Monero: Private, Scalable, and Secure – Finance MagnatesJune 13, 2018
History and About
Monero was created by a group of software developers, with over 30 developers being part of the core project and 240 more having contributed to it in some form. Because the project is based on a global community, it is not bound by the regulatory climate of any one nation and thus cannot be shut down by a given jurisdiction.
In 2013, the protocol that Monero is based on was put forward by an anonymous individual by the name of Nicolas van Saberhagen, and since then the evolution of the token has been underway.
The project was put into motion in 2014 with the aim of providing a secure, private digital currency which is both safe and untraceable.
In January 2017, it saw its privacy levels improve in terms of transactions once Bitcoin Core developer Gregory Maxwell’s algorithm was implemented.
How Does it Work?
While other platforms seek to provide customers with a private digital currency, none of these provide the same type of security as Monero.
All transactions are confirmed from the distributed consensus and are recorded in the blockchain. Due to its utilization of the blockchain and other cryptocurrency options, Monero does not use any third-party to secure funds.
Unlike many cryptocurrencies that originate from Bitcoin, Monero functions on the CryptoNight proof-of-work hash algorithm, which evolved from the CryptoNote protocol.
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Monero is fungible, which means that all units of the currency can be replaced by a different unit. This makes Monero stand out