Monero is a decentralized cryptocurrency that focuses on privacy and fungibility. It was developed as a response to the lack of complete privacy, security and anonymity. Its dedication to privacy has contributed to its wide adoption and price increase. The coin is based on the CryptoNote protocol and its native asset has XMR. The coin has an active community which includes its anonymous developers and founders.
Monero is the most fungible digital currency since the heritage of specific coins cannot be retraced. It is obfuscated to send and receive addressed. Transactions on Monero blockchain cannot be linked to any other users.
Monero ensures complete confidentiality to trace transactions. Its privacy and anonymity allow each coin to be substituted for other coins. Combined with its focus on anonymity and privacy, its fungibility have increased the coin’s value and adoption since 2014. It makes Monero one of the best privacy coins available on the current cryptocurrency market.
Monero can be mined because it is Proof-of-Work. When the total number of XMR is reached 18.3 million, the money supply will stop decreasing. Users need to first download a mining software and join a mining pool. A list of software and mining pools are available on their website.
Monero is the most fungible digital asset and with the fact that it has privacy per default, it differs from most other privacy coins. However, the side effect of privacy is limited scalability. The team is working on improving scalability with developing second-layer solutions for improved speed.
It is actively used for its intended purpose and has proven over time that it is the most fungible digital currency. Their current goals include the replacement of RingCT with BulletProofs. They are designed to decrease transation size and Moneor’s transation fees. Still Moneor is one of the most fascinating projects in the cryptosphere.