Monero: the Safest Digital Cryptocurrency and Other Key Facts You Should Know

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Nexter.org has already written a lot about bitcoin, ethereum, ripple and some other most popular cryptocurrencies.

This time, check these key facts you should know about Monero.

What’s Monero?

Monero and bitcoin have some similarities but Monero allows completely private transactions.

It uses a CyptoNight algorithm, which uses tricks to switch up each transactions value, origin and destination to keep things private.

Monero is the world’s 13th largest cryptocurrency by value with a market capitalization of $3.6 billion, according to Coinmarketcap.com, which tracks prices of cryptocurrencies.

Security’s above all

Monero is a decentralized cryptocurrency, meaning it is secure digital cash operated by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.

Monero uses ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Monero provides all the benefits of a decentralized cryptocurrency, without any of the typical privacy concessions.

Here’s a graphical representation of ring signature tracking.

Source: cryptonote.org

How much is the cryptocurrency worth?

Monero has been quite volatile, has fluctuated between $350 and $495 a coin, but it has taken a dip – on February 12 its value is $231.

Its value has shot up over recent months – at the start of January 2017 it was only worth around $10 a coin.

monero-crypto-photo

Hackers attack

Recently one incident happened connected with monero.

Several UK Government websites have been secretly forcing visitors’ computers to mine monero for cyber criminals thanks to harmful malware.

The Information Commissioner’s Office site, Student Loans Company’s website, NHS websites, the Pensions Advisory Service, the Financial Ombudsman Service and many more websites were affected.

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Monero Cryptocurrency: Is It Really The Safest Digital Currency and Other Key Facts
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Monero Cryptocurrency: Is It Really The Safest Digital Currency and Other Key Facts
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Nexter.org has already written a lot about bitcoin, ethereum, ripple and some other most popular cryptocurrencies. This time, check these key facts you should know about Monero.
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