What is Monero?

What is Monero – XMR:  A private digital currency which is fast, private and secure.  Monero is “Cash for the Connected World” so that you can spend without anyone seeing your activity or your balance.

 

 

When was Monero released?

 

Monero is a fork off the Bytecoin blockchain and the new currency, initially, was known as Bitmonero. This was eventually shortened to Monero which is Esperanto for “coin”.  Monero was released on 18 April 2014, a decentralised cryptocurrency with a block reward every 2 minutes.  The initial number of Monero will be approximately 18.4 million.

 

 

 

Who developed Monero

 

Seven developers created Monero and five of them decided that they would keep their identities secret. Only two of these Monero developers are known about – Riccardo Spagni (the main developer today) and David Latapie. Riccardo Spagni is also known by the nickname “Fluffypony”and is now stepping back from community leadership roles:-

 

“I was the lead maintainer across all the projects, and at some point last year I was like: I can’t do this,” Spagni said.

This decision in mind, Spagni told CoinDesk he intends to slowly step back from other community leadership roles throughout 2018. An anonymous monero user called “Luigi1111” now handles the monero website and graphical user interface, while rotating volunteers routinely host the weekly IRC chats for monero developers.

“I will always be an advocate for privacy, and for monero, a part of the monero community, but my actual responsibilities by definition need to be reduced” said Spagni

 

 

Why is Monero different from other cryptos?

 

  1. Monero is secure – Transactions are confirmed by distributed consensus and immutably recorded on the blockchain.
  2. Monero is private – Using ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions.
  3. Monero is untraceable – Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.
  4. Monero is fungible – Monero cannot be blacklisted by vendors or exchanges due to their association in previous transactions.

 

 

The Block size

 

As there is no “pre-set” block size limit, the Monero developers introduced a block reward-penalty system. The median size of the last 100 blocks is taken and if the new block exceeds the median of the previous hundred blocks, the block reward is reduced.

 

 

Mining Monero

 

Mining Monero can be profitable – it has a cryptographic algorithm that does not work with ASIC miners.  Anyone with a CPU or GPU can mine for Monero.

XMR Stak can be downloaded at this link.

 

Join a mining pool

 

Solo mining can be difficult and yield little to no rewards without an extremely high hash rate so many prefer to join mining pools and pay a small fee.

 

Mining Pools available:-

MineXMR

Moneropool

Nanopool

Dwarfpool

 

 

An Opinion

 

 

What is Monero?

 

 

Get your copy of What is Bitcoin

This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.

 

 

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