Monero

It is an electronic money that allows fast, inexpensive payments to anywhere in the world. Most of the existing cryptocurrencies have transparent block chains, which means that transactions are traceable by anyone in the world. Monero uses cryptography to protect addresses as well as amounts of transaction .

Monero is not a corporation, it is developed by experts in the field of cryptography from around the world. This means that Monero can not be closed by any country and is not limited by any specific jurisdiction.

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The beginnings of Monero

The creation is dated on April 18, 2014, the cryptocurrency was created as a fork of Bytecoin and operates on the same -Cryptonight protocol. One of the first assumptions was to develop a block resizing mechanism that would respond to the dynamic nature of the system and counter centralization of mining. Today, Monero supports over 240 developers and 30 major programmers.

Monero mining

Monero based on Cryptonight algorithm and Proof of Work method similar to Bitcoin. It requires quick access to the cache, so it is more difficult to rely on specialized ASICs. Currently, mainly GPUs are used for both Nvidia and AMD cards. There is no pre-mining in this case.

Basic information about the currency

Name: Monero (XMR)
Website: https://getmonero.org/
Reddit: https://reddit.com/r/monero
The target amount of coins: 18.13 million to 2022, then 0.6XMR per block
Hashing algorithm: Cryptonight
The prize for the block: from 8,359 XMR is decreasing to 0.6 XMR in 2022
New blocks: every 2 minutes
Blockchain size: 15.4 GB
Launch Date: April 18, 2014.

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