Monero was originally launched as BitMonero. It is conjunction of two words, bit and monero (coin in Esperanto) and is coded as XMR. It was founded by a group of seven developers, crowd-funded, and an open source crypto currency which is available in the market. It was launched on 18th April 2014. It is decentralized, private and scalable. It has a huge Market Capitalisation.
There are approximately 700+ active crypto currencies in the world. Day by day, the world of crypto currencies is becoming popular and giving astronomical growth to the investors. Every existing crypto currency has its plus and minus points.
Most of the crypto currencies are derivatives of Bitcoin but Monero is based on CryptoNight proof of work hash algorithm. This CryptoNight PoW comes from CryptoNote protocol. It is one of the different and unique crypto currencies available at present.
How is Monero different from other crypto currencies?
There are many crypto currencies available but if you are looking for anonymity and untraceable, then there are very few options. One of the unique selling points of Monero is privacy. It uses ring structure, stealth address, and ring confidential transaction. It is not possible for anyone to know how much balance you have and who are transacting parties.
One of its good features is its untraceable behaviour. Receiving or sending addresses and amount transacted are obscure automatically by default. Transactions on the block chain cannot be linked to a particular user. Monero does not have transparent block chain as in Bitcoin or Ethereum. It cannot be traced back because of encryption. Monero uses the TOR and i2p system to protect the information. The transaction is secured under different layers which are not available to the public.
It is secure digital cash, which is operated by a network of users. All the transactions are firmly established by distributed general agreement and recorded on the block chain which is not possible to change. For safety purpose, it does not trust to any third party.
Each individual unit of Monero can be substituted by another. Each coin has equal value, in the eye of the merchants. This is one of the factors behind successes of the decentralized network. Units of Monreo cannot be blacklisted by exchanges or vendors, due to their links in previous transactions.
It runs on Windows, MacOS, Android, Linux, and FreeBSD. It makes creating of new units (mining) of Monero easy.
Monero electronic cash allows inexpensive and the fast payment. Being decentralized it does not need any central bank or government authorities to mediate in the transfer of funds from one party to another. It is safe from economic instability which many countries face around the world. Monero is not restricted like a traditional currency where cash flow depends on government controls. Payments can be sent from one end of the globe to another end with minimal interference.
Monero has a better mining algorithm compared to Ethereum or Bitcoin. It has an adjustable block size limit. Block size limit can be changed constantly.
In a short span of time, Monero prices have accelerated to an unprecedented level, growing nearly fifty folds.