What is Monero?
Monero (XMR) was launched in 2014 and is a privacy-focused cryptocurrency that is built and operates on the concept of blockchain. These blockchains, which constitute the innovation behind digital currencies, are public newspapers of people's transactions, which are visible to everyone.
What blockchain does Monero use?
The blockchain used by Monero is configured to be non-transparent. It makes the details of the transaction – such as the identity of senders and recipients and the amount of each transaction – confidential by disguising the addresses used by the participants.
How do you extract Monero?
Together with privacy, the mining procedure for Monero is based on an egalitarian concept – the principle that all individuals are equal and deserve equal opportunities. In introducing Monero, its designers have not maintained any interest in themselves and have collected contributions and community assistance to further develop virtual currency.
What hardware do you need to extract?
Monero supports a mining procedure in which individuals are rewarded for their activities by enrolling in the mineral pools or can extract the Moneros separately. Monero mining can run on a standard computer and does not require specially designed hardware. This means that you can save the purchase of those expensive ASICs).
Which platforms can extract Monero?
Monero works on all major OS platforms, including Windows, MacOS, Linux, Android and FreeBSD.
What are the differences between Monero and Bitcoin?
Bitcoin, the most popular cryptocurrency, works on a protocol that attempts to protect the participant's identity using pseudonymous addresses. These false names are accidental mixes of numbers and alphabets. However, this method provides limited personal privacy because both Bitcoin addresses and transaction details are recorded on the blockchain. This opens them to public access. Even pseudonymous addresses are not personal. Some transactions continued by a participant for a certain period can be linked to the same address, allowing the possibility for the public, government, family and friends to be aware of the trends of the owner of an address and, therefore, of his identity.