Monero
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- r/monero
- Paraguay deports three undocumented immigrants after crypto mining theft attemptCointelegraph.com News – 17 minutes agoParaguayan law enforcement has deported three undocumented immigrants from China after they were caught breaking into a crypto mining facility attempting to steal machines. Paraguayan…
- Bitcoin bull flag and standard profit taking hint at eventual rally to new BTC price highsCointelegraph.com News – 1 hour agoBitcoin price consolidation after a powerful double-digit rally is normal. Will the current bull flag confirm and send BTC to new highs? Key takeaways: Traders…
- French crypto entrepreneurs to receive extra security amid recent kidnappings: ReportCointelegraph.com News – 2 hours agoFrench law enforcement will offer crypto entrepreneurs and their families a police emergency line and conduct house visits to ensure their safety amid a recent…
- Tokenization makes investing more accessible — Robinhood execCointelegraph.com News – 4 hours agoThough pitched as improving financial accessibility, data shows that RWA’s current ownership remains concentrated among high net worth participants. Tokenization could open new opportunities for…
- Here’s what happened in crypto todayCointelegraph.com News – 4 hours agoNeed to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3…
What is Monero?
Monero (launched 2014) is a privacy focused cryptocurrency which is based on Cryptonote technology. Privacy is built in its design by default for all the network participants. The development is currently led by Riccardo Spagni with a few other core protocol developers after splitting from the original Bitmonero project (forked from bytecoin) in 2014.
Monero has unbounded inflation, after emission of 18.132 million monero (May 2022), a constant tail emission of 0.6 XMR every 2 minutes will ck in resulting around 1% inflation per year. A permanent inflation keeps miners incentivized, thereby securing the network.
Monero enables untraceable and unlinkable transactions. It uses Ring signatures to protect sender identity, stealth address to protect recipient identity and Ring CT (Ring confidential transaction) to protect transaction amount. This is vastly different from Bitcoin where all transactions are visible to everyone and a sophisticated blockchain analysis can potentially reveal a user’s identity. Monero is currently working on Kouri to integrate I2P (The invisible internet project) to protect users IP address as well.
In April 2018, Monero made an effort (successful so far) to become ASIC resistance, in order to prevent mining centralization. Monero’s privacy feature makes a true fungible coin. It also supports the concept of ‘view key’. Using a ‘view key’ a user can share transaction details with a third party or an auditor. No one can spend coins using ‘view key’.
Governments are usually not greats fans of the anonymous cryptocurrency concept. Notably, the Japanese Financial Security Agency is already trying to ban such coins, as they worry that they can be used for illegal activities. However, Monero’s community is strong and supportive and most probably a real market need for a privacy respecting coin will always be there. (eg. Monero is already a primary payment method for buying branded Tor onion domains).