Monero (XMR) Review
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13 June
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Secure, Private, Untraceable

Monero (XMR) is an open-source cryptocurrency with a focus on private and censorship-resistant transactions. Unlike other cryptocurrencies such as bitcoin and ethereum, which have transparent blockchains, Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.

“Monero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes,” according to the company’s website.

Monero uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses. They hide the sender's identity, the amount transferred, and the identity of the receiver of the transaction, respectively. it’s guided by three major values: security, privacy and decentralization. The platform desires users to trust them with forwarding transactions, without a risks of errors or attacks.

The cryptocurrency is also serious about its privacy. The platform seeks to protect users in a court of law and, in extreme cases, from a death penalty.

Monero is committed to providing the ultimate amount of decentralization. An accessible “Proof of Work” algorithm makes it easy to mine Monero on standard computers, which makes it more difficult for someone to purchase large amountы of mining power.

History

Launched in April 2014, Monero was a fair, pre-announced launch of the CryptoNote reference code. The community however disagreed with some of the founder’s controversial ideas, resulting in a new core team taking over, and providing the oversight since then.

Monero was launched by a Bitcointalk forum user only known as "thankful_for_today" under the name BitMonero (a compound of Bit (as in Bitcoin) and Monero, meaning "coin" in Esperanto). Five days later, the currency's supporters opted for the name to be shortened to simply -Monero.

Since its original launch, the blockchain has migrated to a different database structure to provide greater efficiency and flexibility. Furthermore, minimum ring signature sizes have been set to make all transactions private by mandate, and RingCT has been implemented to hide the transaction amounts.

Acquiring Monero

According to price tracker CoinMarketCap.com, Monero has a total market cap of $2.6 billion and a daily transaction volume of $41 million.

Monero may be purchased on a number of exchanges using fiat or other cryptocurrencies.

Largest cryptocurrency exchange Binance only offers XMR/BTC and ETH/XMR trading pairs.

Binance doesn't currently support direct Monero (XMR) withdrawals so to withdraw Monero from a Binance account, it should be first converted to Bitcoin or Ethereum.

Monero mining

Mining on a pool with xmr-stak-cpu

Mining on a larger pool could mean more frequent payouts, but mining on a smaller one helps to keep the network decentralized. The list of pools is available at moneropools.com. There is also a large number of miners to choose from. For details on pool mining click here.

Solo mining with the GUI

Monero relies on proof-of-work mining to achieve distributed consensus. There are currently no ASICs for Monero, which means that anyone with a computer can mine it. It is best suited to CPU and GPU mining.

Its extremely easy to solo mine Monero with the official GUI, which can be downloaded from Monero downloads page. Users will then need to run the setup and be patient as Monero synchronizes with the network. It should display "Connected" in the lower left corner.

The user will then need to click on the "Advanced" tab and chose the “Mining sub-tab.

To stop mining, the user will only be required to click the "Stop mining" button.

Monero’s blocks are produced on average every 2 minutes, the reward per block is 4.47 XMR.

Mining with Docker and XMRig

To mine with XMRig, run the following:

Docker is also being used as it is the most well-known miner.

Wallets

Monero is stored on an account, which is based on two distinct cryptographic keys: the spend key and view key (both are 64-characters long) The spend key is the only key required to authorize the transfer of funds of a Monero account, while the view key provides access to view (but not spend) the balance of an account.

The easiest way to store Monero is via the online-wallet MyMonero, a service providing free hosted Monero accounts. It was developed with the assistance of the Monero Core Team, and is managed by Riccardo "fluffypony" Spagni, one of its members. The account can be accessed from any device with the private login key. MyMonero never knows the user’s private login key, all of the private cryptography is done locally on the user’s device.

The best and only Monero desktop wallet is the official client which is a full node. It can be downloaded from the official Monero website. The Monero community has funded a Dedicated Hardware Wallet which is now operational. Besides, Ledger is working on integrating Monero into their hardware wallets.

Monero forks

Monero Original (XMO) – forked at block #1546500 mined approximately on April 6, 2018.

Monero 0 (ZMR) Hard Fork - took place at block #1546500 mined approximately on April 6, 2018.

MoneroV (XMV) Hard-Fork – executed at block 1564965, mined approximately on April 30.

What to buy using Monero

Merchants of all kinds have come to value the financial privacy that Monero brings and many are currently appreciating Monero for their goods and services. Below are some of the businesses that accept the cryptocurrency.

Azur Samui – a luxury resort consisting of 61 luxurious apartments and pool penthouses and 26 private pool villa residences located in Koh Samui, one of Thailand’s tropical islands.

Abaco Hosting – an Internet services company that offers solutions for small and medium businesses, from Email Hosting, GeoLocated Hosting Linux & Windows, Reseller, VPS, Cloud, Wordpress Hosting, SSL, Security, Servers and a portfolio of +500 domain extensions available.

Computer Lab – a software consultancy and research group based in New York City.

Gomojomarketing – a marketing team that provides small businesses and startups with the resources of a full-scale marketing team with experienced consultation, strategy, and reporting

Crypto Whale Clothing – offers a large collection of crypto-themed clothing.

Red/Cedar – a digital marketing company that builds website solutions that help clients drive business performance and cultivate long-term relationships with their most valued customers.

City Map – a company that provides high quality and unique city map themed decorating options for any space that needs fresh decor.

Lynx art collection – offers intriguing pieces of art that are designed to spark a conversation.

Kidsweet – an all-natural ultra-low-carb plant-based sweetener that's easy to use and tastes like sugar!

Check-coin – a new generation online store that offers goods for cryptocurrency.

How is Monero different from bitcoin?

Monero is not based on bitcoin. It is based on the CryptoNote protocol. Bitcoin is a completely transparent system, where all transactions can be tracked, while Monero hides this information to protect user privacy in all transactions.

The bitcoin algorithm runs dramatically faster on custom made mining chips, known as Application-specific integrated circuit chips (ASIC’s) than on standard PCs and laptops. In contrast, the Monero mining algorithm was specifically designed so ASICs do not have a significant advantage over ordinary computers owned by the general public.

Monero’s blocks are produced on average every 2 minutes, while bitcoin blocks are produced on average every 10 minutes.

By Bob Loxley

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