Monero; What is it and Why Monero Casinos Winning Players Over!
Monero (XMR) stands as a digital currency that is privacy-focused and works peer-to-peer with the goal of being untraceable and unidentifiable.
What is Monero?
Monero’s roots can be traced back to 2012, when an anonymous person under the pseudonym Nicolas van Saberhagen published the CryptoNote white paper. He detailed revolutionary encryption methods as well as a new proposal for electronic money through “CryptoNote”.
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The launch of the first cryptocurrency using the CryptoNote protocol was Bytecoin in July 2012. Then in 2014, Bitmonero was created through a fork on Bytecoin’s codebase (now known as Monero). Monero does not have a single founder or CEO; there is a core group of developers working on it, most of whom choose to remain anonymous. One of the identified developers is Riccardo Spagni, who served as Monero’s lead developer until he resigned in December 2019.
Spagni’s involvement with cryptocurrencies dates back to 2011, when he started mining Bitcoin; he later co-founded Tari, Monero’s sidechain designed for NFTs through the mining of federated non-fungible tokens. As an open-source project, Monero relies heavily on community donations for its development efforts. People from all over the world show their support for the project with numerous contributions and funding through Monero’s CCS system
Monero coins are fungible, so any transaction on the Monero blockchain shows no connection to any user or real identity in the world. Fungible is a term that describes each unit of a currency as identical and interchangeable with all other units of that currency, so when someone buys Bitcoin on the darknet, it can be distinguished from Bitcoin bought on Coinbase based on blockchain analysis because the two different Monero coins look exactly the same without any distinction between them. Many financial regulators are losing interest in Monero as a currency due to their inability to track XMR payments or get information about its users.
Why Monero?
Monero’s software is designed to be automatically updated every six months. In 2018, Monero made history as the first major cryptocurrency to adopt “bulletproof” technology. This innovation significantly improved the efficiency of XMR transactions and led to a minimum 80% reduction in the average transaction size, which means lower fees for users.
Despite the existence of many privacy-focused coins, Monero stands out as one of the most recognizable with a large market capitalization. It prioritizes privacy by default, unlike other alternatives like Zcash that offer it as an optional feature. It is also highly preferred by casinos because it has such advantages. It offers a much better service for you compared to other coins.
