Monero is a new type of digital currency. Translated from the international language Esperanto monero term meaning “coin”. Cryptocurrency used among the online community for online payments.
This kind of electronic money appeared in the spring of 2014 that are executed not implied pre-mining. Approximately a month after the coin exit in Network miner has been designed for the production of Monero. Mining is performed using the GPU (graphics processor), or video.
A few months after the launch of monetary units were attacked by fraudsters. Monero had to face the strong and cunning enemy: the hackers were well aware of the source code of the currency and Merkle Trees. Despite this cryptocurrency could survive. The test had a positive impact on the reputation of the system: its popularity has grown significantly. The creators of the coins taken a number of measures to prevent similar situations, including the security system has been improved.
2017 for the Monero began with hardforka, which was initiated by the developers of digital currency.
Characteristic features Monero
Cryptocurrency Monero has a number of features that distinguish the coins from other virtual currency:
- Monero – is an open source program.
- The work of the currencies, the Proof-of-work – an algorithm, proving that the work performed.
- It is planned that the system will issue an unlimited number of currency units. This feature is the main difference from Bitcoin and Monero from altkoinov, filled the electronic financial market in the past year and a half. Initially, 18.4 million coins will be issued. After a major release of money bude completed, the system will support the task miners: after going 2-minute block, the miner will receive 0.6 Monero.
- Has its own characteristics and mayningovy algorithm in which the system is heavily used AES instructions for microprocessor x For work requires a large amount of memory, so Mining Monero using GPU shows worse results than Bitcoin.
- Coin operated by CryptoNote – protocol, which is used in the ring signature. On the basis of the algorithm he worked at one time an American mathematician Daniel Bernstein. By its creators Monero technology further added obfuscation financial transactions (obfuscated code). As a result, all the “mixed” payments. This ensures the anonymity of the payment and personal information.
A few words about the shortcomings Monero
Unfortunately, the virtual money Monero have disadvantages. Very few of them, but to mention them all the same it is necessary:
- a lot of space is required for payment transactions using Monero (almost 8 times greater than for transactions with Bitcoin);
- payments may be subject to deanonimizatsii (this is possible only when the majority of the network is under the control of hackers).
Why Monero cost is steadily increasing?
Specialists interesting fact has been noticed in the field of digital currency – the cost of Monero rises rapidly. In the fall of 2016 coins of this system is the leader among altkoinov: just 2 weeks they have grown in price by 7.5 times.
One reason for the popularity of acts that Monero is not double the Bitcoin . To carry out transactions using a completely different technology – CryptoNote, thereby keeping full confidentiality of payments.
What is CryptoNote?
CryptoNote – is a protocol that runs on an open source code. Anonymity payments provided signatures ring (notice not signed by the payment on behalf of the sender, and on behalf of all members of the group). Unauthorized persons who want to obtain information about a specific transaction may learn only that the payment was made by one of the members of the group. The same operation can not make the 2 times. For subsequent transactions used Diffie-Hellman technology, which compares the original address with the open nature of the keys.
Monero unique features of the system, many users are interested in the Virtual Wide Web, including representatives DarkNet (black electronic market).
At the moment, this cryptocurrency capitalization exceeds $ 162 million.
Generation of e-wallet
If you choose to use cryptocurrency Monero, you will need an e-wallet. To create an e-wallet user must install on your computer special software. It is desirable, though not required, to download and complete chain of blocks, so the program can synchronize with blockchain.
To run the client Monero follow these steps:
- Download the program . To download the software you need to visit the official portal system http://monero.org/ .
- Recopy the files . By downloading the software to your device, you should recopy the data available in monero-client-net-v0.xxx.zip file created on a computer and save a new daddy in her information.
- Run this program . The software will be launched after the discovery MoneroClient.Net.exe document. At this point you may receive a window that warns of the danger. Skip it and click the button “Details”, and then – “Run”.
- Creating a wallet . The program starts, and with it the e-wallet. The system will ask for a password. For a while the program will be in the “hovering” state – in this moment of the purse to synchronize with the network. E-wallet Monero has the same functionality, which are equipped with the accounts of other payment systems. People who have been exposed to electronic payments, easily sorted out with all options.
