Monero, named from the Esperanto word for 'coin', is an open-source cryptocurrency that focuses on privacy, decentralization, and fungibility. Launched in 2014, it has quickly gained interest on the worldwide market due to its unique properties.
How Does Monero Work?
Unlike many cryptocurrencies, Monero is based on the CryptoNote protocol, with alterations in block time and other improvements. The core improvement is the obfuscation of sender and receiver addresses, as well as transaction amounts, making transactions untraceable. Monero uses a unique technology called ring signatures to shuffle users' public keys to eliminate the possibility of individual transactions linking to a particular user.
Vital Usage of Monero
Due to its utmost privacy, Monero has significant value in the privacy-centric user market, which includes business dealing with proprietary information or individuals who do not wish their transactions being traceable on the ledger. Similarly, in authoritarian states where financial privacy is non-existent, Monero can act as a form of financial security.
The Development Team
The Monero Project is primarily led by a core development team, made up of developers worldwide, who maintain and improve the protocol. They are primarily focused on privacy and security, ensuring transactions are not only untraceable but also secure from potential hacks. The team works on a volunteer basis, reinforcing the decentralized ethos of the project.
Monero Price Range in 2020 and 2021
In 2020, Monero's price varied greatly, starting the year at around $68 and reaching a maximum of $174. In 2021, it has seen significant growth, peaking at over $500 in May. It has, like many cryptocurrencies, experienced volatility, but overall exhibits a trend of growth.
