Cryptofacts #5 - What is Monero (XMR)?steemCreated with Sketch.

in #cryptocurrency • 6 years ago

GOBABA-MONERO-COIN-NEDIR-EN.png

Dear Gobaba community,

We continue introducing you the altcoins listed on Gobaba. In this post of our series, we will be sharing the basics and unknown facts of Monero (XMR), which is one of the rising cryptocurrencies, which focuses on privacy as its key selling point.

Previous Cryptofacts posts:

You can see the up-to-date list of available altcoins listed on Gobaba here-> https://steemit.com/cryptocurrency/@gobaba/announcing-new-altcoin-listings-and-the-gobaba-trading-module

MONERO MARKET DATA (as of writing this post)

(https://coinmarketcap.com/currencies/monero)

  • Current Price: €103,38 EUR (~ ₺583,93 TRY )
  • Global Market Cap: €1.676.750.567 EUR (~ ₺9.470.634.694 TRY)
  • Global Trading Volume (past 24 hrs): €23.811.921 EUR (~ ₺134.494.662 TRY)
  • All time high: €424.81 (~ ₺2,415.34 TRY)
  • Circulating Supply: 16.218.580 XMR
  • Max Supply: - (Doesn't exist)

What is Monero (XMR)?

Monero is one of the leading cryptocurrencies with a focus on private and censorship-resistant transactions. Most existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains, meaning that transactions are openly verifiable and traceable by anyone in the world. Furthermore, sending and receiving addresses for these transactions may potentially be linkable to a person's real-world identity.

But Monero transactions are confidential and untraceable. Every Monero transaction, by default, obfuscates sending and receiving addresses as well as transacted amounts. This always-on privacy means that every Monero user's activity enhances the privacy of all other users, unlike selectively transparent cryptocurrencies (e.g. Z-Cash). Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.

Unique Features of Monero

Monero has a few unique features that helped it grow to become the top contender in the privacy coin market. Monero still uses the Blockchain but implements three extra privacy technologies to keep all transactions anonymous: Ring Signatures, Stealth Addresses and RingCT. These technologies are quite complicated; below is a simplified breakdown of how they work.

  • Ring Signatures - hiding where the money is coming from

A ring signature is a digital signature that is created by bringing a group of signers together. Monero uses this digital signature to bring multiple signers (usually 5) into each transaction. Only the sender is able to generate and send the spend key, and only the actual recipient will be able to detect the key and spend the funds linked to it. With a ring signature in place, it is impossible to link any transaction back to any one user, offering a high grade of privacy.

  • Ring Confidential Transactions (RingCT) - hiding the amount being transferred

This feature hides the amount of each transaction on Monero’s network. RingCT works by creating cryptographic proof that can show that the input and output amounts are equal, without revealing any of the actual numbers.

  • Stealth Addresses - hiding who the money is being sent to

Monero also uses a network of stealth addresses to allow users to disconnect themselves from the blockchain. A stealth address is a one-time use address that is created for every transaction. Monero users also have a public address that is published on the blockchain, but most (if not all) of their transactions will be passed through unique stealth addresses.

With these inherently straightforward and easy to understand features, Monero has managed to remain relevant in the crypto space while offering users a completely untraceable cryptocurrency platform.

Interesting facts of Monero

  • Its popularity is coming from a crypto mining malware

Monero has become a very popular currency to mine illegally through malware like CoinHive. Hundreds of pages worldwide, including from governments, have been discovered taking advantage of the computing capacity of visitors to mine XMR.

  • CryptoNote Hashing Algorithm

The hashing algorithm chosen by a cryptocurrency’s designers plays an important role in its functionality. Monero uses the CryptoNote algorithm and is the first cryptocurrency of any consequence to do so. CryptoNote is seen as a CPU-friendly algorithm in that it requires a good deal of memory, a fact which makes it more expensive to produce ASIC hardware to mine the blockchain.

  • ASIC Resistance

In 2017 in Bitmain, the main producer of ASIC hardware for Bitcoin, announced that it would be producing similar hardware to mine the CryptoNight algorithm. The only coin using CryptoNight with any real market value is Monero, the rest being far down the list on both market capitalization and price. In response, the Monero team decided to make minor changes to the algorithm used by Monero, therefore making any such hardware essentially useless; and committed to doing so at regular intervals moving forward.

As Monero noted in their blog post on the subject, later on, they said that ASIC resistance is at the heart of decentralization.

  • No limited supply exists

It does not have a limited supply but will continue to have a very small rate of coin emission long-term.

  • Darknet Markets

One of the first arguably use cases of Bitcoin, which gave it utility and therefore value, was the Silk Road and later darknet markets. Monero has seen demand on modern darknet markets. Darknet Markets are frequently taken offline, but the market they serve is resilient, and new ones continue to rise, often adding Monero as well as other alternatives to Bitcoin.

How to buy Monero on Gobaba?

  • You can buy XMR within minutes using Gobaba. While buying XMR, you have 2 options. You can buy XMR from direct "Buy/Sell" section of Gobaba using your Fiat currency wallets. Find below the guide on how to buy XMR using your Euro wallet:

  • As a second option, you can give orders on the Gobaba trading module for the price that you wish to buy XMR for and once your buy order corresponds to any sell order, your order will be completed and you will receive your XMR coins in your Gobaba XMR wallet.

Join us on Social Media

We're always listening to you. For your feedbacks feel free to let us know on Gobaba Community. See you in the next Cryptofacts post. Stay tuned for news & updates and join us to start trading safely and securely!

#monero #crypto #altcoin #gobaba
6 years ago in #cryptocurrency by
$13.93
  • Past Payouts $13.93, 0.00 TRX
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     6 years ago (edited)

    And i want to add that; while steem is the 36th on list, monero is the 13rd biggest cryptocurrency due to market capacity. So it blinks eye to the investers... i do find you informative dear @gobaba . And i will invest in monero via your platform asap. 20180713_003908.png

    [-]
     6 years ago 

    This is a great post, thanks for actually explaining the technical details that makes Monero different.

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