Understanding Monero Coin
Table of Contents
- 1 Understanding Monero Coin
Monero is a relatively new cryptocurrency that was launched on the 14th of April, 2014. Monero was created to curb the various issues faced by a number of cryptocurrencies such as Bitcoin, Ethereum and it’s immediate forerunner Bytecoin. Monero just like other cryptocurrencies has all the essential properties and features but it is also equipped with quite a number of unique features that makes it stand out and they are outlined below.
The Privacy Moreno Offers Is Second To None
Privacy is the key that this cryptocurrency was developed on. Most popular cryptocurrencies especially Bitcoin and Ethereum make use of a transparent blockchain which enables transactions to be tracked by anyone from anywhere in the world. Moreno on the other hand had a more compelling and sophisticated coding that allows the transactions made with Moreno to be shielded. The cryptography of Moreno also enables the safety and anonymity of the moreno user network.
The funds used for transactions cannot be traced as there is no available link that will show where the funds have been transacted to. This however doesn’t give users the ability to view their transaction history when they open their wallet. This properties are achieved due to the fact that moreno makes use of a stealth address which invariably means that the sender of the funds will have to derive a one time targetfrom the address of the recipient. The privacy of the recipient is taken care of with this stealth address as all one time targets look the same so the risk of linkability is reduced.
Ring Confidential Transactions
With moreno, the amount of funds used in transactions are concealed. Only the sender and recipient of the funds will be able to find out and know the exact amount used with this ring confidential transaction feature that was recently added to moreno network.
Mining Algorithm Of Monero Is Unique And Sophisticated
The mining algorithm of moreno was designed so as to prevent ASIC’s, who are always at an advantage when mining other cryptocurrencies such as Bitcoin and Ethereum from having advantage over public and home computers. This means that the mining software can be run on any computer regardless of whether it is a home computer or a work computer. There is no significant equipment that is needed for mining moreno, all that is needed is downloading the moreno wallet.
Moreno Blocks Have a Scalable Limit
Unlike with bitcoin blocks where the blocks are produced in a mean time of 8 minutes, moreno blocks are produced every 2 – 3 minutes. The block size limit of moreno is very scalable unlike with bitcoin which has a maximum limit which will therefore cause translation delays.
The Fees In Moreno Are Dynamic
In moreno, the fees are scaled dynamically in proportion with the network. This therefore means that as the size of the moreno block increases and the network grows, the system is designed so the fees will decrease. Moreno is built to beneficial to both the miners and the users.
Public View Key
This feature enables other individuals to view transactions of users if the key is shared with them. This feature distinguishes moreno significantly from other cryptocurrencies.
Moreno is a cryptocurrency with potentials and it has set the bar high with its properties and unique features in the short time since it was introduced.