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Monero, an open source cryptocurrency created in 2014 to facilitate privacy transactions hidden from the public eye has been labeled as "Sleeping giant of cryptocurrency, "At least according to MoneroOutreach.org" Monero stands out from the crowd because it is not based on marketing tactics, but has a strong team of engineers, a large community and a history of using cutting-edge technology.
Monero promotes good technology beyond good marketing
The Monero project has done its best to facilitate rapid, economic, fungible and private transfers of value. The project does not believe in expensive marketing campaigns, initial coin offerings (ICO) or risk financing but relies on "Implement cutting-edge technologies and mathematics to improve privacy and maintain one of the key features of money: fungibility".
Monero gets in pursuit without demanding that their project or any other cryptocurrency can solve all the problems in the world at once, but focuses on a key feature – "transfer money to anyone in private and without a central authority".
The project has a grassroots community of developers, creators, users and even "Fighters for freedom"They are working collectively to achieve the goals of Monero .In the community, everyone contributes with the same knowledge they have because there"there are no paid support teams or customer service".
Monero is different from other centralized projects with rigorous leadership. Centralization has many complications and can make good developers go away and investors lose confidence. The decentralized structure of Monero allows anyone to actively contribute to the project.
The project has a research division known as The Research Lab that brings together some of the brightest mathematicians, security researchers and developers to create cutting-edge solutions for privacy and security. Monero has been designed with a slight inflation rate to keep stable mining incentives while the currency has a stable value. The rate of inflation is pegged to 1%, similar to the rate of inflation of gold.
Designed for each mine
Specialized mining equipment such as ASICs are used to extract labor-proof cryptocurrencies like Bitcoin, but this has also pushed miners home out of the market as very few of them can afford to buy the expensive equipment required. Mining is often exclusively open only to those who have sufficient resources to benefit from the activity.
To counter this trend, Monero constantly updates the work test algorithm to allow CPUs and GPUs to remain competitive and profitable.
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