Monero — a short history

In 2014, users noticed that 80% of Bytecoin was mined, therefore, the community decided to fork, which was originally called BitMonero (“Bit” - Bitcoin and “Monero” - a coin in Esperante language), but after a few days it was renamed Monero - this name we know now.

Monero is the most anonymous cryptocurrency

1. Monero works on the CryptoNote algorithm — in contrast to the public blockchain (e.g. Bitcoin, Еthereum etc.) when you use Monero, you can't see the sender, the recipient, even the amount that was sent.

2. Monero uses unique technology — Ring signatures and Stealth Addresses, as well as the fungibility of Monero coins. This explains the popularity of this currency, at the time of writing it is on the 12th place Coinmarketcap.

3. At the moment, there were no precedents for hacking or decrypting Monero’s transactions, but a group of researchers from world-famous universities, including Princeton, Carnegie Mellon University, MIT and others, point out the shortcomings of the mixing algorithm and the ability to decrypt some transactions.

How to confirm the fact of sending funds in Monero blockchain?

Monero uses 2 types of “special” private keys: a private send key (used to send funds from your wallet) and a private viewing key that allows you to decrypt transaction and see the amount of funds sent.

Using this private viewing key, sender address, and Monero software, you can decrypt the transaction and confirm the sending.

You can read more about this in our article — How to prove Monero transaction?

The speed of the Monero blockchain

1. Monero is considered a fast blockchain, the average block exit time is about two minutes.

2. The block size in the Monero blockchain is elastic and is formed by the median of the size of the last "n" blocks. At the time of writing, the block size is 30 KB.

Commissions on the Monero blockchain

1. Transactions in the Monero network are very cheap, even in times of high network load (when a large number of transactions are sent to the network), the transaction cost is only a few cents. 

2. Like Bitcoin, Monero uses the Proof-of-work algorithm, which means it uses the computing power of many computers around the world to maintain the blockchain.