Monero For Beginners 7
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Get To Know Monero
Let’s first start to get to know Monero. According to the site of the platform: Monero is a safe, private and undetectable currency system. Monero employs an extraordinary kind of cryptography to achieve 100% unlinkableness and untraceableness.
Monero is a safe, private and undetectable currency system. Monero employs an extraordinary kind of cryptography to achieve 100% unlinkableness and untraceableness. In a world that is getting more and more transparent, you can understand why something like Monero can be so wanted. In this guide, we will show the mechanisms and we will get to know Monero and learn what makes it so exceptional.
In the summer of 2012 in July, Bytecoin, the first real-life implementation of CryptoNote, was launched. In essence, CryptoNote is the application layer protocol that is instrumental in fueling a multitude of decentralized cryptocurrencies. While it is quite similar to the application layer which administers Bitcoin in many respects, there is a multitude of spheres where the two application layers are differing from one another.
Whereas bytecoin had certain potential, the community noticed that a multitude of doubtful things had to occur and that 80% of the coins were by now published. So, the decision was made that the bytecoin blockchain will be forked and that the new coins in the chain will be dubbed Bitmonero, which in some time was renamed Monero, monero means “coin” in Esperanto. In this new blockchain, a block will be mined and added every two mins. Monero is administered by a group of 7 developers of which 5 are anonymous, while 2 have come out in the public. They are David Latapie and Riccardo Spagni aka “Fluffypony”. The Monero project is open source and crowdfunded.
CryptoNote at the present is the backbone of most of the privacy-based crypto assets that exist. Monero is included here. The question of privacy of CryptoNote is guaranteed by grouping public keys together. Having several keys combined into a single transaction, it is not possible to tell who sent it. The utilization of these “ring signatures” to sign transactions gives the anonymity of the CryptoNote technology.
Bytecoin was a respectable effort for an anonymous crypto asset. But there were a couple of issues with the initial distribution of Bytecoin. When it was launched, it was seen that 80% of the coins that were supposed to be mined were already in existence. This pushed a group of seven developers to fork the Bytecoin blockchain and the new cryptocurrency was named Bitmonero. This was later shortened to Monero, which in Esperanto stands for “coin”. Out of the seven developers who created Monero in the first place, five of them made the decision to remain anonymous. But the other two of the developers have revealed their identities, Riccardo Spagni, the main developer today and David Latapie. Riccardo Spagni is also known as “Fluffypony”.
The Monero users, do not have the need to worry about fraudulent chargebacks or multi-day holding periods. There are also no capital controls, measures that can restrict the flow for fiat currencies in areas with economic stability. Instead, you are controlling your own money.