About Monero:Monero is the anonymous and untraceable virtual currency par excellence, which is worth a growing development, where it seems that it is taking the place of Bitcoin! Indeed, Monero is in the process of becoming the reference crypto currency. The reason is of course the anonymity promised by this cryptocurrency. Some of the biggest sites like Wall Street Market and AlphaBay offer payments by Bitcoin but also by Monero. Launched in 2014, Monero is an open source cryptocurrency oriented for privacy. It uses cryptonote technology and secures user spending.
Indeed, it is impossible to use a double-spending attack which consists of charging a person twice. Moreover, it guarantees the anonymity of the users thanks to a system of signature of circles. Finally, it can evolve while Bitcoin is limited by its code.
Some interesting features of Monero:We have 6 features of Cryptonote that makes it more secure and more privacy protector. Take time to understand these features as they are essential to feeling the potential of Monero.? Inaccess to payments – Cryptonote uses Ring Signature technology. The signature only proves that the message was created by someone in the group, but all signatures are indistinguishable from each other.? Unidentifiable Transactions – Even if outgoing transactions are untraceable, everyone can see the payments you receive and determine your income. But by using a variant of the Diffie-Hellman exchange protocol, a recipient has multiple addresses that are derived from his/her public key.
After the funds are sent to these addresses, only the recipient can cash them and it is impossible to interconnect these payments.? Proof of double-spending – No one can spend the same money twice even if all the signatures are anonymous. Each signature contains an image key, a kind of imprint of the secret key. It is based on a single-direction encryption function.
This implies that you can not restore the secret key if you only have the image key. These image keys are used to avoid double-spending.? A Blockchain Protected Against Analysis – Non-repetitive addresses and mixed keys in circle signatures allow the Monero Blockchain to be protected.
Each future transaction will only increase the entropy and create additional obstacles for an analyst.? Evidence of Egalitarian Work – The proof of work functions as a voting mechanism. As a result, it is crucial that during the voting process, all network users have equal voting privileges. Cryptonote brings this equality with its proof of egalitarian work by using built-in instructions in the CPU. ? Flexible settings – A decentralized payment system should not depend on the decisions of a single person even if the latter is the main developer of cryptocurrency.
Cryptonote does not have hard-coded constants, but rather magic numbers in the code designed to be recalculated based on the previous state of the network. As a result, these flexible constants will change constantly and independently allow the network to grow on its own.These 6 characteristics of Cryptonote are present in Monero which makes it a very interesting currency in terms of philosophy, anonymity and security.Monero runs on Windows, Mac, Linux and FreeBSD using the proof-of-work method to create additional blocks in the blockchain.The algorithm can create about 18.4 million pieces over a period of 8 years.