Monero is an open-source cryptocurrency created in 2014. The main different between Monero (XMR) and Bitcoin (BTC) is that Monero is based on CryptoNote protocol. This coin is primarly focused on provacy, decentralisation and scalability. The main update to Monero code happened on 10th of January 2017: in this date the privacy of Monero transactions strengthened further with the optional use of Bitcoin Core developer Gregory Maxwell’s algorithm Ring Confidential Transactions. Before this date (until block #1220515) the transactions were obfuscated through confusion. This new feature permit to don’t display the amounts implicated in a transaction some someone who did not directly take part of it.
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Monero has 3 main features that makes it so much appreciated in the alt-coin community:
Privacy: Like told before, Monero was developed with privacy in mind. After the implementation of RingCT, Monero protect users’ privacy in 3 ways: 1) Ring Signatures hide the sending address, 2) RingCT hide the amount of the transactions, 3) stealth addresses hide the receiving address. Decentralisation: Monero is powered by Proof Of Work. The smart mining fouthcoming feature will allow transparent CPU mining on the users’ computer – far from the de facto centralization of mining farms and pool mining (cough-Bitcoin-cough) Scalability: Monero has no hardcoded limit: this mean no stupid limit of 1MB per block and no stuck transactions. However, a block reward penalty mechanism is build into protocol to avoid a too excessive block size (or too small block size).
Initally, Monero has not much popularity with the general public. It has its support fan club, and everyone interest in cryptocoin knew its value, anyway its market cap was nothing exceptional ($5M). The things changed during 2016, when Monero experienced a rapid growth in market cap (from $5M to $185) and transactions volume(689,796 txs on 1th Jan 2015 – 1,419,320 1th Jan 2016).
The causes of this growth seems to be the adoption by major DNM AlphaBay and the investor interest due the increase of price. Anyway, these 2 factors combined has the great merit to let Monero be known by a large public of cryptocoin entusiast, and so let them keep on growing.
Conclusion: Why we love Monero?
We love Monero for few (but importan) aspects:
It’s truly private: you don’t have to be a drug dealer or tax evader to pretend some good privacy from an alt-coin. Monero does it. And does it in a great way (we’ll talk about privacy tips of morero in another article). It’s fast: if you use bitcoin often like we do (often=at least 2 txs per week or more) you know that 1MB of block size is a stupid limit. It stuck tons of transactions per day and it force users to pay bigger fees to speed up transactions. If you commit a mistake and send a transaction with low fees you could wait days before see it confirmed. Reasonably Cheap: it doesn’t mean that transactions are free, it means they have a low cost. Evolves: Monero has behind more than 30 indipendent devs who continue working on features to implement. Bitcoin, after MONTHS, still can’t expand the block limit.
If you are an alt-coin lover, or simply curious, we suggest giving Monero a try. We are sure that you won’t be disappointed.
Reading this article you could think that we hate BTC. Nothing could be wronger: like everyone out there, we love bitcoin, its technology, and its mission. It has the merit to be the first subject of a revolution that it’s still going on while we write. We are strongly against the false democracy that became the Bitcoin community where few devs and few (BIG) miners try to make rules of an unregulated game.