Today, we will introduce you to a very special coin, with a strong community and always participating in the top 20 most powerful coins in the Coinmarketcap. Please follow the following article.
What is Monero (XMR)?
According to Monero’s website, this is a secure, private and untraceable currency system. XMR uses a special crypto algorithm that helps XMR transactions ensure 100% cannot be linked and traced. In a world that is becoming more and more transparent, the characteristics of Monero are the reason why this electronic currency is attractive to investors.
What is special about Monero’s security improvement technology?
Monero uses ring signatures and anonymous addresses to reduce privacy concerns. Specifically:
• Ring signature: is an anonymous signature of a team member because they want to hide their identity from the participants in the group. To create a ring signature, Monero uses the sender account lock and puts it on the Blockchain public key to help hide the sender’s identity because it can’t identify any keys by creating complex signatures.
• Anonymous address: is a random address created for one-time use for each transaction on behalf of the recipient. The use of anonymous addresses allows to hide the true address of a transaction and conceals the identity of the recipient.
In addition to all transactions performed on Monero network, participants use the RingCT function. This is the function to hide the transaction amount which was born in January 2017 and is a mandatory requirement for Monero participants.
The difference between Bitcoin and Monero
For Bitcoin, many people think its transaction is completely anonymous but it has many mistakes. And Monero focused entirely on anonymity. This is the biggest difference between Bitcoin and Monero.
• Bitcoin is built on the Blockchain platform. When you send and receive Bitcoin all transactions as well as the money you have traded, will always be linked to you. Your transaction history will reveal that users can buy or pay for illegal products or services. This is a feature that not everyone wants.
• So Bitcoin has proposed a solution when you receive money from someone, you must always provide them with a temporary wallet address (this wallet address is linked to your actual wallet, used 1 time and self-destruct).
• Monero uses ring signatures and anonymous addresses to ensure privacy for network participants.
• Monero also uses the RingCT function to ensure that the transaction amount is completely secure.
Monero’s potential for future development
Based on the following factors to realize this is an extremely potential currency such as:
• Monero is a constantly evolving currency, focusing more on decentralization and security.
• In certain parts of the world, Monero is gradually gaining widespread acceptance.
• In addition, it is a currency with outstanding growth, currently, its price reaches 100 USD, sometimes up to 450 USD.
According to many experts, Monero will have a long jump in the near future. However, the electronic money market always has unpredictable price fluctuations so you should make your own judgment and look forward to it.
Should I invest in Monero?
It is a prediction that may be wrong or true. According to many experts, as well as the great expectations of many investors in Monero, it is hoped that it will have stronger growth and growth in the future.
At the time of writing, Monero is priced at $ 99.45 USD and has a total market capitalization of $ 1,699,264,935 USD equivalent to 135,281 BTC, and ranks 13th on Coinmarketcap.
If you have serious intentions on this coin, please hold on to some Monero from now on. However, it is necessary to choose the time of investment as well as make a specific and clear investment strategy to minimize risks and losses.