Translated from Esperanto Monero means "coin". This cryptocurrency was developed by seven people, as far as is known. However, only Ricardo Spagni and, to a lesser extent, Francisco Cabanas, are more widely known to the public. Monero became known in 2014. However, Monero was initially just a fork of Bytecoin, which was already distributed for the most part by 2014 and restarted under the name Monero.
Monero cryptocurrency is widely used for anonymous transactions. Monero is based on the CryptoNote algorithm. Also, passive mixing is used in transactions after which it is impossible to determine the sender, but with a small caveat - a large number of users is needed. At the same time, as in Bitcoin, the Monero system has one wallet with a key which is available exclusively to the owner, as well as a unique address which causes its complete immunity by third parties.
The goal of the Monero creators is to achieve 100% interchangeability. Every coin of any cryptocurrency should have exactly the same value, be interchangeable and the exchange should occur without charging a fee.
During 2014, Monero was in a stable growth. The changes began in 2015, when the ShadowCash cryptocurrency, which was used by the privacy connoisseurs, crashed. Its cryptographic schemes were violated and the target audience of ShadowCash was in search of an alternative and many people turned to Monero.
From this moment Monero begins to engage seriously in its cryptography, cryptocurrency developers are looking for innovative methods in the development of cryptocurrency in order to eventually become an alternative to Bitcoin. Of course, many online publications write about this and the course Monero is growing. An important factor in the growth of Monero prices was the technical component - many users noted a rather high quality of cryptography.
For two years now, Monero cryptocurrency has been steadily growing. In August 2017, Monero overtook all other cryptocurrencies in terms of growth rates. Its course increased from 52 to 90 dollars in 24 hours. Experts attribute this jump to the fact the South Korean stock exchange Bithumb announced it is going to include Monero in its listing and this, just a minute, is the largest stock exchange of cryptocurrencies by the trading volume. This statement come in handy for Monero and its developers. Today the course Monero continues to grow.
Mining Monero or, in other words, the formation of new coins, occurs only on specialized resources. You can also get the required data (for calculating hash blocks) into work by using special programs downloaded from the official Monero cryptocurrency resources. To not interrupt the process you need to monitor the availability of the Internet on your device.
As noted by the developers themselves, the advantages of Monero consist not only in the fact that it is not subject to inflation, like many cryptocurrencies, since it is not dependent on any national currency; but also in the fact that it is produced in limited quantities, which guarantees a constant increase in the rate and demand; Monero provides full confidentiality - the owner of the wallet is unknown to anyone, therefore, goverment services can not get close to it; Monero also has high liquidity. However, all of the above is typical for many modern cryptocurrencies, with a few exceptions.
The main advantage, noted by Ricardo Spagni, is the Monero cryptocurrency project does not use new non-tested technologies which do not always warrant itself, but methods that have been proven over the years of work. In other words, developers know what they are doing and vouch for the quality of the cryptography and mathematical codes of their currency.
Today the capitalization of Monero in relation to Bitcoin is 1/35. This fact suggests that Monero is one of the most promising cryptocurrencies, which continues to grow. Moreover, the market is only 3 years old. This means Monero has great potential in the cryptocurrency market. Therefore, for those who have become disillusioned with Bitcoin and other cryptocurrencies for whatever reason, now is the time to think about buying Monero in order to make a profit in the future.
At the moment, developers are promoting their cryptocurrency and, with the advantage of complete anonymity and confidentiality as well as relatively high demand, success is guaranteed to them.
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