Monero is a new cryptocurrency developed on the CryptoNote protocol platform to ensure a private, secure and untraceable currency system. This came as a result of too much transparency that some people may not like their details published publicly. Monero is designed with a special cryptography to make sure that every transaction it is involved in remain 100% untraceable to the individual that used it.
ORIGINS OF MONERO:
The first physical implementation of a CryptoNote occurred in July 2012. This materialization came in the form of Bytecoin. According to Wikipedia, a “CryptoNote is an application layer protocol that powers several decentralized privacy-oriented digital currencies”.
What this simply means is that to restrict the identity of a sender, the Cryptonote is used to cluster his details with that of other senders, making it difficult to ascertain who really did the transaction. The sender here could be a seller or buyer of a cryptocurrency. When Cryptonote is applied, it hides your details and make your transactions anonymous.
However, when it was realized that about 80% of the transactions were still being published on blockchain, the Bytecoin Blockchain was divided and new coins gotten from the new chain was called Bitmonero after the previous developers deserted the project. It was later renamed Monero, which means “coins” in Spanish by a Johnny Mnemonic led group. In this new forked out blockchain, new blocks will be added and mined every two (2) minutes.
WHY MONERO MINING IS FOR YOU:
1)Monero is currently ranked the 9th cryptocurrency based on its capitalization of the crypto-market and is the best way to multiply your Bitcoin wallet.
2)IT IS UNTRACEABLE: Monero, unlike some other digital coins, specialises in using a technology named “ring signatures”. This technology is responsible for shuffling a users public keys to make sure identification of a particular user is impossible.
3) UNLINKABLE: Monero also employs a particular protocol that generates a lot of unique onetime addresses that can be linked by the receiver of the payment only, but not seeable through blockhain analysis.
4) SECURE: Monero as a digital currency is secured cryptographically. Your Monero crypto-wallet is unbreakable.
5) PRIVATE: Monero gives it’s users privacy since the transaction is basically anonymous and with no obligation to cooperate with third parties. Monero uses its cryptography to create confusion and disorder, making it hard to identify who did what transactions.
6) Also, Monero is analysis resistant on the sense that foreigners to the platform can hardly analyze as only the receiver can see transaction details.
7) FUNGIBILITY: What this simply means is that Monero can be changed from one currency to another, be it cryptocurrency or money.
Like most cryptocurrencies, Monero offers you the opportunity to mine in pools and as an individual too. For Monero mining pool, you can visit:
The above site contains numerous mining pools. It is your duty to observe and join the one of your choice. You may be required to pay membership fee though.
MONERO SOLO MINING:
There are a lot of hardware and softwares required to personally mine Monero. However, the following way has been adjudged the best and easy way to mine Monero on any hardware.
Step 1: Open an account on www.minergate.com. MinerGate has a built-in wallet that allow users to mine even if they have no wallet address set up. It’s advised you use a very strong password and 2 factor authentication to ensure noninterference or access to your funds.
Step 2: Download the Minergate software, install it, and allow the website detect your operating system. You will be presented with the best and correct version of the software.
Install it and run MinerGate.
Step 3: After installing the setup, Minergate will present you with the option to “start smart mining”. MinerGate will detect the equipment and choose the most profitable and marketable cryptocurrency to mine in line with your hardware, difficulty and market price. In most of the computers, this is Monero.
Then click “Start smart mining”.
N:B- You can select all the cores you want to use in your GPU and CPU. You can always select Monero if “smart mining” takes you to any other cryptocurrency.