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Monero Cryptocurrency

Monero Cryptocurrency

Monero (XMR), also known as one of the leading privacy-centric cryptocurrencies on the market. First released as a fork of Bytecoin back in 2014, Monero utilizes CryptoNote blockchain technology and seeks to protect user's online privacy by hiding transaction details.

Monero Cryptocurrency

While other blockchain projects, like Zcash, have enjoyed media attention and venture capitalist backing, Monero has developed more like Bitcoin; beginning as a small tech community that slowly gained traction. This enabled its team to more aggressively introduce cryptographic features like ring signatures and stealth addresses.

Ring signatures are created by mixing together private view and spend keys of a signer with public keys present on the blockchain, making it difficult to ascertain which key was used during any specific transaction. Furthermore, Monero's Stealth Addresses create unique one-time addresses for every transaction made using Monero; thus making it impossible to trace individual recipients and transactions back to specific individuals. Its emphasis on privacy has made Monero an attractive cryptocurrency option among darknet markets which specialize in illicit goods or services like hard drugs, malware and stolen account credentials.

Kovri technology further strengthens Monero's privacy features with its ability to hide IP addresses on its blockchain, providing people living in countries with restrictive data protection laws an added layer of protection from unwanted attention from government agencies and other interested parties.

Monero stands out among cryptocurrency rivals with its low entry barrier to mining. Thanks to a Proof-of-Work algorithm, which allows regular CPUs and GPUs to mine it instead of needing special ASIC machines for mining coins, Monero provides an entryway into cryptocurrency world despite remaining competitive against rivals.

While CryptoNote does offer many advantages, its adoption has been hindered by several limiting factors. Notably, its liquidity on major exchanges and lack of availability at ATMs have limited its success; additionally it requires slightly more advanced skills due to using the CryptoNote blockchain for its operations.

Though Monero faces challenges, its future remains bright. Investors and enthusiasts have shown significant support, placing it among the 30 most valuable cryptocurrencies on the market. For more information about it, check out our complete guide to Monero or read up on other popular cryptocurrencies on our blog. To buy some yourself, check our list of approved merchants or exchanges that support XMR; or store it with one of our recommended wallets.