Home » Crypto » What is Monero (XMR) and how does it work?

What is Monero (XMR) and how does it work?

by Financial Economy

Bytecoin, which was launched by the Cryptonote company in 2012, has different features than Bitcoin compared to other crypto currencies. Bitmonero came to the fore as a result of a fork in Bytecoin. Bitmonero, which has thrown the word bit in front of it over time, is now called Monero. Monero is famous for its untraceable capability between altcoins. More information about what is Monero (XMR) and how does it work is in rest of the article. You can browse here for information of dogecoin.

What is Monero (XMR) and how does it work?

Monero (XMR) is a crypto currency focused on privacy. The most known and preferred of the privacy cryptos, that is, it ranks first in this field. Monero’s privacy feature comes from hiding wallet addresses. In most other crypto currencies, when you find out someone’s wallet address, you can follow the money that will be sent to that wallet or out of the wallet, but this is not the case with Monero. Monero is a coin used by those who are fond of financial privacy.

Although this privacy feature of Monero may seem like a positive feature, individuals dealing with illegal business can abuse it. So much so that many Deep Web users, who are aware of this privacy as a trump, started to use Monero instead of money in their illegal works. Although mining is difficult, the reason for its huge volume is attributed to its popularity on the Deep Web.

How is Monero mining done?

Like many coins in the market, Monero is also mined. However, with the changes made by Monero, mining of Monero has become harder every day since 2014. To mine Monero, you must be connected to a pool. So you cannot mine Monero alone. At the same time, the amount of Monero and mining times decreased gradually during the excavation period. There are only 38 pools in the world that can be used for reliable Monero mining. Only 10 of them provide global service, while the remaining 28 provide regional service.

For details: https://en.wikipedia.org/wiki/Monero

Related Posts

Leave a Comment