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Can Monero beat major cryptocurrencies? Know all about Monero!

Mar 18, 2018 Posted /  1339 Views

Can Monero beat major cryptocurrencies? Know all about Monero!

As quoted by Monero's site:
Monero is a safe, untraceable and private currency system. It uses a unique type of cryptography to make sure that all of its transactions remain completely untraceable and unlinkable. In a progressively transparent world, we can observe why something like Monero can turn out to be so enviable.

The History behind Monero

In July 2012, the first real-life completion of CryptoNote, Bytecoin, was launched. It is the application layer protocol that fuels a variety of decentralized currencies. While it is comparable to the application layer which runs bitcoin in a lot of features, their numerous areas where the two vary from each other. Though bytecoin had promise, people observed that many shady things were around plus that 80% of the coins were already published. Consequently, it was fixed that the bytecoin blockchain will be forked plus the new coins in the new-fangled chain will be called Bitmonero, which is ultimately renamed Monero which means the coin in Esperanto. In this blockchain, a block will be mined plus added every two mins. Monero is led by seven developers of which five have decided to continue anonymous while two have surfaced publically.

Extraordinary features of Monero:

Feature 1: Your coin is yours
You have total control over your transactions. You are in charge of your money. Because your individuality is private nobody will be able to observe what you are using your currency on.

Feature #2: It is Fungible
One more encouraging property that it gains, thanks to its privacy, is that it is actually mutually interchangeable.

Feature #3: Scalability
Monero has no “pre-set” size restriction, although this also means that malevolent miners can block up the system with excessively huge blocks. To stop this from occurring, a block reward fine is built into the system.

Feature #4: Application Specific Integrated Circuit (ASIC) defiant
Monero is not specifically “ASIC resistant”, nevertheless, the amount of manufacturing ASICs for Monero would be so much that it basically won’t be worth it.

Feature #5: More than one keys

One of the more puzzling features of Monero is its multiple keys. In ethereum, bitcoin, etc. you just have a single public key as well as one private key. However, in Monero, it is not as simple as that.

How to Buy Monero
If you’ve decided that you want to buy and sell Monero, you should figure out where to really get XMR. Alas buying Monero is not as easy as purchasing Ethereum or Bitcoin as it’s not easy to purchase Monero utilizing dollars. The best means to get XMR is via a cryptocurrency exchange. You make use of exchanges to trade fiat currency for Monero. But, using exchanges can be unsafe as well. You must take care to protect your investment. If you have any issues you are pretty much without help.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Cryptocurrencies

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