“Bitcoin” has been a successful implementation of the concept of electronic p2p cash. Both professionals and the general public have come to value the convenient combination of public transactions and proof-of-work as a reliability model. However, the mining of Bitcoins is only reserved for very extensive and specialized networks, so that in some way a decentralized centralization is created.
Monero, XMR, is built on the basis of the CryptoNote protocol and makes it possible to minate from any PC. Moreover, the block size is adaptive to the number of transactions in order to avoid delays.
Every actor, with many or few coins, in the Monero network is the same.
These 2 points show that it can be said that Monero is 100% decentralized.
CryptoNote uses ring signatures to ensure the privacy of every transaction:
- Ring signatures: the identity of the sender (payer) of the transaction is completely private.
- Ring confidential transactions (RingCT): the amount of the transaction is completely declined.
- Stealth addresses: the identity of the recipient of the transaction is completely private.
The XMR whitepaper was written by Nicolas van Saberhagen.
|Start Date||02 June 2014 (appr. 3 years)|
|Block Time||2 min|
|Blockchain / Supply||https://moneroblocks.info/|
|Availability / Total Supply||16 Million / 18,4 Million|