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In a Monero way: 10 revealing facts about the most anonymous cryptocurrency

05 April 2018 00:00, UTC   |   342403
In a Monero way: 10 revealing facts about the most anonymous cryptocurrency
By Philipe Comini, Gimmer.net automated crypto-trading platform CEO and co-founder
Monero cryptocurrency (XMR) appeared on the cryptocurrency market on April 18, 2014. First, it was called BitMonero: that combined two words like “Bit” (from Bitcoin) and “Monero” (a “coin” in Esperanto).

In record-breaking time xmr cryptocurrency has turned to be an important competitor for the acknowledged market leaders. Literally, it rushed into the Top 10 having only five alternative cryptocurrencies ahead. Today its capitalization towards Bitcoin totals 1/100. Moreover, it is continuously increasing that indicates the significant potential of XMR. The overwhelming majority of blockchain developers and crypto experts give a positive feedback about Monero.

What is the specifics of the coin?

1. Monero developers have focused on the confidentiality. For this purpose, they apply the CryptoNot special protocol that tangles a code up to make it too difficult to analyze and understand how Monero cryptocurrency algorithm works.

2. Monero’s emission isn’t limited. Initially, it’s planned to issue 18,4 million of coins. All of them will have been emitted by the end of 2022. Further, the system will be maintained by miners. Every 2 minutes a new block with a reward of 0.6 XMR will be opened.

3. In 2016, Monero was included in the AppStore payment system. Then other large platforms started accepting it for payment, for instance, iTunesStore. The Oasis global consortium that manages the e-commerce standards development also acknowledged the coin legitimacy.

4. According to the FBI, Monero (along with Bitcoin and Litecoin) is one of the three main cryptocurrencies used by criminals. The anonymity of the coin draws the high attention of the Internet shadow markets. The biggest DarkNet platforms trading weapon and drugs declared they accept Monero as a payment for goods and services. It is used actively by the e-casinos and other gaming platforms as well.

5. There is a kind of unconfirmed information that the Microsoft corporation uses Monero’s technological groundwork to create its own new products.

6. Monero faced a hacker attack right at the moment of its official launch, but it served for developers as a reason for the system improvement.

7. Riccardo Spagni, the main Monero developer, speaks out against cryptocurrency speculations, news manipulation, and artificial hype creating. Once he intentionally ran a newspaper hoax about Monero that led to an immediate boost of the XMR exchange rate. When the “joke” of Spagni was exposed, the coin rate dropped to the previous level. As a result, Spagni got lots of reproaches from traders, but at the same time, cryptocurrency speculators also learned a lesson from Spagni.

8. Based on Monero Coinhive JavaScript unique web-mining model and similar services allowing Monero mining with the help of browsers have made a revolution in online content monetization.

9. Hackers can mine Monero with Microsoft Word. To manage infected processors, they use the Online Video option in Word. You may think you just watch a video, but at this moment your computer mines cryptocoins.

10. Monero was highly appreciated by legendary Greg Maxwell who designed the bitcoin core. Maxwell, who doesn’t belong to the altcoins devotees, considered Monero as an exciting and useful project that implies it's on the right path.

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