What is a Monero (XMR) ?

What is a Monero (XMR) ?

The Monero is a virtual currency through which you can make payments completely anonymous. It operates through the use of the algorithm CryptoNote and a blockchain which is based on signatures of a circle. The signatures of a circle is a process that allows a user to perform an electronic signature will be completely anonymous, issued in the name of the circle. To do this, users must use a cryptographic key to the public. The amounts exchanged and the addresses of the sender and the receiver of the payment therefore remain hidden.

The creation of Monero

The first virtual currency to have used the technology CryptoNote is Bytecoin. However, Bytecoin had some déséquilibrages, in particular for the balancing of the blasting. Monero is an evolution of Bytecoin, which preserves all its qualities while being far more equitable. The project Monero has therefore resulted in the April 18, 2014 and derives its name from esperanto, the language in which Monero means ” coin “. Since its launch, Monero enjoys the unwavering support of his community, which includes prominent personalities in the world of encryption.

The advantages of Monero

Monero is therefore a currency of cryptographic decentralized, which has several advantages :

  • thanks to the signatures of a circle, the transactions are completely anonymous, because neither the transmitter nor the receiver of the transaction appear in the blockchain ;
  • Monero uses of addresses stealth, which allows you to hide the amount of each transaction ;
  • transactions are made in 120 seconds, which is a period of very fast processing ;
  • it is possible to do mining with a home computer, which makes the mine available to the entire community instead of pools of blasting private who are working on CPU ultra-powerful.

The disadvantages of Monero

Well that Monero has undeniable qualities, it is unfortunate several disadvantages to the use of this virtual currency :

  • Monero favouring slow growing but solid, the interface is austere and less efficient than that of its competitors ;
  • the anonymity of the transactions may also encourage many drifts dangerous, particularly in the context of purchases of illicit proceeds or financing of terrorism ;
  • in relation to reason previous, the use of the Monero can quickly bring the court of a country to monitor the people who use it.

The deployment of Monero

Like many other currencies, cryptographic, Moneros are generated as. In regards to Monero, his algorithm allows you to generate 18,132 million Moneros by the end of may 2022. After this date, the production will be lowered to 0.6 Monero per block of 2 minutes. This will encourage the miners to continue their work by limiting the inflation in perpetuity a rate of less than 1%.

What you must remember

  • Monero is a virtual currency that allows making payments completely anonymous.
  • It uses a system of signatures of a circle that allows you to sign in using the name of a circle, which enables us to guarantee anonymity.
  • It only takes 120 seconds for a transaction to be processed, which is a very short timeframe.
  • However, its anonymity can lead to many excesses.