Launched in April 2014, Monero (XMR) It is one of the open source cryptocurrencies focused on privacy and decentralization. Goals that other cryptocurrencies also pursue, but with special emphasis, exist in Monero. Its privacy and security is so high, that it has become the favorite virtual currency for the dark side of the internet, the Deep Web. But the question would be, does it only have use for purposes and places where Google cannot reach?
Initially its name was BitMonero. The word Monero comes from the universal language Esperanto, where Monero means Money. Its appearance in 2014 was a fork of Bytecoin, which was the first virtual currency to use the Cryptonote protocol instead of the Bitcoin Blockchain. Furthermore, unlike Bitcoin, where each coin is unique and irreplaceable, in Monero one can be substituted for another. In this way, it prevents the censorship of addresses that may store Monero coins that may be compromised for illegal purposes or activities.
Main characteristics that characterize the coin
Monero has many features that make it a suitable currency to stay in the future. Starting with your privacy, where even of its seven developers, only two have revealed their identities. Francisco Cabañas (physicist from Canada) and Ricardo Spagni (Software expert).
Among the features that stand out the most in Monero are:
- Maximum amount of cryptocurrencies. It is infinite, although its emission curve will last a few more years until it reaches 18 million XMR coins. After that, there will be an inflation of 4%, as there is an issue of 1 Moneros per block every two minutes. Said inflation will continue to decline, and there will also be a reward of 0 XMR for miners. Thus, miners will continue to receive their rewards, while helping to maintain the blockchain.
- Fully decentralized. No government, institution, or foundation regulates or participates in it. It is maintained thanks to its developers, where other collaborators have also appointed, and at the same time, none of them occupies a more privileged or dominant position than the rest.
- Absolute privacy. It is achieved thanks to Ring Signatures. This technology is part of a group of cryptographic signatures in which only one of those that appears is real, but there is no way to identify its origin or where it comes from. In this way, total anonymity is achieved except for the two parties involved.
- Scalability. There are no predisposed limits on block sizes. It is calculated automatically after the trial period. Also, by being able to have larger block sizes than Bitcoin, they help to handle a larger number of transactions per second.
- Fungibility. All Monero coins are identical, and can be exchanged indifferently with each other. This is one of its main characteristics. Same as real money, where one currency is the same as another.
- Impossibility of censorship. As the coins are identical, it prevents the censorship of addresses that can store coins from illegal or compromised practices. A common practice even for Bitcoins, where they are later transformed into Moneros, to later buy Bitcoins from an address equal to the first. In this way, any trace is eliminated, and they make Monero a favorite currency depending on what purposes.
Monero in the spotlight and an opportunity to invest at the same time?
Since the cryptocurrency boom, overall prices have fallen. However, there was no doubt that Monero's big rise was driven in large part by two large deep web markets, Alphabay and Oasis. This led to the great revaluation of Monero, but after the closure of Oasis, problems in XMR withdrawals from Alphabay, and inconveniences that arose from MyMonero, made those who had placed their trust fear the worst. That is, it had been given a lot of propaganda from the Deep Web, so that then who owned XMR coins, to be able to sell them and take large profits.
On the other hand, the concern that cryptocurrencies anonymity arouse among different authorities, they place special emphasis on some such as Monero. Where there have already been voices that have been raised to definitively ban especially those that are totally anonymous.
But it is not all bad news. Around Monero, there are many indicators that indicate that it is a cryptocurrency with a future. From cryptocurrency wallets like Jaxx, where they have included Monero among their cryptocurrencies, even companies like Microsoft, where the latter offers tests to its clients for the platform of Azure Blockchain.
Monero today
Today block rewards have dropped to 3 XMR, and a drop to 2 XMR for January 2020 and 1 XMR for May 2021 is speculated. According to reports from a Reddit user. Finally, the queue emission (incorporated by the developers) where miners would get 0 XMR per block, could be expected by May 6. In a way to safeguard, that the rewards towards miners do not fall at the risk of seeing a value close to 0.
Monero is an ideal cryptocurrency to circumvent tracking and maintain anonymity. Currently, and perhaps because of this, it has also been the most hacked currency of all. According to the data provided by MoneroBlocks ya Almost 17 million have been mined, leaving just over 1 million coins.
