Due to the popularity that Monero cryptocurrency has been gaining over the last couple of years a lot of people are asking,” What is Monero?” Other people are also asking what XMR currency is. The answer to this questions is the same. This is because XMR is the symbol for Monero cryptocurrency. Monero (XMR) is a digital currency that was first launched on April 14, 2014. The root name of the word Monero comes from the Esperanto word “coin.” The word also means “currency” in Esperanto. Unlike other modern cryptocurrencies available, Monero (XMR) is decentralized and extremely private. Monero uses ring signatures together with ring confidential transactions to achieve the make the currency to be private and anonymous to the public. Get to know more about Monero (XMR) cryptocurrency by visiting the wallet xmr website.
Creation of Monero
Although the currency was launched in April 2014, the history behind Monero is older than 2014. The first cryptocurrency (Bytecoin) that was created to run on CryptoNote which is an application layer protocol was in July 2012. In the same year 80% of the Bytecoin had already been mined, and therefore some serious concerns arose on the Cryptocurrency. There is still a mystery on who created Monero cryptocurrency. Around seven developers forked the blockchain that related to ByteCoin and then the new coins were named Bitmonero. The Seven developers that forked the blockchain of Bytecoin chose to remain anonymous, however; David Latapie and Riccardo Spagni were the only two people among the seven that were publicly identified. The name Bitmonero was later on shortened to Monero in April 2014 this helped in avoiding any confusion with the popular Bitcoin currency.
Unlike Bitcoin, Monero currency has a lot to offer traders and investors. This is because Monero is a currency that offers the privacy of the sender and receiver address together with the transaction between the two.
What Gives the Monero (XMR) an advantage over the other Cryptocurrencies in the world?
Everyone loves his or her privacy even in our dealings with money. A big advantage that has made Monero cryptocurrency better than the other currencies is its privacy feature. Nearly all cryptocurrencies claim that they are private and secure, however; not all currencies are private and secure. This is the reason why most traders and investors prefer Monero currency over other digital currencies.
An advantage that makes Monero currency to be much better than other currencies is the fact that Monero uses stringent cryptography. Stringent cryptography makes it possible for the addresses of the receiver and the sender to be shielded when sending and receiving any transaction from both parties. There are other cryptocurrencies like for example Zcach that rely specifically on selective transparency. Use of the stringent cryptography on the Monero currency unlike the selective transparency used on these other currencies makes Monero much better.
A project that is currently under development in Monero is IP address obfuscation. When this project has culminated the transactions of users will be routed and encrypted by the use of some Invisible Internet Project nodes (I2P)
The way the currency is developed is another factor that makes the currency to stand out among other currencies. This currency is open to all because it is an open-source coin. To know more about the Monero crypto currency visit the wallet xmr website.
