FxWirePro: a look at the famous cryptocurrency focused on "Monero" privacy

Monday 3 September 2018 12:18 UTC

Monero is a very popular open source privacy currency and the tenth most important cryptocurrency in terms of market capitalization.

There are two types of money for privacy:

  1. Fully privacy – Eg Monero and Enigma
  2. Optional privacy – For example Dash and Navcoin

Monero is a completely private currency, which means that sender and recipient and transactions involved in transactions are private in the ledger. It is a version of Cryptonote that hides the sender, the broadcast quantity transaction and the receiver with ring signatures, RingCT, kovri and invisible addresses.

Why is Monero sure?

  1. Untraceable
  2. Unlinkable
  3. Secure
  4. Private
  5. Algorithm of consent

Consent to the analysis : Cryptonight

Uses the Proof of algorithm Work known as CrytpoNight which comes from the Cryptonote protocol. It is designed to be suitable for common PC CPUs

CryptoNote is the technology used primarily by anonymous cryptocurrencies. Use the open source public ledger like Bitcoin but the only difference is privacy. Group the sender's public key with several other keys that make it impossible to determine which party sent money and which party received money.

The algorithms behind Cryptonote will protect the double test of expenditure, the proof of equal work and the limits of the adaptive network.

Ring Signatures

It is a type of digital signature that can be performed by any member of a group of users who have keys. The signature only shows that the message was created by someone in the group, but it was not possible to calculate it to determine which group members' keys were used to produce the signature

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Non-linkable transactions:

Unlinkablity is nothing that we can publicly display your receiving address, but payments made at this address they can not be connected to it. This is possible using the Diffie-Heliman exchange protocol, a receiver has multiple unique addresses of a time derived from its single public key.

The sender can only produce the public part of the key, while only the receiver can calculate the private part. So the receiver is the only one who can release the funds after the transaction has been committed because they are the ones who know the secret key to display.

Double Spending Proof:

Double spending is prevented in the Cryptonote protocol using key images. Each signature has the key image a kind of digital fingerprint of the secret key.

Resistance to the BlockChain analysis:

Monero promises a high resistance against the block chain analysis. Only once reveals addresses and amounts that can not be linked to other transactions. Non-repetitive addresses and mixed keys in the ring signature make the whole blockchain resistant to analysis.

Egalitarian Proof -of-Work

Egalitarian Proof -of-Work is a version of POW that attempts to restore equal voting rights to all consensus participants. It is easily applicable in the normal CPU but is difficult to implement in special devices.

Monero

Bitcoin

Protocol Blockchain

POW

POW

Privacy

Untraceable

No

Algorithm

Cryptonote

SHA-256

Time to block

120 seconds

10 minutes

Recent updates:

The main update of Monero was the Monerujo app. The main significant changes in the new version compared to the previous version are

  1. Support Nano S by Ledger on OTG
  2. NFC Support for Receiving and sending (as QR Code)
  3. Minor bug fixes
  4. New Translations into the following languages: Greek, Hungarian, Romanian, Russian, Swedish
  5. Select the language of the app

The Moneroworld Beta Premium will be launched shortly. According to reports on Reddit, users can build their own infrastructure on the Monero blockchain and bypass the decentralization of the mining pool.

Bloomberg mentioned in the recent report by Sherwin Dowlat of the Satin group that Monero and Cardano are the most precious cryptocurrencies of the future.

Technician:

Bitcoin broke the $ 7000 level after a long consolidation and is holding above that level. The pair hits $ 7429 and currently trades around 7245. Each consecutive weekly closing above 7000 confirms a slight rise and a jump up to the probable 7965. Even the main altcoins move higher on the bitcoin of the tracks.

XMRUSD showed a good jump of over 65% after hitting a minimum of $ 76. It hits $ 128 and currently trades around $ 121.

XMR is continuously decreased from the lowest minimum of $ 151.95 a $ 76 almost over $ 75. The pair has been trading high for the last two weeks.

The short-term resistance is about $ 128.25 and any break above the 151.95 / 180 targets (200 days MA).

At the bottom, short-term support is around $ 113 (55 days EMA) and any break below the $ 100 / $ 95.70 goals.

It is good to buy on dips around $ 107- $ 108 with SL around 95 for the TP of $ 151 / $ 180.

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