Monero joined the ranks of Altcoin cryptocurrencies in April of 2014. Since that time, Monero has grown in transaction volume as it becomes accepted more by mainstream digital currency enthusiasts. The currency uses a variety of methods to keep transactions private, making it a perfect choice for those who prefer anonymity. There are a few ways in which the blockchain for Monero differs from that of Bitcoin and other digital coins. The developers believe these differences place Monero on a more secure footing.
The History of Monero
The initial launch of Monero took place in April of 2014. Like some other cryptocurrencies, Monero’s birth and evolution was played out on a popular Bitcoin message board. The launch of the currency was pre-announced and the source code was released. The protocol was named CryptoNote. The very first users of Monero were not permitted to premine the coin and the initial distribution was fair.
The identity of Monero’s founder, like the founders of other digital currencies, was concealed by the forum name thankful_for_today. This individual was responsible for proposing changes to the platform that ultimately garnered some opposition. As a result, there was a fork of the project which led to the creation of a Monero Core Team. This development team is now responsible for updates to the platform and making sure Monero functions smoothly.
There have been numerous improvements made to the Monero platform since it was launched, and most of these revolve around the privacy of the cryptocurrency. The structure of the blockchain was adjusted to be more flexible and efficient while other measures mandated the privacy of all transactions. The stated goals of the developers are first centered on privacy and security. Secondary concerns are ease of use and efficiency.
From a security standpoint, the official Monero website stresses a focus on privacy to the extent of protecting users in legal situations. The developers strive to make this privacy accessible to all users of the coin, whether they are new to cryptocurrencies or experienced with the various platforms. The maximum decentralized nature of Monero means that users do not have to trust other users on the network, and mining is more easily accomplished thanks to a more accessible algorithm.
Monero is somewhat unique among cryptocurrencies in that it can still be mined by the hobbyist with normal computer equipment. This helps to insure that large groups or individuals encounter more difficulty when trying to purchase mining power. Nodes are connected with I2P protocols which makes for a lower risk that sensitive information regarding transactions will be revealed.
Even though Monero is more easily mined than some other cryptocurrencies like Bitcoin, many individuals are discovering that mining is beyond their capabilities. It can still be a time-consuming and expensive process thanks to the resources that are consumed and the amount of electricity required by mining computers. A far better option might be to participate in a mining pool like the ones offered by Genesis Mining.
Genesis Mining maintains state-of-the-art mining farms in various locations around the world. These locations are secure and the hardware used is enabled with multiple protections. Individuals purchase hash power and share the coins that are mined. Because of this, it is possible to secure a position in a mining pool for a very small investment. While mining pools like those offered by Genesis Mining only mine certain coins, it is possible to exchange coins for the specific ones that are desired by participating in a cryptocurrency exchange.
Monero Use and Acceptance
Like Bitcoin, Monero gained some initial notoriety due to its use on the Dark Web. This has become something of a stigma for many cryptocurrencies. Thankfully, this perception is changing thanks to the willingness of more retailers to accept Bitcoin and Altcoins for their products and services. One can typically find a complete list of online and offline merchants who accept crypto coins by visiting the currency’s official website.
While spending cryptocurrency for things like VPN service, web hosting, or even physical goods is fantastic, other uses like onling gaming are becoming more popular. It is also popular today to buy and hold coins as an investment or to trade them on currency exchanges in the same manner that actual currency is traded in the Forex market. One should always remember that trading cryptocurrencies possesses an inherent risk of loss and is recommended for those who have some type of investment experience.