Monero (XMR): The New Face of Cryptocurrency
What is cryptocurrency? This is commonly known as the new face of marketing, it is a medium of exchange similar to the forex market where monies like the dollar, euro, rand and yen exchange hands at a rate. However, this is done through modern technology in a digital way hence the name cryptocurrency. There are a number of such currencies but the main focus here is Monero (XMR), the new face of cryptocurrency.
Monero, a digital trading currency uses software such as windows, android, and Linus to name but a few. Transactions are recorded in a public ledger while new units are created through mining. Its main aim is to privatize transactions and mining processes for better delivery of services.
Unlike most of the other digital currencies, Monero (XMR) is not a derivative of bitcoin but of the CryptoNote protocol that has a lot of algorithm differences that are somehow related to blockchain obfuscation. The units in Monero are interchangeable hence it’s possible to substitute them undetected. Privacy of Monero transactions is protected by the blockchain in the following ways;
First, it has ring signatures which make it possible for the sender to be veiled amongst other ongoing transactions. This also aids in concealing the receiver of the transaction and the amount that is involved in the ongoing transaction. In addition to this, Monero contains the view and spend keys which work simultaneously to enable a transaction to happen. These are measures that further ensure the privacy of the parties involved.
What makes Monero stand out from other digital currencies is the requirement of a wallet commonly known as the client software in order to interact with their network. This wallet contains three parts as follows, the Monerod which is the major software and is responsible for claiming user transactions then comes the Monero- wallet- cli which mainly manages user accounts and monitor new transactions, and lastly, there is the Monero GUI which allows user interactions with the two other components.
A major advantage that Monero has over other cryptocurrency users especially those derivates from the bitcoin is that when bitcoin users require to break down links between transactions, they turn to Monero to first convert the bitcoins into Monero then, later on, convert them into bitcoins and finally they are sent to addresses distinct to those that are used previously.
With the recent survey results, it is clear that Monero is the new face of the cryptocurrency trade since it has stealthily found its way into the top ten cryptocurrencies. At a value of $130 and a market value of an approximate $2,066,000,000 which continues to rise as the days go by, Monero is the best option to place your monies in, with the client transaction privacy measures in place, it is your the safest bet in today’s digital money marketing.
Image 1 – Monero (XMR) Charts for the last year. Source: https://coinmarketcap.com/currencies/monero/
A recommended trading platform for your Monero cryptocurrency is the FXtrader where you have options on the kind of transaction you would like to make. The forex exchange is offered for free and is completely free of any risks. According to Forbes, the better way of ensuring that all internet digital trading is protected and privatized is by use of blockchains. Monero is the only cryptocurrency which uses this type of advanced privatized technology. This, therefore, makes it your best investment plan.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.