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Cryptocurrency

Monero fifth birthday: How XMR improves privacy

Maya Mandzikasvili | Apr. 17, 2019
Monero fifth birthday: How XMR improves privacy

April 17, 2019, | AtoZ Markets - The crypto community is celebrating the semi-anonymous cryptocurrency’s Monero fifth birthday.How XMR improves privacy?

Monero fifth birthday’s celebration in a brief

The crypto supporters jokingly admit, that in a few days the currency will move from “infant” to “childish” status and wish the currency a happy and prosperous future. Several educational events are planned for the fifth anniversary, including a meeting in Toronto, Canada, and lively discussions at the RIAT Institute in Vienna.

One of the asset’s core team members by name “Luigi” expresses his satisfaction with his project and encourages all crypto enthusiast to join the community in celebration of the Monero fifth birthday. 

His official announcement says:

“Monero has a great and warm community. This collaboration, our friendship and the ongoing success of Monero will be celebrated this week. Please join us for the festivities and stay with us for the cause.”

Monero stays anonymous as its creator

Monero (XMR) is an open-source asset created on April 18, 2014. The asset focuses on privacy and decentralization that runs on Windows, macOS, Linux, Android, iOS, and FreeBSD. As Bitcoin’s so Monero’s real creator's personality remains dark and mysterious.  

The asset was created by a figure named Nicolas van Saberhagen. There is almost no information about Saberhagen, which is evidence of anonymity, which provides Monero. The crypto is considered one of the leading and most popular in the world.

How XMR improves privacy?

Monero is described is a privacy-oriented coin, that aims to improve on an existing cryptocurrency design.  Through a special encryption process, the asset hides sender, recipient and amount of every transaction made. As a result, the funds that include Monero have no origin or history.

The Monero team states, that their project along with privacy is making the mining process more egalitarian. While speaking on how XMR improves privacy currency’s core team member named “binary Fate” stated:

“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.”

The asset is classified as interchangeable cryptocurrency and can be exchanged for any other currency, including such Fiat as the US dollar.

Monero privacy has its pros and cons

Monero privacy features attract its use by people interested in privacy or even in evading laws.  The equal mining process, which is also one of the peculiarities of Monero, made it possible to allocate mining efforts. Monero team is constantly fighting against the monopoly on the mining, which comes from ASIC producers.  

The Monero project has opened up new funding opportunities for both legitimate actors and bad actors who secretly embed mining code into websites and applications. Users and companies who seek to purchase goods and services using cryptocurrency can often do this with Monero. In many ways, a cryptocurrency brings the desired effect by providing people with financial independence from banks and traditional financial institutions.

However, most of the hackers that use malware for secret mining usually target the large cryptocurrency companies hijacking the mining system of the Monero coins (XMR). Justin Ehrenhofer, the head of the malware response team, in one of his latest interviews stated :

Cybercriminals prefer XMR because of one thing: it’s confidential and crypto jackers don’t need to focus on organizations and authorities that follow what they do with a coin after its excavation. Secondly: Monero uses the Proof-of-Work calculation, the CPU is the same as for the GPU, therefore, damaged PCs are economical. These two aspects are progressive features, so hackers prefer to mine Monero rather than different digital currencies.

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