Monero: what it is, how its protocols and its characteristics work

Monero cryptocurrency is a virtual currency that was made in April 2014 and is based on a cryptonote protocol. The project was then customized over time but, Monero represents, a cryptocurrency that is organized above all on privacy, scalability, fungibility and decentralization. Initially it was called Bitmonero but then it simply passed to the wording "Monero" which means coin in Esperanto.

The characteristics of Monero

Monero is a cryptocurrency that is based on the cryptonote protocol and is, unlike other cryptocurrencies that generate Bitcoins, was made from a derivative of the cryptonote algorithm.

Its organization is very important as it manages to have algorithmic differences that play a key role in the obfuscation of the blockchain. Monero was engineered in a modular way that also received a lot of praise from Wladimir J. Vander Laan who is the maintainer of BitcoinCore.

In practice, a system aimed at decentralizing the network is always used which has also changed since November 30, 2019, in such a way as to give all GPUs the possibility of guaranteeing greater security after a malware he had stolen from some digital wallets.

How the Monero protocol works

The Monero protocol, cryptonote was born in 2013. It was developed by programmers and mathematicians who thought of it as an open source which, in a simple way, even from the PC, allows you to create cryptocurrencies with blockchains that are egalitarian and safe. The instrument must also be guaranteed and decentralized by adopting additional instruments to achieve a series of objectives.

One of the features is to make untraceable payments with digital signature verification systems which however hide names. The verification mechanism is that of the Ring Signature.

All transactions will be signed by the group they belong to and not by individuals: a private key that guarantees greater security.

How Monero is mined

Mining Monero is very simple. It can also be done through the computer in order to generate Bitcoins. There are several platforms that manage to implement this type of system to guarantee a currency that focuses mainly on privacy and is very profitable.

Monero has had several price peaks over the years that have changed over time. Monero mining can be a good way to go and subsidize the purchase of new coins and GPUs.

It easily trades for Bitcoin and also allows you to build Bitcoin positions more easily. Monero mining can also be a great way to enter the market using much less electricity and also make GPUs last longer. In the future, if you manage to build a position in the mining of Monero, you will be able to obtain large profits with investments that will be exploited immediately.

Little effort for maximum income: here is one of the main advantages of this particular cryptocurrency.