Whatever the modern and powerful computer, sooner or later it may fail. Because client files Monero are on the computer’s hard disk, device failure can lead to unpleasant consequences. In order to eliminate an emergency situation, it is necessary to store files on removable media, regularly updating and copying them.
Monero Client is equipped with a backup function that simplifies the process of preserving and updating the data. To use this option, you must go to the “File” menu, select a key Backup Manager, then – button “Create”. The information will be saved in the default folder. the user can specify a different folder if desired.
Methods for obtaining virtual coins Monero
There are several ways by which you can get a digital money system Monero.
Coins can be purchased at kriptovalyutnyh exchanges. Many Internet sites presented large amounts of Monero. Each market offers the conditions for the purchase of virtual money. The average transaction commission may amount to 0.25%
At the auction Monero coins, mostly are paired with Bitcoin. Therefore, if you do not have MTC, he’ll have to exchange dollars for this currency, and then buy Monero for Bitcoins.
To carry out the exchange, the client must provide information about yourself (e-mail, and other information). On Bitcoin conversion in Monero it takes a few seconds.
Can I buy Monero for dollars?
On all stock exchanges kriptovalyutnyh Monero coins can be purchased only at the BTC. But there is a way by which Monero can be purchased for US dollars. To do this, you must advertise on the exchange cryptocurrency US money MoneroForCash.com site. To pay for the ads do not need to (pay only the people selling the currency). Email box is not necessary to leave, but to contact the seller of coins still need to provide contact information.
Pay for the purchase of virtual coins can be in cash, by bank transfer or other means.
Sending and receiving payments
Monero (XMR) can be obtained as payment for goods or services. On the user’s account may come remittance from friends or relatives. To obtain funds from third-party users of the system, it is necessary to convey the sender account number Monero system. Location is quite long and it is difficult to remember. To eliminate the possibility of error, copy the purse number and insert it in the payment form field. Attention! If an invalid address is entered, then sent the funds are received in your account, and return them will be impossible.
Holders of e-wallets can safely transfer the account number to other people. The main thing that remained secret information to access the wallet and confidential files stored on your PC.
Kohl counts is money, then they should be used. What can I do with Monero? Monero is cryptocurrency liquid, used for settlements in the community environment. Today, many online organizations are paid by these electronic money. You can send a money order or close business partners. XMR advantage is that they can be used to purchase goods anonymously.
When sending funds to be used payments identifier (Payment ID). A common mistake among newly minted members of the system is that they are not paying attention to this point. Of course, if you have pre-agreed with the recipient about what time of payment will be sent and for what amount, the Payment ID is not required: here everything is clear.
But what about in cases where the recipient does not know such details? After anonymous payments, which means that the sender’s name remains a secret. Here’s the handy payment identifier: it will be proof that the transaction was realized.
Getting Monero by means of mining
Another way to obtain Monero – this “production” (Mining) digital coins. required for mining:
- card – any suitable can, for example, to use device 250 R7, R9 380 Monero of mining for graphics processors are also used;
- pool (pool for mining represented a lot, give a few examples: http://sheepman.mine.bz , http://monero.miners.pro , http://pooldd.co and others);
- Miner (Program for the “production” of coins); it is necessary to download and run on your computer.
of mining algorithm is as follows:
- Download and run the miner, the user must create an account by entering a username and strong password.
- It is necessary to set up the work program, in particular the speed of mining. This will help in the pop-up tips.
- Then you need to configure the dashboard: if a miner is going to work for a long period, then select PPLNS, but otherwise should be set PPS.
- You must create Monero-purse (if it does not) and wait for sync blocks.
- After all is done, you can proceed to the “production” of coins. On cryptocurrency purse can be translated as soon as produced 0.01
Mining using video
Using video for mining, you can increase the speed of the program. But there is a downside: in this case requires a large expenditure of energy.
Miners working with AMD’s graphics cards, can be used indoor Claymore GPU-miner (fee is 5%), which occupies a large amount of memory – more than 16 Gb.
If you are using Ge-Force Nvidia device, the miner XMR can be carried out through open CUDA-miner Scminer cryptonight.
Working with GPU
Using for mining cryptocurrency GPU plzovatel able to save on electricity. Experts recommend that work on the Linux operating system computers, because you can optimize the miner and enhance its effectiveness.