Monero (XMR) was established in 2014 as a cryptocurrency focused on increased anonymity. Unlike Bitcoin, Monero's supply is not limited. Developers continue to develop the cryptocurrency and in the next...
Monero (XMR) was established in 2014 as a cryptocurrency focused on increased anonymity. Unlike Bitcoin, Monero's supply is not limited.
Developers continue to develop the cryptocurrency and in the next update will add support for multi-signatures. This technology assumes that the owner of the wallet does not have one secret key for access, but several. To confirm an action you need to use a certain part from the entire set of keys.
In the Bitcoin system, multi-signatures have already been implemented. The addresses of BTC-wallets with multi-signatures begin with "3", not with "1". In Monero, there will not be such a difference. This will facilitate the integration of the new version of the software on exchanges and other services.
While the exact date of the update is not known, Monero users have received the news positively since the changes will promote greater anonymity. XMR, whose value already exceeds $350, is gradually becoming more popular on the darknet and will likely replace Bitcoin for illegal transactions in the near future. Capitalization of the cryptocurrency is more than $5.5 billion.
The popular darknet store AlphaBay, located on the Tor network, accepted Monero in addition to Bitcoin and Ethereum for payment. After the closure of the service law enforcement agencies failed to find out the amount of Monero which was held by AlphaBay. Some illegal services did not use XMR because of the lack of multi-signature functionality.
The coin is also popular among services that provide embedded miners for browsers.
However, many criticize Monero. For example, Edward Snowden called Monero an "amateur crypto currency". And while he likes the project as a whole, he pointed to serious risks for those who really need anonymity. Snowden said that Zcash, which was developed by professional cryptographers, is the most interesting alternative to Bitcoin.
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