The Monero cryptocurrency was created in 2014 and was based on the model of Bitcoin with an emphasis on personal security and privacy, decentralized management and computing process scalability. The online coin is using the CryptoNode protocol, which distinguishes it from Bitcoin and in 2017 it became the sixth best traded online currency. Monero can function with all the major operating systems and it is of the Proof of Work type. The developers’ plan is to release more than 18 million coins by May, 2022. There are three types of protection which Monero provides for every transaction on the network. First off, its ring signatures conceal the address of the sender. Secondly, the amount of the transaction also stays hidden. Thirdly, the address of the receiver remains undetectable as well. Additionally, a fourth level of protection is being in development, which will be aimed at concealing the origin node of the transactions. Proof of Work enables Monero to work without any level of hindrance on a huge number of devices simultaneously. Monero’s smart mining option gives the user the opportunity for transparent CPU mining. This smart mining can now be put to good use by anyone who is in possession of the CLI wallet, which can be used on all OS-s with the exception of the Mac. This cryptocurrency doesn’t have a maximum block size limitation even though there is a specifically placed system which prevents excessive block size increases.
In January, 2017 each Monero was worth approximately 12 dollars with a collective worth equaling 165 million. The reason for this exceptional thrive is considered to be the online currency’s ability to almost entirely preserve the privacy of its users since it is practically impossible to trace and it is able to grant players complete anonymity. An example of Monero’s powerful influence is the dark web black market because the website Alphabay, which operates within the dark web started to offer its clients the services of the cryptocurrency. The developers of Monero are defending the freedom that the coin provides by stating that no user can be controlled and they are also certain that the currency’s unique level of secrecy and anonymity will be priceless to users and businessmen who want to safeguard their identity while engaging with various deals and trades online. Monero is in an exceptional position right now thanks to its value peaking way off the charts and the impressive level of security that their users are granted so if you choose this particular cryptocurrency, you can expect plenty of comforts and earnings coming your way.