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What is Monero?

What is Monero? In previous articles, I have introduced you many cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash. To continue this series of the basic concepts of cryptocurrencies or digital currencies, today I will introduce Monero. let’s answer three questions, that are “what is Monero coin?“, “what is the history of Monero?” and “how does Monero operate?“.

What is Monero

What is Monero?

What is Monero?

Monero (XMR) is a cryptocurrency which was developed basing on an open source code. It was first released in August 2014. This coin focuses on decentralization, privacy and expandability. Monero operates via CryptoNote protocol, which is different from other cryptocurrencies basing on Bitcoin architecture, and via some important algorithms concerned with Blockchain.

With important help from the community and Wladimir J. Van der Laan (who is maintaining the Bitcoin Core), in the end of 2016, the Monero market capitalization had increased 30 times compared to the one when it was published. In detail, in December 2015, its market capitalization is 3.7 million USD, and in December 2015, this number is 111 million USD. And now, in January 2018 is over 7 billion USD.

What is the history of Monero?

Monero coin was first released on 18 August 2014 with the name as BitMonero, in which, Bit is referred to Bitcoin and Monero means coin in Esperanto. Only 5 days after its release, its name was changed into Monero by developers. The fact is that XMR is a branch of CryptoNote basing on Bytecoin, however, Monero also has its own typical differences such as:

– First, Block executing time decreases from 120 seconds to 60 seconds.

– Second, Block releasing time decreases by 50%.

– Third, some poor quality code lines were re-coded by Monero developers.

However, due to not basing on Bitcoin architecture, Monero does not inherit some of Bitcoin advantages. XMR developers had to set everything up from zero. This lead to Monero transaction requires a lot of Blockchain capacity, and it will be costly when running full note mode.

Monero exchange rate

Monero exchange rate

Monero exchange rate

At present, Monero exchange rate is constantly swinging, but somehow there are some rules that make you easier to surf invest. In the time when I writing this article, 1 XMR can be exchanged for 480.61 USD (or 0.02849670 BTC). For transacting Monero, you should go to Poloniex or Bittrex.

Conclusion

To sum up, Monero (XMR) is a cryptocurrency like Bitcoin, Ethereum, Litecoin, Dashcoin, or Zcash. It is used for transacting, buying and selling goods on the Internet, which can lower your cost due to not in need of any intermediate organization. Hopefully, you have found some useful information in my article. For more cryptocurrencies, please follow me.

Thank for reading.

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