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Monero cryptocurrency (XMR): confidentiality and scalability

Although Bitcoin is often incorrectly referred to as an anonymous cryptocurrency, in reality all balance sheets are indelibly recorded on its blockchain, as well as the addresses of both the sender and the recipient of each transaction. Among the altcoins that have instead set out to really protect privacy, Monero has emerged, which, thanks to its consolidated Ring Confidential Transaction algorithm, manages better than any other cryptocurrency to completely obfuscate the details within a transaction to all those who are not directly involved in it. In addition, while in other confidentiality-related cryptocurrencies, such as Dash or Zcash, privacy is optional, in Monero it is always mandatory.

These effective non-traceability features have in fact crowned Monero as the anonymous cryptomoneta par excellence and resulted in its adoption in 2016 by darknet's largest markets, such as AlphaBay and Oasis.

Peculiarities of Monero are also the fact that its development is supported on a system of donations and that takes place in scheduled stages, that is, every six months, resulting in a continuous evolution of the project, in turn self-financed by an increasingly large and passionate community. Finally, Monero differs from Bitcoin in the size of its block, which does not have a set size, but is dynamic, thus solving the scalability problems that afflict the queen of cryptocurrencies.

How to mine Monero

Monero developers have determined that starting in May 2022, once 18,132,000 XMR were in circulation through mining, the issuance of new coins will become constant, equal to 0.6 XMR per block every two minutes. This mechanism, called "tail emission", maintains perpetual inflation of less than 1%, ensuring continuous incentives for miners and promoting the long-term security of the network.

Monero continues to use a consensus system based on the Proof of Work (PoW) algorithm, but with the RandomX mining protocol (which replaced CryptoNight in 2019). This algorithm optimizes CPU mining, penalizing the use of ASICs and increasing the decentralization of the network.

GPT to earn free Monero

In addition to mining and faucets, Monero can also be earned for free by watching videos, doing easy tasks, answering surveys, or typing data.

In the table below is the GPT (Get Paid To) site that, among the many supported cryptocurrencies, allows you to receive rewards also in Monero.

Online wallets for Monero

Monero's developers have focused mainly on implementing privacy, not first preparing a sufficiently user-friendly graphical interface (GUI) wallet. Only recently have desktop versions of Monero's official wallet been made available for download, as well as an alpha version of the mobile one.

Alternatively, we offer some of the best online wallets for Monero, with the indication of supported devices, the degree of security and commissions.

Exchange that trade Monero