When everyone talks about anon-based cryptocurrencies, one of the first tokens mentioned is Dash . The number 7 top cryptocurrency market capitalization is held by the Dash community. However, another anonymous digital currency is moving steadily up the ladder without all the frills and marketing called Monero . Without a steady influx of campaigning the Monero currency has managed to grow to be the second most popular anon coin with a market capitalization of over $17 million. Monero isn’t new, and some may not have heard about the cryptocurrency yet. Despite this, the token is being regularly adopted and has grown quite a bit in value. Currently, Monero is resting at $1.40 per XMR at the time of writing and people believe it has maintained integrity since its inception in April of 2014. Unlike typical coin shuffling procedures which some would say are not entirely honest about anonymous sending features, Monero uses the CryptoNote protocol which has been deemed superior in some cryptographic circles. The team explains that Monero’s modular code architecture has been praised by Wladimir J. van der Laan , the Bitcoin Core developer.
CryptoNote-based currencies cannot be traced through the blockchain like Bitcoin because of its ring signature technology and the origin, destination, and amounts become very obfuscated using the protocol. Ring signatures were invented by Ron Rivest, Adi Shamir, and Yael Tauman giving the world of cryptography a new type of key process. The method is similar to group signatures, but there is no way to reveal the anonymity of single users within the group of users. The only people who can witness the data for what it is would be the sender and receiver. Another aspect of CryptoNote technology is that it is not a fork of Bitcoin and Monero was coded from scratch in […]
