Monero [XMR] - Secure, Private, Untraceable
Price Info - www.coinmarketcap.com/currencies/monero/
Official Website - https://getmonero.org/
Monero is a decentralized cryptocurrency, meaning it is secure digital cash operated by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.
Monero uses ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Monero provides all the benefits of a decentralized cryptocurrency, without any of the typical privacy concessions.
Sending and receiving addresses as well as transacted amounts are obfuscated by default. Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.
Monero is fungible because it is private by default. Units of Monero cannot be blacklisted by vendors or exchanges due to their association in previous transactions.
April 9, 2014: Launched on Bitcointalk as Bitmonero
April 18, 2014: Start of the network
April 23, 2014: Renamed to Monero
September 12, 2014: Monero Research Lab Paper 1 was published
November 24, 2014: Release of Monero Web Wallet
January 1, 2016: Release of version 0.9.0. Among other changes, increased block time to 2 minutes and added OpenAlias support. OpenAlias is a protocol to set aliases for public addresses
September 19, 2016: Release of version 0.10.0. Support for the hard fork to enable RingCT (Ring Confidential Transactions). RingCT hides the number of coins sent in each transaction
December 22, 2016: Beta release of GUI Wallet
September 07, 2017: Release of version 0.11.0. Support for the hard fork to increase the minimum ring signature size to 5.
March 14 2018, Monero will hardfork to a new "privacy" coin: MoneroV (XMV). Every Monero holder during the snapshot will get 10 XMV for each single XMR coin they hold. However this is discouraged by the official website, which contains the following warning:
It is important to realize that the security of the Monero network and your own Monero is dependent on the security of your Monero keys. Your Monero keys are MONERO keys. Do NOT use them for any other purpose, including claiming coins from a Monero fork. Using your keys to spend the same outputs twice on different forked blockchains will damage your privacy, and others', as both spends will bear the same key image, but different rings, with only your spent output in common (this does not impact stealth addresses nor confidential transactions, just ring signatures). Moreover, by using such a "same keys" fork, the security of your Monero private keys now depends on those third parties.
One of the key features of Monero is ASIC resistance. An ASIC is custom mining hardware. ASICs have a performance advantage over general-purpose processors. The risk with ASICs is that it will lead to centralization of the network, as only those with the specialized hardware can mine.
Monero wants a more egalitarian solution. Therefore, it intends to tweak its Proof of Work algorithm. The result is that ASICs will become cost-prohibitive to build and any type of hardware will be able to mine Monero.
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On April 30 2018, Monero may undergo a hard fork called MoneroV.
MoneroV is similar to Monero with two main diﬀerences. MoneroV plans to:
1. Cap its supply of tokens with no inflation
2. Implement a technology called MimbleWimble for improved privacy and scalability.
Important Note: The original Monero team does not support the hard fork and will not provide support to access MoneroV coins.
Monero cautions XMR owners against using their private keys directly to redeem coins from the MoneroV blockchain. If your private key fall into the wrong hands, all of your funds could be stolen.
As of today, the hard fork is scheduled for April 30 2018. But the date fork has been postponed in the past.
Meanwhile, on April 6 2018, Monero performed a scheduled security and scaling upgrade (called Lithium Luna) to Monero client 0.12.0.0.
Today, the network averages about 4,000 transactions daily.
We think usage will continue to ramp up. That’s because Monero solves a key issue: privacy.
Many think bitcoin is anonymous. In reality, it’s pseudonymous. Your name isn’t part of bitcoin’s blockchain. But the bitcoin blockchain is open for the whole world to see.
Monero, on the other hand, is completely private. The network mixes together hundreds of public transactions. And that keeps your transactions anonymous.
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