Everything You Need To Know About Monero
Experts suggest that Monero is the answer to the lack of privacy delivered by Bitcoin. Monero is one coin that attempts to make privacy a central component. This has enabled it to become one of the top coins for people who are looking for privacy.
If you are looking for the same, visit Quantumai and purchase Monero at a nominal price now. The protocols related to anonymity are so high in Monero that you do not have to worry about any privacy concerns either.
How Monero Maintains Privacy Through Advanced Cryptography
The functions of advanced Cryptography enable Monero to prevent any person from linking the transactions to the person making the transaction. Fascinatingly, this blockchain technology also conceals the data related to people who are on the sending end and the receiving end.
The inventors of this technology have used advanced and true fungibility protocols. However, do you know what fungibility is? It is something similar to the barter system. It is the ability of an asset or product to be changed for another similar product or asset. Monero moves forward to make the concept of fungibility even better. It does not leave anyway in which you can get to know how much and what Monero was used in a respective transaction.
Know About The History Of Monero
Monero came into the market back in 2012. That was only when the concept of privacy coins was brought to the market. In fact, a fun fact about Monero is that it came into the market as Bytecoin.
If you have not heard of Bytecoin before, you might be expecting to learn more. Here’s some insight into it.
Well, it was one of the factious Cryptos to come to the market. Here’s why.
- It was the first currency to use Cryptonote. The function of Cryptonote was to associate several keys to a transaction, which made it almost impossible to find out where the transactions came from. This was a new concept that they introduced to the market.
- They released 80% of their coins during their launch, which started creating conflicts between the founders. This led to their split, and a new coin, Bitmonero, was launched.
- Bitmonero included 7 Blockchain developers that worked towards maintaining the privacy of the transactions. A few days after launching Bitmonero, the developers eliminated the ‘Bit’ from their name and made it just ‘Monero.’
The Present Stage Of Monero
Currently, they are at a supply of around 17.5 million coins. They have a market cap of approximately $2 billion. It is an open-source blockchain network that does not require any permission before making transactions. Their software is updated twice a year and is equipped with the best technologies that would help in maintaining the privacy levels.
The Bottom Line
The Government of different countries does not enjoy the circulation of a coin with such a high level of privacy. This can be a drawback for its future. Despite this fact, the coin does not alter the privacy that it offers and continues to make it even better for its users. As such, Monero deserve a lot of credit for this.