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Cryptoindex is a tool for exposure to the cryptomarket and serves as a smart benchmark for all cryptocurrencies. The AI-based Cryptoindex algorithm is continuously analyzing more than 1000 coins applying over 170 factors, processing more than 1 million signals per second to provide a highly sophisticated index of the top 100 coins.
You can find our previous reviews here:
Dash. Review - August 2018. Binance Coin. Review IOTA. Review. August - 2018 NEM.Overview Ethereum Classic.Review TRON overview. Cardano - review. Future plans. Ripple - review. Further Perspectives Litecoin. June'18 overview The Dow Jones index. From where did it come to us? Bitcoin Cash. June 2018 overview Are cryptocurrency indices a new crypto market trend? EOS. End of May'18 overview Ethereum. May 2018 overview
Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: Monero
What is Monero?
This name cryptocurrency has received from the word "coin" in the language of Esperanto. Cryptocurrency appeared on April 18, 2014, as Bytecoin fork (not Bitcoin). The release of the coin caused increased interest from the crypto community after announcing by the developers the Roadmap and the Whitepaper. The essence of the project was to make the cryptocurrency anonymous.
But on the other hand, the creation of such cryptocurrency attracted the attention of law enforcement agencies, including Europol. As an argument that was brought to the attention of developers, it was that Monero could become a good means of payment on the black market for drugs trade.
The FBI also speaks with the same statement, pointing out that Monero is in the TOP of the crypto-currency on the black market:
At the time of writing, Monero is ranked 11th by the capitalization in Coinmarketcap.com
How does it work?
Monero is mostly an open source software that uses the principle of proof-of-work. But unlike Bitcoin, Monero emission is not limited. That's why the developers did it so that the miners would ensure the system's operation even after the emission was completed.
The developers of Monero have made a lot of efforts to make their cryptocurrency secure. To achieve a high result, special measures were taken:
Among the miners, it’s in high demand, due to anonymity for mining on other people's computers and servers. Recently, there have been more cases when Monero was noticed in the code of many viruses. The power of many computers around the world is used to extract this particular cryptocurrency, in particular, this happened last year in London, where scammers used the hacked government servers for mining.
Also Monero, right along with Bitcoin, Zcash and Dash is the most used cryptocurrency in Darknet. A particularly favored method of money laundering is the so-called "mixer". The principle of its work is that the money received illegally is sent to the exchange where Bitcoin coins are purchased, for which the Monero tokens are then purchased and then the attacker can safely transfer to any stock exchange, to a pre-established account and receive money in any form convenient for him.
Advantages of Monero
Now the developers are actively working to promote the currency. Given the high anonymity and growth in demand, success is entirely assured. The anonymity of Monero transactions is not absolute. If the attacker controls a large part of the network, then under certain circumstances, he can deanonymize some of the transactions.
At the time this article was published, Monero [XMR] is 0.812% of the total of CryptoIndex portfolio. You can always check the current CIX100 composition at our MVP platform: http://cryptoindex.ai/
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Cryptocurrency related acronyms, terms, vocabulary and slang are often used in crypto conversations. Knowing the terminology will really help you to follow cryptocurrency news and discussions in social media. Disclaimer: Some of these terms are used in fun and humor. A Bitcoin Improvement Proposal (BIP) is a design document, typically describing a new feature for Bitcoin with a concise technical specification of the feature and the rationale for it. This is broadly similar to the way in which Internet "Request for Comments" (RFCs) and the Python computer language's "Python Enhancement Proposals" (PEPs) are used. ... CoinJoin is an anonymization method for Bitcoin transactions proposed by Gregory Maxwell. It is based on the following idea: “When you want to make a payment, find someone else who also wants to make a payment and make a joint payment together.” When making a joint payment, there is no way to relate input and outputs in one bitcoin transaction and thus the exact direction of money movement ... Europol has placed the well-known Wasabi bitcoin wallet under observation. This is what can be read in a special report drawn up by the European Union agency for judicial cooperation, known as Europol and intended for the police forces of EU countries.. In particular, this report states that the Europol Cybercrime Center (EC3) has noticed a growing number of investigations involving this wallet. The first quarter of 2020 closed with a 65% increase in bitcoin trading volumes on the dark web, compared to the first quarter of last year.. This was revealed by a recent report by Crystal Blockchain, focused on the use of bitcoin by entities operating on the darknet or through mixers.. In reality, it was a lower number of BTC, but a higher volume in their counter value in US dollars. CoinJoin is an anonymization method for bitcoin transactions proposed by Gregory Maxwell. The following idea is behind CoinJoin: «When you want to make a payment, find someone else who also wants to make a payment and make a joint payment together». In case of such a joint payment there will be no way to relate input and outputs in one bitcoin transaction and thus the exact direction of ... The Dandelion project, which aims to improve privacy on the Bitcoin network, has been submitted as a BIP (Bitcoin Improvement Protocol) on May 9, nearly a year after the last major announcement. The Dandelion project was first shown off by a group of developers in January 2017 as a way to enhance privacy in bitcoin’s ...
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