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Monero (XMR): the cryptocurrency that leaves no trace

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Monero

In the diversity of projects that exist in the world of cryptocurrencies, many focus on speed, others on security as well as on their ability to attract followers to their community and thus increase their weight both in value and price. In terms of security, although most projects build their technology to facilitate anonymity, it is also true that this concept is not fully adjustable to most of them, since they generally always leave traces that allow tracking transactions (and hence people). In this particular one project stands out among all: Monero (XMR) which since its inception in 2014 develops a decentralized technology based on privacy and untraceability.

Monero raises its technology in multiplatform support being able to run its software on operating systems such as Windows, macOS, GNU/Linux, Android or BSD, in this way the platform ensures the privacy and anonymity of its users at the time of generating any type of transaction. Obviously, due to its characteristics, Monero has no shortage of critics who accuse this project of promoting illegal transactions (the so-called dark web) given the ability of this project to hide the traceability of transactions.

Beyond these accusations, Monero is presented as a reliable and very popular project among cryptocurrency followers, considering its large network of developers, a situation that induces this platform to propose more strategies based on its security scheme in the world of finance.

Monero focuses its actions on the following approaches:

*Decentralization. No person, institution, government or entity has the power to take control of this technology, everything related to the project is based on the joint effort of the community.

Security: Establish the most advanced technology in terms of security, basing this point on the impossibility for third parties to access the wallets, as well as maintaining anonymity and the impossibility of tracking transactions.

*Privacy: This represents the main philosophical basis of Monero and the raison d'être of the work of its developers, so no effort is enough to protect privacy by boosting anonymity.

In 2014 the history of Monero begins when the project was called BitMonero which was created as a hard fork of another project called Bytecoin, but despite the effort to include new features and other improvements this project never had the approval of the community, which chose to take control of it. Thus the name was changed to the one we know.

Like Bitcoin, Monero bases its functions on the use of block mining, however the difference with the main cryptocurrency lies in the fact that the project in question focuses on the CryptoNight, Ring Signatures and Ring Confidential Transaction algorithms, which shields the anonymity and security of the system. At present CryptoNight has ceased to be useful for the system and is now replaced by RamdomX.

RandomX was developed with the purpose of creating a random mining kernel, which is executed as part of a virtual machine dedicated to the exclusive work of this new algorithm. In this way RamdomX will make possible the mining interaction with the CPU that processes the execution of this virtual machine. Next, RandomX begins to work directly with the process of generating the workspaces (Scrathpad) for mining, in this way the workspaces will facilitate the interaction of data between the RandomX virtual machine and the CPU that executes it, creating the foundations and mechanisms that enable mining.

Governance in Monero is based on the ability of the community to make its own decisions, disassociating all processes from any command or executive figure that assumes control of this project, something that the developers make very clear that in Monero the absence of bosses and centralized bodies throughout its system.

Necessary to say that the publication you have just read does not represent at all a form of advice or recommendation to invest in this project, the same is intended to serve as an informative guide to support decision-making or expand knowledge about the world of cryptocurrencies.