Open-source cryptocurrency created in April 2014 under the name BitMonero (XMR), that focuses on privacy, decentralization, and scalability. It was launched as the first fork of CryptoNote based currency Bytecoin but introduced several improvements and changes. Monero experienced rapid growth in 2016 due to adoption by darknet market AlphaBay and around 21st of August 2017 ago mostly due to Bithumd adding it.

Monero (XMR) review

Now let’s jump to the review.

Technology:

Technology:

Since unlike many derivatives of Bitcoin, Monero is based on that CryptoNote protocol it does possess significant algorithmic differences relating to blockchain privacy.

Private Accounts and transactions.

Monero makes it hard to track which funds have been spent and makes it unlikely that a transaction could be linked to the particular user.

CryptoNight Proof of work (PoW) algorithm is used in Monero.

Usage:

Usage:

Just as Bitcoin, Monero is focusing to be used as a payment as a payment system.

However, unlike Bitcoin, Monero is focusing on privacy and anonymity – something that Bitcoin doesn’t really offer.

Some people consider the Monero to be the only anonymous coin for example when AlphaBay was seizied police was able to track how much Bitcoin, Ethereum and Zcash the owner had – they couldn’t track Monero.

Availability and price:

Availability and price:

Monero is available on all major exchanges.

Can also be brought with fiat on platforms like Bitfinex, Kraken or HitBTC

Just as Bitcoin Monero is one of few coins used to exchange for other cryptocurrencies

15 million coins in circulation with 18 million to be mined until 2022, after that it will be slowly mined indefinitely.

Current price (29th of August 2017) around $134

Unique aspects:

Unique aspects:

As mentioned before Monero is often considered as the only true anonymous, private and untraceable currency.

Monero uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth address. These hide the sender, amount, and receiver in the transaction, respectively.

This fact alone makes it a very unique crypto.

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