Public Crypto Project, Monero Celebrates 5

Public Crypto Project, Monero Celebrates 5

virtual currency

Based on a recent report, Monero’s global community is clocking 5 years this week and they are marking this milestone with meetings and celebrations. This virtual currency, similar to cash, can be given in exchange for another Monero.

Monero is Privacy-focused

Monero is a privacy-focused fungible virtual currency which has been known to carry out encrypted financial transactions. Most merchants and startups that want to buy and sell using digital currency the way it is with cash and other forms of private payment often use Monero.

A member of Monero’s core team binaryFate while talking about Monero said that

“Monero gives you control over the privacy of your digital financial transactions,” “This privacy is a fundamental human right for individuals and a competitive essential for businesses.” He continued.

The first Monero was mined on the 18th of April, 2014. It was launched as a fork of Bytecoin which is an early virtual currency built on the CryptoNote protocol. Just like Bitcoin, the founder of CryptoNote, Nicolas van Saberhagen cannot be identified and is shrouded in mystery.

Monero was built having privacy in mind as it carries out private transactions and is very transparent in the protocol and source code. This flair for privacy makes Monero a leader amongst other private digital currencies. There is secrecy which is cryptographic and trustless involved while using Monero to transact.

However, the source code for the coin and the funding mechanisms which allows it to improve continually are open ultimately allowing selfless commitment by many contributors, enthusiasts, and programmers who support it
Monero currently has more than 500 developers, therefore, taking the third position in terms of developer count amongst other virtual currencies. Monero Research Lab which is highly esteemed develops and creates improvements and also carry out audits.