there. This can be regarded as evidence that a very promising place should also be assigned to it in our cryptocurrency wallet.