The Forex monero is alternative cash for today’s globalized world. It is secure and fast. Owning a Forex monero makes you an owner of our own private bank in a way. It is regarded as the future of the world economy.
What is Monero?
The success of Forex monero was achievable because of proof of an algorithm called Crypto Night developed by Crypto Note Project, which creates barriers for somebody to identify and track Monero users. All of this consensus mechanism is considered to be one of the most secured and contains the highest degree of privacy among all cryptocurrencies. The platform its self is an open source and fully decentralized, offering no central point for attack.
Unlike the other crypto currency’s, Forex monero transactions are not associated with your public address, so sharing it won’t reveal to them how much money you have.
Privacy; a major aspect
To start off by casting aside a clear misconception that people have always had, which is why do we need private, Monroe is regarded as a privacy-centric currency, and a lot of people feel like privacy is only if you need it for doing shady stuff. But privacy is something that the community needs in cryptocurrency, else people could scam you left the right center, strip you bare and look at all the purchases, look at all the coins you have, look all the past transactions history.
Consider any type of cryptocurrency let’s say but Bitcoin, and using blockchain to explore and look through all the transactions that happen. Several loopholes can be pinpointed. It lets you scan through anyone’s donation address and view the data their transaction details. You can further scan any person address in the transaction list and get their details as well. This creates an unprecedented event of snooping that anyone can do completely legal because it is public and open to the world. This further pushes the need for privacy, even if you use it to pay for something as minuscule as a cup of coffee you don’t want that person to access your cache records. Similar with credit card companies which do not publicly give out your details to anyone but you.
How Monero does it?
So let’s take a look at what’s involved in a typical transaction. We have a sender; someone sending the Bitcoin, a Receiver; addresses on the Bitcoin blockchain, Sender address, amount
and receiver. The objective is that no one is able to scan the sender and receiver address or look for these amounts.
With Forex monero there are three separate pieces of technology that deal with it. Starting off, the sender is protected by Ring Signature. What it does is that usually we have a signature to approve a transaction here, and that’s why it reveals where the account is coming from, here what it does when a transaction is sent on Monero it pulls a bunch of other signatures from various wallets too and signs them all together to form a big ring so you don’t know exactly who signed the transaction. This creates a huge transaction pool so you can’t make out for certain that a transaction came from here, but it could come from multiple sources so it obscures the source of the Monero being sent.
At the receivers and there is something called Stealth Address, which is a one-time address that you can use to donate to someone’s account and this address is not the same that you put out publicly. To clarify the sender will use this one time address, scanning won’t associate it with your main address, and reveal none of your donation transactions.
Same with the Amount being sent, we want that to be hidden as well because if people can figure out certain amounts on the blockchain, then it’s possible to backtrack and scan wallets to find what the differences are and eventually find where are amounts came from. Monero uses something called as Ring CT, which allows any amount transacted on Monero to be completely private. In essence, it reveals very little about what’s being transacted and allows the network to steal approve it and allows people who know the transaction to be taking place to scan for the amount transacted, no one else on the network and do so.
Why is Monero Popular?
One of the major reasons why Forex monero is so popular because all the transactions occurring on our private and there is no option to switch. It’s like, let’s say cash, you give it to someone and you know the transaction is happening, but the vendor can’t scan your wallet and vice versa, no one on the blockchain can see it. With all transactions being done this way, it’s opposite of something like Bitcoin where all transaction and all wallets can be scanned and it’s different from other cryptocurrencies that have an optional switch for stealth.
Transaction on Monroe is by default Private and if you want to track down a particular transaction, well that’s not happening.
Another great thing about Monero is that it does not have a block size limit, it can be increased based on demand. Because of this dynamic block size, theoretically, if the bandwidth allows it, it can process over a thousand transactions per second with the modern hardware.
Mining for Monero
The Forex monero is created through mining. Miners across the world compete in processing intensive calculations with their computers, but it is an expensive process as it consumes a lot of electricity, but successful miners get rewarded with the Cryptocurrency that they are mining. Monero uses CryptoNote for mining, a different mining algorithm than the one used for Bitcoin. This basically makes it viable to mine for Monero through GPU’s and even CPU’s, and anyone with access to a computer or laptop can mine for Monero and be profitable. This spreads distribution from large mining cartels to a dispersed group of individuals across multiple geopolitical regions.
Monero Vs Bit coin
Both Forex monreo and bit coin are digital currency trying to revolutionize the way we view money. A main selling point of Monero is its privacy. It’s a common misconception that Bitcoin is anonymous it’s actually only pseudo-anonymous. Bitcoin and other Crypto Currencies operate on a public domain; this means the entire history of the network is publicly viewable.
So if you use Bitcoin your privacy lies entirely on your ability to prevent your address from being associated with your identity. This is a lot harder than it sounds, even if you did everything perfectly all it takes is one person’s transaction who hasn’t been strict with his safety if their identity is known it can then be linked to you. This has a knock on effect extending through the entire network like a contagious disease. This concept forms the basis of blockchain analysis tools; complex programs that can detect patterns and link identities on the blockchain, meaning no one is truly anonymous.
On the other hand, Monero uses Stealth addresses and Ring CT resulting in private and untraceable transactions. There is no way of monitoring any transactions that take place. Even if someone knew your address, they were not able to find out any additional information about you, your balance and transaction history be completely hidden. While Bitcoin in stark contrast reveals your address, your transaction history and other details to the vendor. This can not only harm your personal safety but potentially affect your future business dealings.