Bitcoin
USD 7,606.67
Ethereum
USD 160.68
XRP
USD 0.242

What is Monero?

 

Monero is a cryptocurrency focusing on censorship-resistant and private transactions. It is a form of electronic money allowing to make affordable and quick payments from anywhere in the world. As of right now most cryptocurrencies have clear blockchains which means that all transactions are openly verifiable, and they can be tracked down by whoever in the world. Monero’s core values are security and privacy. Both receiving and sending addresses can link banck to whichever person’s actual real life identity. Monero is using cryptography in order to shield receiving and sending addresses and also the amount of specific transaction made.

What is of vital importance, is the fact that all transactions made via Monero cannot be traced and are strictly confidential. Every single one of Monero transactions already, by default, complicates receiving and sending addresses. The same happens with all transacted amounts. This system gives a push to the privacy level on Monero: every user’s activity on Monero pushes the privacy to the next level on the whole system. By confusing and complicating the addresses automatically, Monero will always be accepted without risking censorship.

A Project named The Kovri Project (not yet available: in development) will encrypt and also guide the transactions using I2P IIP (Invisible Internet Project) nodes. By this, the IP address of the sender will be hidden better, meaning that the protection against monitoring of any kind will not be possible.

Today, Monero is actually attracting the world’s most talented developers and researchers joining the team. A little over 500 engineers have already given a contribution of their own towards the development of the Monero project. The long-term goal for Monero’s Research Lab is to push cryptocurrency boundaries– in order to see what it is capable of. They are concentrating especially on privacy and security.

Monero can be bought on exchange with other cryptocurrencies or Fiat currency. There is also an option to use an alternatiive way: mining. Monero is accepted amongst an impressive number of merchants such as Living Room of Satoshi, SwirlPay, Cryptoradar, FastTech and many ohters.