What is Monero?
Monero is a privacy and security-focused digital currency with fast, reliable transaction times based on an adaptive block size. It is a cryptocurrency, like the popular bitcoin and Ethereum. However, Monero is different in many aspects; most importantly because it uses the blockchain obfuscation algorithm and protocol CryptoNote.
History of Monero
Monero was launched on 18 April 2014 by a developer who went by the name thankful_for_today. It is one of the more recent coins developed around CryptoNote technology, first employed in Bytecoin (BYTE). In 2016, the market capitalization of Monero reached $185 million, and as of March 2018 it currently has a capitalization of approximately $2.6 billion. While the original developer left, a robust core team has assumed guidance of the currency. Monero has gained popularity among darknet market users because of its advanced level of anonymity.
How Monero Works
As a CryptoNote coin, Monero employs the use of Ring Signatures which do not require sender address information in order for a transaction to be completed and XMR to be successfully sent to the receiver. Unlike bitcoin’s SHA-256 hashing algorithm, Monero uses a Proof of Work (PoW) algorithm known as CryptoNight. It can thus be mined using GPUs and is ASIC-resistant, meaning it is difficult to manufacture mining hardware for the sole purpose of mining XMR. Monero also differs from bitcoin in that it has a block time of 2 minutes, making transactions in its network roughly 5x faster than that of the Bitcoin Network.
Why Should I Buy Monero?
Monero has several advantages over first-generation cryptocurrencies like bitcoin. Let’s quickly go through some of them:
- Complete Wallet & Transaction Privacy: While bitcoin and Ethereum reveal the transaction history to anyone interested, Monero uses a unique cryptography mechanism that allows financial transactions to be kept private from everyone. The Monero blockchain doesn’t carry signatures of previous coin owners, so it is impossible censor a Monero transaction, or successfully roll it back in the advent of a fork. Even knowledge of a wallet address does not allow others to check an address’ transaction history.
- Superior Mining Technology: Mining is a cryptocurrency term which denotes confirming a transaction and record keeping. It is like authorizing and keeping a tab of every transaction. Monero keeps this very protected using an unbreakable encryption technique, known as CryptoNight Proof of Work (PoW).
- Adaptive Scaling: Monero blocks are created every 2 minutes, compared to 10 minutes for bitcoin. Bitcoin blocks have a maximum size and as many transactions are done in 10 minutes, not all of them find accommodation in the next, upcoming block. This leads to delayed payments as well failed payments. Higher transaction charges are necessitated in the Bitcoin Network to accommodate transaction in the first available block. Monero is different in that it has an adaptive block size, which means no matter how many transactions take place within those 2 minutes, a recent transaction will always find a place in the next block. The transaction time is fast and the payment of additional transaction fees will not speed up the confirmation of a transaction.
Monero Gambling Sites
There are several online gambling sites that accept Monero XMR for deposits and withdrawals. They include FortuneJack Casino & Sports Betting, LuckyGames.io, SportsBet.io, 1XBit (no US players) and a few others. View the complete list of Monero gambling sites here.
Currently, there are only a couple of poker sites that accept Monero. They include BetCoin and 1XBit. As more gambling sites start to offer Monero XMR for deposits, we will update CoinClarity with this information.