History of cryptocurrencies: Monero

History of cryptocurrencies: Monero

Author: Robert Strickland

History of cryptocurrencies: Monero

Monero is a cryptocurrency with open-source code designed for anonymous payments. The name of this token from Esperanto translates as "coin". The first issue of this cryptocurrency took place relatively recently - on April 18, 2014. Despite the fact that it is considered young, it managed to quickly get into the top coins in terms of capitalization.

In 2014, the cryptocurrency was launched without prior mining, which sets it apart from most other coins. In addition, a few weeks after the launch of Monero, a special software designed for mining coins on graphics cards appeared on the market. This played a role in its rapid spread.

But the history of Monero is not so smooth. Already 5 months after its release, it was subjected to a targeted hacker attack. The difficulty of this situation was that the attackers were well versed in the coin's source code as well as the Merkle Tree algorithm, which allowed them to bypass fairly robust protection. Fortunately, the attack was repelled and Monero continued to exist.

During 2016, the Monero token showed unprecedented growth. If by the end of 2015 its price was about 0.00097, then in September this increased 27 times and amounted to 0.0265. Thus, in just 3 quarters the coin managed to increase by more than 4000%.

At the beginning of 2017 a hardfork was launched. The main purpose of such event was the implementation of the Ring Confidential Transactions (RCT) function, which significantly increased the security and confidentiality of transactions.

Today, Monero is among the top most liquid coins and firmly holds its position in the top ten.

If we talk about why this cryptocurrency is so attractive to users, we can highlight the following motivating factors:

Integration with one of the leading darknet web marketplaces AplhaBay.
The Proof-of-work algorithm used allows for high security and high-quality data encryption.
Monero was originally developed by a group of programmers without any outside funding. Today, however, this hobby turned into a full-fledged project, which brought popularity and profit to its creators.

If we talk about the prospects of the coin, many experts and researchers say that Monero has every chance to gain a foothold in the cryptocurrency market and compete equally with bitcoins and other coins.

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