The launch of the project called MONERO (XMR) took place in early 2014, when one of the most topical areas on the cryptocurrency market was the resolution of issues related to the security and confidentiality of digital money transfers and payments. Built on the Cryptonote protocol, the new platform guaranteed absolute anonymity of all transactions that were conducted between users of the Blockchain network.
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Before describing the technology by which MONERO works, we note that the total amount of XMR currency is 18.4 million monetary units. In the system on a permanent basis, 0.3 coins will be poured in to maintain balance due to the inevitable loss of tokens during the year. When using MONERO apply ring signatures, which means complete anonymity of transfers from one wallet to another. Transactions are confirmed by several subscribers, and it is not possible to determine who is carrying out the transfer. You can access the cryptocurrency in your wallet based on the key generated earlier.
As is known, one of the disadvantages of Bitcoin is the lack of the ability to change the algorithm of work and introduce new functions. And to make at least some innovations you need to completely update the platform. That's why the MONERO developers have tried to make the system more flexible and remove stringent limitations in the frequency of release of blocks. In its essence, MONERO is built by analogy with the first cryptocurrency implemented on the CryptoNote protocol, which is known as Bitcoin.
To prevent double payments, special cryptographic keys are provided that sign each transaction on the network. Using secret keys makes it possible to hide the connection between the sender and the recipient of the currency. Implemented all this in the process called Monero Bitcointalk and unequivocally hints at the desire to replace the conservative Bitcoin on the cryptocurrency Olympus.
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Despite the volatility of assets, MONERO still enters the top 10 most popular currencies. As of the first quarter of 2018, investment in MONERO exceeds the figure of 4 billion dollars and is constantly increasing.
Editor: Yuliya Soroka