Notice Monero (XMR), the Evil Twin of Bitcoin ? – TheCoinTribune

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The majority of cryptomonnaies have a certain degree of confidentiality, wrongly, as to why. Monero (XMR), for his part, focuses more on the intimacy. Europol, the judge even impossible to findbut what is it really ? What is this electronic currency is different from others ? In this article, we study in detail to give our opinion on Monero and as well, allow to forge your own opinion !

Learn more about Monero

The cryptomonnaies do not all have the same operation. Each one has its peculiarities. Therefore, it is better to get to know them better before investing.

How can we define Monero ?

What is Monero ?

Monero is a cryptomonnaie relatively recent. Its creation dates back to 2014, 5 years after Bitcoin. On the initiative of the project, there are some Nicolas van Saberhagen the specialists believe that to be a nickname. At the beginning, this last introduced in 2013, the idea of an algorithm dubbed CryptoNotea protocol that is to be used in the creation of cryptomonnaies anonymous. Taking this idea, a hard fork of Bitcoin was the first concrete under the name of BitMonero before being renamed Monero (XMR).

What you can fascinate with Monero, it is, above all, his dark side. Your creator did it intentionally to introduce a lack of transparency in the transactions. The important data of the transaction that are not accessible. Are hidden thanks to the powerful algorithms.

Did you know that ? Monero means “coin” in Esperanto, a language constructed artificially, which is considered as the official language in more than 120 countries around the world. So here is a possible indication of the values that are being transmitted by this cryptodevise.

What is the philosophy behind Monero ?

The philosophy behind Monero is one of the confidentiality of transactions. The monetary authorities of the transactions that you make through it, must remain a secret and no government or banking institution has access to them. This is achieved by the anonymity of the actors of the blockchain and provides a maximum security all of your transactions. Your name, the name of the recipient and the amount of the transaction remain hidden.

The blockchain of Monero can not be recognized

This coin is in this sense a positive response on the part of the users of the Darkweb. These are the payment tool, ideal to go unnoticed and to protect your privacy.

Did you know that ? In 2016, the Monero has been recognized as a means for the settlement of transactions in the market AlphaBaya platform recognized as belonging to the Darkweb. Other online stores, as well as celebrities such as Mariah Carey also would have recognized the currency as a means of payment for their works.

How does the cryptomonnaie Monero ?

As the majority of the cryptomonnaies, including the Bitcointhe creation of new symbols XMR it can be done through the validation of a transaction in a blockchain (the mining). The use of the proof-of-work, Monero ensures equitable access for all, regardless of the platform used : Windows, Mac OS or even Linux.

To use the computing power for mining Monero

To achieve a high level of confidentiality, Monero makes a darkening to two levels.

In a first moment, Monero mix the cards in the identities of the actors of the transaction. It uses their protocol CrypoNote that generates for each transaction address stealth. The keys are then mixed together. This prevents any identification of the transmitter or receiver.

In the second place, the amounts of the transactions in the blockchain are also kept in secret. From the year 2017, the signature of the circle (Ring the Confidential of the Transaction) has been incorporated into the protocol CrypoNote and allows for a better encoding of the transaction. Therefore, the only information visible is the name of the circle (or the group of persons concerned).

What are the advantages and disadvantages of the use of Monero ?

After having studied the basic concepts of this cryptomonnaie, it is interesting to observe their strengths and weaknesses.

The strong points of Monero

What are the benefits of Monero ?

As you might guess, the use of Monero has many benefits for their transactions : the anonymity and the opacity remain the strengths of the first plan. You can send and receive XMR without that no one can know the amount of the transaction. In addition, it is a Monero the currency is fungible the image of the bank notes. All the XMR remain the same and it is impossible to detect, regardless of its use in the past.

Monero is still evolving. He regularly offers new projects to make life easier for its users.

The weak points of Monero

The use of the Monero does not present only advantages. This cryptodevise is sometimes associated with illegal activities. It is one of the electronic currencies that are most commonly used in the Darkweb. However, it is not only used as the Bitcoin was also used this channel to be announced.

The anonymity of the blockchain Monero can be dangerous

For the moment, it is not a Monero the community it also activates and investment of those who gathered around other cryptomonnaies. That is why the development of the technology could be affected and decreased.

What is our opinion in relation to Monero ?

Monero can be considered as one of the electronic currencies which offers more privacy. Allows you to make transactions anonymously and without a trace. Despite the critics who are trying to make a “the currency of the Darkweb “, Monero augurs well for the future.

Ultimately, Monero embodies the perfect choice for fans of the discretion financial. It is the currency of all those who wish to invest in the market cryptomonnaies outside of any control. If this is your case and you want to start to invest in cryptomonnaies, welcome to the universe Monero ! In addition, you can even use your smartphone to undermine this cryptomonnaie !