Monero ($XMR) is a decentralised cryptocurrency which is privacy-focused and prides itself on being untraceable and completely anonymous.

Monero uses ‘ring signature cryptography’ to hide and obscure transactions on its network all while preventing counterfeit coins. Monero like Bitcoin and other cryptocurrencies can be used to transact and pay for goods and services as long as Monero is accepted of course. Monero is fundamentally set up a little different to Bitcoin and other major cryptocurrencies in the fact that Monero does not have a fixed, capped maximum supply e.g Bitcoin has 21 Million.

Lets dive into Monero…

 

 

TITLE/TICKER : Monero / $XMR

COMPANY ORIGIN : Global

PLATFORM : Monero

CONSENSUS ALGORITHM : Proof-of-Work (PoW)

FOUNDERS/CEO : Riccardo Spagni and Franciso Cabanas

PURPOSE : Privacy focused cryptocurrency

POINT OF DIFFERENCE : Private

MAJOR PARTNERS : Microsoft Azure

WEBSITE : Monero Website

POSITION/WHITE PAPER : N/A

WORKING PRODUCT ? : Yes

CURRENT PRICE ACTION : 

 

How does Monero work?

 

Monero has a number of features that allows users to remain private and secure. Some notable features are;

 

Stealth Addresses

 

Your public addresses are not exposed/do not show on the Monero blockchain.

 

New Code-base 

 

Monero has written a completely fresh code to guarantee genuine code and is not simply a copy-cat project.

 

Confidential Amounts

 

Each individual transaction is secured & encrypted.

 

Untraceable

 

Funds moving around the Monero network are concealed using “ring signature cryptographic techniques”.

 

Asic-Resistant

 

Monero runs on a mining algorithm called ‘CryptoNight’ which has been built by design to deter and resist special mining hardware that would be detrimental to the Monero network.

 

What problems is Monero looking to solve?

 

Monero understands that the world needs privacy and the lack of privacy can create issues, as those exposed with large funds can be a genuine target from bad parties. Privacy is and will always be a major concern with assets and value transfer.

 

Monero vs Competitors

 

Monero has a few notable competitors in the privacy payment space including but not limited to;

 

 

Monero’s Team

 

Monero has a decent sized team led by Riccardo Spagni and Franciso Cabanas – see the full team here.

 

 

Current Partnerships/Advisors/Network

 

Monero currently is collaborating with;

 

  • IDEO Colab
  • Microsoft Azure

 

Latest updates

 

Where can you purchase Monero $XMR?

 

Monero $XMR are available to purchase on Easy Crypto (NZ Customers) and Binance (top volumes to date).

 

How to protect & store your Monero?

 

We recommend downloading an approved wallet from the official Monero website otherwise we always recommend using a  Ledger Nano S.

 

Outlook for Monero

 

Monero is a long-standing project which bodes well and is a top 20 cryptocurrency by market cap size. Monero’s use case is valid and the battle for adoption between the likes of Zcash, Dash, Navcoin, and others is heating up. Monero has a strong, dedicated team and is a true contender in the privacy payment race.

 

Reach out if you have questions about Monero or need help with any topic.

 

Disclaimer :  None of our Analysts are holding Monero $XMR at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]

 

References

 

Monero Info-graphic

Monero Website

Monero on Twitter

Monero on YouTube

 

Summary & Score

Monero $XMR

7.6

Vision

8.0/10

Team

7.5/10

Working Product

10.0/10

Partners/Investors

5.0/10

Unique/Point of difference

7.5/10

Pros

  • Long standing project
  • Strong Team & Community

Cons

  • Strong competition for adoption
Hayden HW

Hayden HW

Blockchain and Cryptocurrency Education

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