With the way Monero works it providing users with the maximum amount of decentralization. You won’t need to trust anyone else on the netwerk nor is run by a large group of developers possessing powers to claim all the Monero on the netwerk. An accessible ‘Proof of Work’ algorithm makes it easy for average users to mine Monero. This way they make it harder for people to purchase large amounts of mining computers. Connecting nodes lower the risk of revealing sensitive transaction or information. All the development decisions are clear and open to public discussion. Meeting logs are also entirely available to public.
Monero is a private cryptocurrency, embracing security and anonymity. The team is committed to protect their values. You can read more about Monero on their page. All of the source code is available for discussion and review there.
- Request Support
Monero has a highly active and supportive community that is willing to assist when any difficulty occurs. You can join the hangouts group and see their page for more information.
- Generate a Wallet
To secure your funds you need to use an Monero wallet. You can download the Monero wallet at their page. See the download page for the list of available wallets.
The easiest way to run the Monero node, without putting to much stress on home bandwith. Is by using a Virtual Private Server, which can be bought at several providers.
- Aqcuire Monero
You can buy Monero at different exchanges with cryptocurrencies or fiat. You can also acquire Monero via mining. A computationally-complex process whereby transaction are immutably recorded on the blockchain.
- Send and Receive Monero
Learn how sending and receiving Monero works by reading this guide.
6. Transact with Monero
Monero is a digital currency used to purchase goods and services. For a listing of merchants see this page.
Monero offers a variety of offers and services to their users. You can conduct monetary transactions online, including the purchase of goods and services. You can also use Monero to place offers at exchanges. This way you can trade your XMR for other digital currencies at exchanges like Poloniex, BitSquare and ShapeShift. If that’s not something you’re interested in you can also mine Monero to sell it later on.Benefits
Like mentioned before, Monero’s main benefit is the anonymity of the cryptocurrency. It incorporated a highly sophisticated cryptographic method to meet a privacy standard.
Reusing wallet addresses is a big disadvantage when it comes to privacy of users. This has always been the main concern with other cryptocurrencies. Possessing someone address allows someone to see all the incoming and outgoing transactions, and makes it easy to monitor ones balance.
Another disadvantage is change of addresses, making it easy to connect addresses to one another. However with Monero this is not the case. Only sender en recipients are able to identify the address. Any analysis executed on the Monero chain wil be disclosed.
Only a cryptographic hash of the destination address will be visible. Recipients and senders are the only one to decipher the hash to unveil the destination address. This method of sending funds is referred to as stealth transactions.
Separate Transaction Units
Whenever you send XMR to a particular address it it will be delivered in several payment units. For instance, should you send 18 XMR, it will always be deliver in sums of 10, 5 and 3 XMR. All of these transactions are separately recorded on the blockchain and will be transferred into distinctive stealth addresses.
This applies to any change even when funds are returned to senders or fees are disbursed to miners. This technique makes it extremely difficult to track down payment sums revealing personal information.
This technology is yet another example of innovative cryptography upholding user privacy. It is basically an advanced system for mixing transactions. Addresses used in ring signatures specialized types of public keys. Moving funds linked to these keys can only be utilized when moving their paired private keys.
To understand ring signatures let us return to the previous example. Whenever you send 18 XMR to any recipient, the track will only see the private key that sent 10, 5 and 3 XMR across the blockchain since it’s first genesis. This private key is signatory to a particular transaction
Exact numbers depend on the ‘mixing depth’. For example, if the mixing depth is set to 4 infers, 3 any other 3 keys utilized can be potential signatories in that particular transaction. Ring signatures guarantee transactions can’t be traced to any specific IP address or proxy server.