Happy Saturday, Crypt-o-financers! On my previous post, I provided an overview about Bitcoin. As Bitcoin is one of the first (if not the) cryptocurrency, it has it’s own flaws. One of which is that all the transactions are shown on a public ledger called blockchain. As a result, only the sender’s and recipients identity are hidden, but not the transactions, amounts and wallet addresses themselves. This privacy issue is being addressed by Monero. So here, you’ll have an idea on what’s Monero is all about and how the technology behind this keeps transactions more private (relatively) compared to Bitcoin.
Disclaimers: All images are courtesy of Google, CoinCentral website and Monero website. I'm also the author of similar content found in Wordpress.
Outline:
About Monero:
Technical Details:
Launched: April 14, 2014
Total coin supply: Initially 18.4 million coins (After this, there will be a permanent fixed production of 0.3 XMR per minute to balance out lost coins per year)
Algorithm: Proof of Work (PoW) using CryptoNight
Block reward: Smoothly varying
Block time: 120 seconds
Difficulty: Retargets at every block
Reference: https://files.coinmarketcap.com/static/widget/currency.js
Characteristics (courtesy of Monero Website):
1. Private and Censorship-Resistant Transactions
Cryptography (Wikipedia) – process of converting ordinary information (called plaintext) into unintelligible text (called ciphertext)
2. Confidential and Untraceable
3. Open Source
4. Allows Fast, Electronic Payments
5. Other Features
Bitcoin vs. Monero Comparison (courtesy of Coincentral)
How Monero Achieve Privacy?:
Ring Signatures protect the sender
Ring Confidential Transactions (RCT) hide the amount sent
Stealth addresses protect the recipient
Monero Forks:
1. Monero Zero (XMZ)
2. Monero Original (XMO)
3. Monero Classic (XMC)
4. Monero-Classic
5. Monero C (CXMR)
6. Monero V (XMV)
Monero Cons:
To conclude this, I can say that Monero is a viable alternative to Bitcoin when it comes to private transaction as it focused on Bitcoin's flaws when it comes to privacy. True enough, due to great innovation put into this, people start to see it's potentials and view this as a convenient digital currency that they can use. Currently, Monero is valued at around $200.00
I would like to thank Coincentral for providing me great material, content and references for this blog posts - an independent publication covering news and information on cryptocurrencies such as Bitcoin, Ethereum and their underlying blockchain technology. They currently have more than 2.7 million visitors/month, after being launched just 5 months ago. If your interested in getting updated cryptocurrency news or information, you can subscribe to their newsletter here.
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For a detailed visual overview, click the links or watch the videos below.
More videos:
References: (for detailed information, click on the links below).
All images courtesy of Google, Coincentral and Monero Website
Coincentral -
https://coincentral.com/monero-vs-bitcoin/
https://coincentral.com/what-is-monero/
Monero Website -