What is Monero?
Monero has been around since April 2014 and was the first hard fork of the cryptocurrency Bytecoin. Monero allows users to send and receive funds without the transactions being publicly visible on the blockchain.
Keeping it’s users anonymous is number one priority when using Monero. With Bitcoin, all information can be traced back through the publicly visible blockchain should any parties wish to do so. Monero uses a clever cryptographically sound system known as a ring signature. What this does is it sends each transaction through as part of a group of other transactions. At least one will be a genuine transaction, so for anyone watching or trying to trace the source, the task would be incredibly difficult given the enormously high number of possibilities.
This makes Monero appealing to those inclined to use the currency for illicit activities. Some dark net marketplaces have already started accepting Monero as it is seen by some as more private than the formerly used Bitcoin.
In 2017 we have also seen popular website CoinHive, which allows users to add a Monero mining java script into the code of their website. This allows users to volunteer some of their spare hash power in order to help that website or app min Monero. This has become popular among a few charitable organisations like Bail Bloc. Using the Monero mining feature they can allow people to donate to the cause without having to donate any actual cash.
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