The Monero (XMR) Cryptocurrency was launched in the year 2014, and its main aim was to simply allow various transactions to take place privately and with anonymity. Even though it is commonly wise that the BTC can conceal a person’s identity, it becomes straightforward to trace the payments back to their original sources as the blockchains are transparent. On the other hand, the Monero (XMR) Cryptocurrency is designed to obscure recipients and senders alike with the use of advanced cryptography.
The whole team behind the Monero (XMR) Cryptocurrency say that the two main and biggest priorities of Monero (XMR) Cryptocurrency are privacy and security, with ease of use and efficiency coming afterwards. The main aim is to protect all the users, irrespective of how technologically competent a person or a user is. Overall, the Monero (XMR) Cryptocurrency allows payments or the transactions to be made inexpensive and quick without the fear of censorship.
Who Are The Founders Of The Monero (XMR) Cryptocurrency?
Initially, seven developers joined together to create the Monero (XMR) Cryptocurrency, out of which, five decided to remain anonymous. There have been some rumors that the Monero (XMR) Cryptocurrency was invented by Satoshi Nakamoto, who is the inventor of bitcoin.
The origin of the Monero (XMR) Cryptocurrency can be traced back to Bytecoin, a decentralized and privacy-focused cryptocurrency launched in the year 2017. After Two years, a member of the Bitcointalk forum, only known as thankful for today, forked the codebase of BCN and then, Monero (XMR) Cryptocurrency was born. It is believed that hundreds of developers have contributed to the Monero (XMR) Cryptocurrency over the years.
What Makes The Monero (XMR) Cryptocurrency Unique?
Different things make the Monero (XMR) Cryptocurrency unique. One of the biggest aims of the project is to achieve the most significant level of decentralization possible, meaning that a user does not need to trust anybody else on the network. Privacy on the web is achieved through a few distinctive features. Every bitcoin in circulation has its own serial number, which means that the cryptocurrency usage can be monitored; Monero (XMR) Cryptocurrency is entirely fungible. By default, the details about the recipients, senders, and the amount of cryptocurrency being transferred are obscured and the Monero (XMR) Cryptocurrency advocates this offer as an upper hand over the rival privacy coins like Zcash and are selectively transparent.
The obfuscation is achieved through the use of ring signatures. Here, the past transaction outputs are picked from the blockchain and act as decoys, meaning that the outside observers cannot tell who sign it. For instance, If John was sending 200 XMR to Susan, this amount can also be split into random chunks to add a different difficulty level. In order to ensure that the transactions cannot be linked to each other, the stealth addresses are also created for every single transaction that are only used once. These distinctive features have led to the Monero (XMR) Cryptocurrency being increasingly used for illicit transactions instead of the famous bitcoin cryptocurrency, especially on the darknet markets. Moreover, governments all around the globe, especially the United States, have also offered hundreds of dollars to anyone who can crack the code of the Monero (XMR) Cryptocurrency.
How Many Monero (XMR) Cryptocurrency Coins Are There In Circulation?
The Monero (XMR) Cryptocurrency is slightly unusual as a token sale was not held for the XMR, and furthermore, no tokens were pre-mined either. At the time of writing this article, the circulating supply of the Monero (XMR) Cryptocurrency stands at 17,703,471. The Monero (XMR) Cryptocurrency is designed to resist application-specific integrated circuits that are commonly used for mining the new bitcoin. It means that it can be possible to mine the Monero (XMR) Cryptocurrency using computing equipment every day.