Over the years, the cryptocurrency industry has experienced unprecedented growth with more and more people trading and investing in cryptocurrencies. One cryptocurrency that has certainly gained prominence since its creation in 2014 is Monero. As such, its now among the top 10 most renowned cryptocurrencies in the world. In this Monero review, will find out what this cryptocurrency is, who launched it, it’s benefits as well as downsides. What’s more, we’ll get to find out how this cryptocurrency fairs against Bitcoin- the most popular cryptocurrency in the world.
What is Monero And Who Invented It?
Monero(XMR) is an open source, secure, untraceable and confidential cryptocurrency. Most cryptocurrencies such as Bitcoin and Etherium have blockchains that are transparent which means that transactions can be verified and traced by anyone around the world. With Monero, you are allowed to become your own bank and are solely responsible for your funds. What’s more, your transaction details are kept away from prying eyes. Let’s continue with this Monero Review by discussing who invented it.
Monero is a community project whose coding and development was undertaken by a group comprised of the best engineers as well as researchers in the cryptocurrency industry. As such, there are 30 key developers of the project, but over 240 more also contributed. Cryptography experts from around the world acquire their funding from donations. Monero is based in no country hence no one can shut down the project and also, it can’t be put under any particular legal jurisdiction.
Monero Vs Bitcoin
This Monero Review wouldn’t be complete without comparing Monero and the world’s most famous cryptocurrency in Bitcoin.As we’ve already mentioned, Bitcoin’s transactions are recorded in the blockchain while Monero’s are kept private. Monero achieves this through ring signatures and random stealth addresses which hide the identity of senders and receivers. Monero’s degree of privacy means that the cryptocurrency offers fungibility which in essence means that every coin has a similar value in the eyes of merchants.
Despite making the list of the top 10 cryptocurrencies, Monero doesn’t come close to Bitcoin as far as popularity and value is concerned. Currently, Bitcoin trades around $17,000 and has a market cap of $254.2 billion. Monero, on the other hand, trades at around $432.10 and has a market cap of $7 billion. Bitcoin is seen by many as a superior store of value and Monero has a long way to go to match its compatriot’s exploits.
Monero Review – Conclusion
Monero offers numerous benefits including high levels of security and anonymity hence suiting those who which to obscure their online transaction activities. You might be wondering, should I invest in Monero or Bitcoin? Well, investing in Monero isn’t as expensive as investing in Bitcoin. As such, Bitcoin often requires a huge investment which many cannot afford making Monero the ideal choice for anyone who wants to invest or trade using this digital cryptocurrency. The only downside with Monero is that its block size continues to grow at a rapid rate which subsequently leads to a high consumption of system resources which in the long run may prove to be a hurdle.