Here is a simple introduction to the digital currency Monero XMR. What is Monero and how is it better than Bitcoin? Who uses it and what function does it serve? Monero is doing well in the cryptocurrency sphere.
Transcript
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today on the crypto coin show what is Monero you may have heard of digital currencies like Bitcoin but there are many other cryptocurrencies known as altcoins like Monero ticker XMR on the cryptocurrency markets be sure to watch my introduction videos on bitcoin and ethereum first before you fully dive into Monero I'm Ashen Addison and on this episode of the crypto coin show we answer what is Monero Monero was initially created in 2013 under the name cryptonote monero's code is open source based off C++ and Prides itself as the currency with three distinct benefits security privacy and untraceability the Monero peer-to-peer network is secured through cryptographic algorithms it uses a proof of work system for verifying transactions and preventing malicious attack on the network in Monero all of your transactions are private by default when you send and receive a transaction it does not publicly show up on the Monero blockchain unlike in Bitcoin this means transactions are also untraceable Monero has three main features Monero uses stealth addresses to generate encrypted addresses that cannot be linked to previous transactions ring confidential transactions also hide the amount of banero being sent and ring signatures where numerous signatures are tied to each transaction with only one being real by having multiple fake signatures it's nearly impossible to link a transaction to a particular user Monero grew about 27 fold in 2016 from 5 million to 1885 million market cap making it one of the best performing cryptocurrencies of the year this growth was in part from the dark markets Alpha Bay and Oasis accepting Monero as an alternative to bitcoin where people can buy and sell illegal Firearms substances and stolen credit cards the market cap in May of 2017 is currently 300 million making Monero the sixth most traded cryptocurrency monero's platform development and research is mainly led by a team of seven individuals although everyone and everyone can contribute to this free open source project Ricardo spegy from South Africa and Francisco Cabanas from Canada have publicized their identities but the other five contributors prefer to remain anonymous a link to the full Monero team can VI be available in the description below the development team denies sitting on a large pile of Monero and say they are just working on it to see where it goes the nature of Monero inher apparently prevents individuals from checking the account balances of others by design making it one of the most secure private and untraceable cryptocurrencies in the crypto world if you didn't understand anything I said on Monero leave me a comment in the section down below and I'll try to answer your questions this is one video of my digital basic Series where you can find all the fundamental videos on bitcoin altcoins blockchains and smart contracts be sure to check out my other crypt Basics videos to get educated I'm Ashton Addison and thank you for watching please like this video share it on social media and subscribe on YouTube for more awesome videos look out for next week's video when I decrypt the facts to keep you on track in the crypto world