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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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You’re done! Your cryptocurrency will be credited to your Binance account. How to buy cryptocurrencies on Binance DEX. Using a DEX is a bit more complicated than the other available options. Here’s what you need before you start: A wallet that can connect to Binance DEX (we recommend Trust Wallet). Some BNB to pay for transaction fees. Since Bitcoin’s addresses are public and pseudonymous, it’s pretty simple for blockchain analytics firms to hint Bitcoin addresses to IP addresses. Anonymity protocols , corresponding to CoinJoin, exist already, however they may be tough to navigate and solely work when strict directions are adopted . Weekly Crypto News — July, 17 (Bitcoin, Twitter, Binance, Elon Musk, Brave and other) 4w. Twitter Has Been Hacked. Bitcoin Scam Goes Big. 4w. Top-5 Ways To Buy Bitcoin Instantly. 1m. A Viral Video Triggered A Dogecoin Sharp Growth . 1m. Bitcoin SV News: June Market Dynamics. 1m. Weekly Crypto News — July, 10 (Bitcoin, Vechain, Visa, Binance, and other) 1m. Ethereum Developers Have Launched ... Updated news about bitcoin and all cryptocurrencies. What is the Dandelion Anonymization Proposal? Bitcoin is not an anonymous cryptocurrency, despite some “financial experts” claiming otherwise. It is evident a lot of people would like to see more anonymity when using cryptocurrency, though. As a result, they flock to alternatives, such as Monero and ZCash. A new BIP may finally grant ... A current or former Chainalysis employee has gone rogue and conducted an AMA on r/Bitcoin in which he disclosed sensitive information about the company’s Tornado.cash, an anonymization protocol based on Ethereum, has launched immutable smart contracts on its platform. In a press release published late last week, the protocol explained that it had ... FinCEN’s investigation has identified at least 356,000 bitcoin transactions through Helix. Mr. Harmon operated Helix as a bitcoin mixer, or tumbler, and advertised its services in the darkest spaces of the internet as a way for customers to anonymously pay for things like drugs, guns, and child pornography. Mr. Harmon subsequently founded and ...
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