MONERO Basics
Monero (XMR) is a cryptocurreny system that functions with the goal of providing anonymous digital cash through the use of signatures, stealth addresses, and confidential transactions to hide the origin, destination of executed coins, and transaction amount that Monero is a private, secure, untraceable currency that is founded around scalability and decentralization. It was launched in 2014.
The currency is wholly donation-based, society propelled, and exclusively based upon PoW (Hofman, 2014). Whereas transactions along Monero’s network are private, utilizers can establish a level of privacy, permitting as little or much access to their transactions as they may desire. Despite the fact that it uses a PoW protocol, Monero mining can be executed through any contemporary computer and is not restricted to specifically designed hardware
The Monero Blockchain
Unlike Bitcoin and other cryptocurrencies, transactions in the Monero blockchain do not reveal where funds came from or went to, providing anonymity and making the currency completely fungible. Additionally, the amounts of all transactions are hidden by RingCT, a feature of Monero. For auditing or other transparency purposes a user can share a view key to prove they control certain amounts of Monero'
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Monero Wallets
A Monero account, or wallet, stores the information necessary to send and receive Moneroj. In addition to sending and receiving, the Monero Wallet software keeps a private history of your transactions and allows you to cryptographically sign messages. It also includes Monero mining software and an address book. The term "hot wallet" describes a Monero account which is connected to the Internet. You can send funds easily but security is much lower than a cold wallet. Never store large amounts of cryptocurrency in a hot wallet! A cold wallet is generated on a trusted device or computer via an airgap. If the device is to be reused, the data storage should be securely overwritten. As soon as a cold wallet is connected to the Internet or its mnemonic phrase or spend key is entered on an Internet-connected device, it's no longer "cold" and should be considered "hot".
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ATOMIC SWAPS
The Monero project has announced that bitcoin (BTC) monero (XMR) atomic swaps are now available via an implementation created by the COMIT network. The announcement was written by Monero developer Erciccione who explains that the “atomic swap implementation developed by the COMIT team is mature enough to be used on Monero’s network.” The developer’s post comes with instructions on how to leverage the atomic swap protocol and users need to utilize a program developed by the COMIT team called “asb software.” Erciccione also asked people to start testing the protocol and to “let [developers] know if you find any issues.” The developer emphasizes that the software is new and may have “unexpected bugs.” “Be careful and only test with small amounts,” the Monero protocol developer insists.
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The Monero Blockchain
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#Monero is our Freedom and they can never take it! $XMR
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We Hope to Educate and spread knowledge about Monero, on the use of Monero and the benefits of using Monero
Understanding
Like Bitcoin, Monero aims to solve the decentralized currency problem but Monero hides all the transaction details including sender, receiver and the amount that is transferred. This anonymity can help in making the blockchain a better place. Monero is also open source, and anyone can contribute to the code. It also supports mining features which are used to power the network. The miners are rewarded for contributing to the network. The mining support ASICs powered chips.
Freedom
With Monero, you are in complete control of your currency and transactions. Also, Monero is private which means no one knows what, when and how you receive your cryptocurrency.
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WHY CHOOSE Monero?
Monero is one of the most popular cryptocurrencies in the world because of its ability to provide anonymity compared to cryptocurrencies like Bitcoin.
When you send funds to someone using Monero, you are not able to view the recipient’s holdings. The coins you send are instead routed through a randomly created address used only for that transaction. The Monero ledger only records the one-time address and doesn’t link the sender or the recipient.
Monero’s focus on anonymity has gained it some notoriety due to its popularity on the dark web. That being said it is also used by many people with entirely legitimate intentions.
As an extra layer of security, Monero also uses the Ring signature. This scrambles the transaction of two parties with other users’ transactions. The original transaction is then randomly moved along the list of transactions in the blockchain, making it nearly impossible to decipher where it originated.
Monero is mined in much the same way as other cryptocurrencies.
The technology behind Monero is called a blockchain. This acts as a general ledger that tracks every transaction ever made. The Monero network verifies the balances of individual users’ wallets. To process these transactions, Monero miners use their computers’ processing power to process new blocks. They are then rewarded with Monero.
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