Monero – Crypto Gambling & Darknet
Monero (XMR) is a crypto currency first published in October 2013. The name comes from the artificial language Esperanto and can be translated as “coin” or “currency”. Originally, the development team hid behind the pseudonym “Nicolas van Saberhagen”.
Meanwhile it is known that behind the crypto currency is a permanent team of seven people. In addition, there are numerous freelance developers. However, five members of the permanent team want to remain anonymous. This makes sense. After all, Moreno’s unique selling point is that the individual transactions can be carried out much more anonymously than at Bitcoins. The crypto currency therefore enjoyed great popularity on the now closed Darknet marketplace AlphaBay.
Crypto Casinos where Monero (XMR) is accepted can be found at http://monerogambler.com/. Nevertheless most cryptogambling is still handled with BTC, especially when it comes to sportsbetting as you can see on the page BESTbitcoinbetting.com. Both sites also bring you the latest news & trends on crypto currencies on a blockchain and tangle basis. Everything about the Bitcoin, Ethereum, Ripple and many other crypto currencies. In the telegram group you can talk directly to a large number of other members and speculate about new coins.
The code is more than just a bitcoin separation
Basically, the Monero – like most other crypto currencies – is based on blockchain technology. However, there is one special feature: the CryptoNight protocol is used instead of splitting off the bitcoin code as the proof-of-work algorithm. Two special features ensure user anonymity: Stealth Addresses and Ring Signatures.
- Stealth Addresses: In principle, the individual cash flows in the blockchain are not publicly available. Only those who have the private key of a transaction can view it. However, it is also possible to generate a viewkey. This means that the transaction can be viewed by everyone, which is why it is referred to as “optional transparency”.
- Ring Signatures: The individual transactions are also disguised and mixed together as standard. Unlike bitcoin, a blockchain analysis cannot simply be performed to track the individual cash flows.
The mining process is carried out on normal computers
The choice of CryptoNight brings yet another consequence. The algorithm is very memory intensive. This means that a standard computer is sufficient for mining. It is not necessary or sensible to invest in special hardware – so-called ASICs. If this should change one day, it can be assumed that the developers will change the code accordingly. Because independence from ASICs is part of Monero’s basic philosophy. The mining difficulty, in turn, is continuously adjusted. This also differs from bitcoin and many other crypto currencies, where this only happens at regular intervals.
Inflation instead of deflation
Another special feature is that the number of coins was not determined in advance. Rather, the number of tokens is to increase steadily. This also means that – unlike bitcoin – there is inflation. According to the developers’ plan, this should be 0.87 percent and is intended. This constant expansion is intended to prevent deflation. Currently, experts assume that some Moneros will be lost over time – for example because someone loses their keys. In addition, the number of tokens theoretically available continues to increase. Ideally, the Monero could therefore manage almost completely without inflation and deflation.
The development of the Monero share price illustrates its potential
Only in the summer of 2016 did increased trading with the anonymous crypto currency begin. Previously, the price had been well below one euro per token for years. Not least because trading with Moneros increased on AlphaBay, however, a strong price rise set in afterwards.
The peak so far was reached shortly before Christmas 2017, when the 400 euro mark was cracked. However, this moment was also used by many to make money, so that a strong price correction began and the price is now closer to 300 euros again. Nevertheless, the strong performance shows the enormous potential of the crypto currency. The market capitalization is now more than five billion dollars.