Monero is the best cryptocurrency for those who have problems with the level of transparency of the Bitcoin Ethereum blockchain. It is a new type of blockchain that focuses on private and censorship-resistant transactions.
So if you are looking for a cryptocurrency that runs on a privacy-enhanced blockchain, Monero or MXR is the best choice for you.
Unlike any other cryptocurrency, MXR provides wallets and completely anonymous transactions. MXR is a private cryptocurrency that uses the same underlying technology other cryptocurrencies use. Keep reading to learn everything about Monero.
What is Monero?
Monero, just like any other cryptocurrency, is an open-source blockchain with a large community of participants. But Monero is a digital currency that offers a higher level of anonymity for the user’s identity and transactions. Everyone knows a thing or two about Bitcoin as a leading cryptocurrency on the market that uses a peer-to-peer technology that allows users to make payments with their coins. But other currencies offered something new and achieved a high level of popularity. One of them is Monero.
How Does Monero Work?
Monero is the fork of Bytecoin that was launched in 2014. A fork refers to the process of splitting up a network to create a better alternative. Blockchain is the cryptocurrency’s underlying technology designed to make everything transparent for all participants. But MXR blockchain aims to hide the identity of the sender and receiver and the amount of every transaction.
Even though the sender knows the receiver’s public address, he cannot look into the receiver’s holdings in the Monero network.
How Is Monero Different from Bitcoin?
In the Bitcoin network, you need a pseudo name that has been randomly generated. But the fact is Bitcoin addresses and transactions are transparent on the blockchain. On the other hand, Monero aims to provide a high level of anonymity. Bitcoin transaction history is recorded on the blockchain, so in case of fraud, gambler, or theft, it is possible to block or suspend the bitcoins that have been used on that event.
But when it comes to Monero, there is no risk of having your offer refused or blacklisted by others.
The main and the most crucial feature of Monero is privacy and anonymity. It aims to be used as money; the word means “money” in the Esperanto language. You can keep Monero just like any other cryptocurrency on a wallet.
One of the most exciting features of this cryptocurrency is the ring signature. This feature makes tracking the parties involved in the transfer almost impossible. On the other hand, the ring signature hides the actual amount involved in any transaction.
The last feature of this cryptocurrency is the distinguished way of handling transactions on this platform. Transactions are split into multiple amounts, and every split will be dealt with as a separate transaction.
The main difference between Monero and other cryptocurrencies is that not everyone can view every transaction because MXR transactions use multiple layers of privacy tools.
Cryptocurrencies became popular due to the anonymity they brought out to the market. But Monero what types anonymity many steps further.
Is It Possible to Mine Monero?
Suppose you are thinking about mining a cryptocurrency. In that case, you should know that Monero is one of the most accessible cryptocurrencies to mine. You do not need to join a pool or buy expensive software and hardware to mine Monero. All you have to do is go to the download pages on the Monero website and download a GUI wallet for a CLI wallet. Every block is minted in a matter of two minutes.