What is Monero cryptocurrency?
Monero is one of the leading cryptocurrencies with a focus on private transactions. Most existing cryptocurrencies, including Bitcoin and Ethereum, have a transparent blockchain, which means that transactions can be openly verified and tracked by anyone in the world. Besides, the sending and receiving addresses of these transactions can potentially be associated with a person's identity in the real world.
What is Monero used for?
The creators of Monero have made a lot of effort to make their currency more secure. To achieve a good result, the following measures were taken:
- The use of ring signatures. This technology allows you to "confuse" public keys and thus avoid the possibility of identification of any user of the system.
- One-time address generation. A unique protocol is used that creates one-time addresses, which allows you to hide information about the recipient of the transaction, the balance of your account and others.
- Cryptographic algorithms provide the security of digital currency in users' wallets.
- Thanks to these characteristics, cryptocurrency has attracted attention. In 2016, the online store AppStore added Monero as a payment method. It was decided to work with this cryptocurrency and add it to applications used in iOS. Currency is actively used in some online games and casinos, which makes it an ideal tool to hide gaming addiction.
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- It is based on the CryptoNote protocol.
- It has a PoW algorithm: CryptoNight.
- Programmed to generate one block every 2 minutes.
- It scales dynamically.
- In practice, an infinite number of coins will be generated.
- It is decentralized and does not allow centralization in large mining companies, as is the case with bitcoins.
- Ring signatures is a cryptographic technology that ensures confidentiality and prevents the recipient
- A transaction can track the sender’s address.
- An open-source project, so many other developers are working on Monero . On the project page, they indicate that more than 500 professionals are contributing.
- The nodes are connected through an anonymous I2P network, which makes it challenging to obtain transaction information.
- The Kovri project will allow you to encrypt all the transactions of its users through I2P, getting the IP addresses of those involved in the transaction obfuscated.
In cryptography, a ring signature is a type of digital signature that each member of a particular group of users can make. Therefore, a message signed in a ring signature is approved by a member of the group, which is randomly selected. The random approach in choosing a signer ensures anonymity and confidentiality. This method was invented by Ronald Rivest, Adi Shamir and Yaelu Tauman in 2001.
The Monero cryptocurrency ring signature technology uses account keys and several public keys randomly selected from the blockchain using the triangular distribution method. In the process of choosing a signatory, the system considers all participants of the "ring" as equal members. Due to this, it is impossible to determine which of the participants was chosen to sign a specific transaction, which allows them to be made untraceable.
The stealth address technology allows the sender to create a random one-time address for sending a transaction to the recipient. The recipient can provide only one address for sending payment. However, all incoming payments come to the unique (each time new) blockchain addresses, which cannot be associated either with the recipient's public address or with the addresses to which transactions were previously sent to this recipient. When using hidden addresses, only the sender and receiver can determine where the payment was sent.
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Advantages of Monero
As it should be, the Monero digital currency meets the basic requirements for a modern digital currency:
- Decentralization. Lack of control and impossibility of influence on the part of financial organizations such as banks.
- The currency is not a fork of Bitcoin, so it does not depend on its current rate.
- Emission limit.
- Having your wallet: transaction anonymity.
- Constant growth and confidence. Throughout the entire period of development, the currency had its ups and downs. But, analyzing the trend as a whole, its strengthening is a real fact.
Monero is a cryptocurrency supported by a PoW algorithm.
- You can mine using the GPU and CPU, and there are even miners that allow both forms of mining.
- As for pools, there are many options, and you can find them on the internet.
To start mining coins, you need to download the miner program, set the mining settings and start the process on your PC. If the PC specifications are not good enough, you can join the mining pool and mine coins with other users.
In general, we can say that mining Monero compares favorably with the mining of other cryptocurrencies:
- Firstly, due to the use of unique algorithms, the heating of the processor and video cards has decreased.
- Secondly, due to the impossibility of using ASICs, corporate mining Monero does not develop, which means that ordinary miners get profit.
- Thirdly, as calculations show, so far, coin mining has high profitability.
Monero XMR wallet
There are several alternatives to this function:
- A hardware wallet is highly recommended regardless of your cryptocurrency. These devices are one of the safest ways to store them.
- Paper wallets are another option. This is only an essential piece of paper, which includes both private and public keys. This option is also very safe. However, we must be cautious and keep it in good condition so that no unwished person has access to it and that we can find it when we need it.
- Download the official Monero Wallet wallet. A reliable way for long-term storage of cryptocurrency. You will need to install special software and download the blockchain network. The main thing when installing the program is to record the seed to restore the wallet.
- Use online wallets. Guarda Wallet is the safest application, from verified developers. It has been working for several years, and at the same time, the service does not save private keys on the server.
How to prove Monero XMR payment?
To confirm the payment, you need to have a record of TXKEY, which is stored only in a local copy of your Monero wallet. If you have created several portfolios for the same address, you cannot use any other wallet to receive the TXKEY, which you will need to confirm the payment.
Where is Monero transaction key?
If you pay the subject and he claims that he did not receive the funds, you may need to prove to a third party. Monero is a private network, so you can't just indicate your transaction on the blockchain. However, it is possible to provide a TX key (transaction key), where if you are the owner of the account, you can check on it whether the money has arrived in your account or not.
What is the Monero view key?
Cryptonight was created to make the digital currency system more equitable and decentralized. This algorithm aims to avoid creating mining pools, in order to try to make the Monero token more evenly distributed.
A few keys: Monero is not as simple as Bitcoin or Ethereum. To ensure the confidentiality of your transactions, the Monero system includes several keys.
View key: Monero has public and private keys. The public one is used to generate a unique public key where funds will be sent, and the private is transferred to the recipient to unlock the funds.
How do I Look up Monero XMR transaction
MoneroBlocks.info provides only a small portion of transaction information. The main distinguishing feature of the currency is anonymity. Therefore, by hash, you can track only the blocks info of such categories:
- The number of transactions
- Block Difficulty
- Total Generated Coins
- Cumulative Difficulty
- Block size (bytes)
How to store Monero XMR?
- Open the Guarda website (be sure to add the link to your bookmarks so you don’t accidentally go to the phishing site)
- Click on the button "Create a wallet" or "Download for desktop"
- Create a New Wallet
- Choose a password, however, make it hard enough so that attackers cannot compromise it.
- Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
More details in Knowledgebase .
- Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
- Download backup to always be able to import your wallet.
- Go to the Monero tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.
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