Cryptocurrency is gaining momentum as developers keep rolling out more digital currencies. Monero (XMR) is an open-source, egalitarian-oriented cryptocurrency launched in 2014 to foster privacy.

This cryptocurrency operates on a blockchain network that makes public all the transactions on the network.

Due to the token’s quality as an open-source, it is configured to be fully opaque with all transaction details being made available but in a disguised manner.

This means that the identity of senders and recipients, as well as the details of transactions, are disguised by not showing the correct addresses of the users.

The egalitarian system of this digital currency- believe that everyone is equal and they deserve equal opportunities- stop the developers from keeping part of the digital currency for themselves when they launched.

Rather than keep stakes for themselves, they expect community contributions and supports to develop the digital currency.

The market cap of Monero as of January 15, 2021, was $2.778 while trading at $155.94 as opposed to $65.68 which was its closing price as of Jan 15, 2020.

This means there was a 137% increase in market capitalization within the spate of one year.

The digital currency is currently trading at $243 with a 24-hour trading volume of $481,161,636.

Mining Monero (XRP)

To mine Monero, you can join mining pools or mine coin individually and get rewarded for the activities.

Monero can be mined on any computer network without a need for the application-specific integrated circuits (ASICs); hardware that is used to mine cryptocurrency.

Instead of using this, the list of available hardware that can be used to mine Monero is available on the website while other software can also be installed.

Avoidance of double-spending, an important feature of cryptocurrencies, is enabled on Monero through the use of proof of work mining, an algorithm that provides securities for some digital currencies.

Improvement of the privacy policy by Monero

The digital asset makes use of privacy by default. It makes use of various dependent technologies to achieve anonymity and fungibility.

Also, it uses ring signatures and stealth addresses to improve anonymity. Ring signature refers to a feature that allows a user to hide his signature from members of a group.

Stealth addresses are one-time addresses generated on behalf of the recipient. This creates anonymity by securing the details of the recipient’s address.

These are the basis of Monero’s challenges. Lack of traceability and anonymity are the reasons dubious users prefer Monero.

This Digital currency has been reported to have been used to purchase drugs and for betting.

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