What is Monero?

Monero is another open source cryptocurrency platform which can run on windows, mac and OS. It was launched in the year 2014 and it has stood out among the other platforms because of a number of reasons which will herein be explained. It is a privacy oriented platform in that sense and this means that it is one of the platforms where security of your currencies takes the first priority. It has been built in such a way that it operates on the blockchain concept. Blockchain is basically a technology which supports the digital technology where currencies are transacted and ledgers or participants kept in a remote location known as the transaction network.

Benefits associated with using Monero

It has a blockchain that has been configured to be an opaque platform. With such an opaque platform, the senders enjoy a wide variety of privacy and confidentiality. What do I mean by the term opaque? It means that the senders and the recipients are assured that their personal and account identities are secure and safe. On the other hand, with the ability to be opaque, all the transactions are anonymous and can be disguised in such a way that the addresses of the participants are secure and safe.

With monero, the mining of process is high tech as it employs the egalitarian concept. With this concept all people are entitled of equal services and opportunities. However, the developers did not own all the stakes hence the banks and other community supports are fully involved in the management of the platform. This has led to a quick growth of this virtual platform as well as that of different virtual currencies.

Unlike other platforms monero allows miners to mine as an individual and as a pool of miners. This is a good feature because some people can mine well as individuals while some can do a good mining work as individuals. This mining can be done on ordinary computers and does not need any specific hardware such as the ASICs application. This will save you the need to purchase new hardware and application crucial for blockchain mining.

Privacy is also a guaranteed platform in terms security. This is because it has a combination of sender’s keys and these keys can be combined with public keys crucial in the blockchain processes. With that, it is possible to hide the identity of the members. The security also has complex signature which enhance more and more security.