The Monero is a Altcoin since the beginning of April 2014 can be bought and traded on many stock exchanges worldwide. The virtual currency is based on the white paper from CryptoNote and has no similarity or relationship with the top dog Bitcoin.
Since mid-August, the value of Monero has advanced from the formerly strong € 50 to over € 110. Thus, the Monero price has more than doubled and the market capitalization is over 2 billion euros.
This has put the Altcoin in the top 10 of the highest capitalized cryptocurrencies. The Monero has a definite advantage over the Bitcoin - which is exactly what we explain in the next lines.
But what exactly is the Monero and what technology is behind it?
The Monero uses a completely new code and has nothing in common with the blockchain used by the Bitocoin. The Litecoin contains many code snippets of the Bitcoin, as it was split off from the reserve currency, which is not the case with Monero.
The Monero is divisible to 12 decimal places. This means that the smallest available currency unit equals 0.00000000001 XMR.
Which tasks and concepts have already been completed, are currently being processed or are still to come.
Blockchain data, difficulty level and anonymity
The time it takes to generate a block is currently two minutes as more and more Monero are in circulation. Bitcoin takes about 10 minutes between each block generation. The Monero Blockchain is five times faster than the Bitcoin network.
The Mining Difficulty of XMR increases or decreases without delay. There are no fixed time intervals, as is the case with bitcoin, for example.
The so-called crypto-night protocol brings an encryption that brings the users or users of Monero a whole range of features related to privacy and anonymity.
Here, ring signatures and stealth signatures are used. Stealth comes from English and means obscured. In this context, the transaction is tracked to a known address in the blockchain, which, however, is not publicly available. Only the owner himself can access the account with the so-called private key (security password for the wallet) and view it. In individual cases, this can also be transferred to a trustworthy person or passed on.
The security signature "ring signatures" allows the cash flow to be split into multiple blocks, making it very difficult to track through a "scouting the blockchain". A tracing or retracing of which wallet to which wallet the transaction is made is almost impossible.
A freezing of accounts by the miners is thus excluded, since the detailed transactions of the transaction are incomprehensible. This process is also known as blacklisting.
Conclusion and outlook for the future
With the strong privacy and guaranteed anonymity, for all users, this coin is interesting for all investors.
There is currently an incredibly strong price increase, which among other things is due to the non-traceability of the transactions. Many potential buyers have found a Altcoin, which not only brings a huge amount of Monero units with it, but is also considered very safe.
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