It is not the most famous and, in fact, was not designed precisely to become the most popular cryptocurrency in the world. Although Monero shares some characteristics with Bitcoin, it is precisely what differentiates it from the currency created almost a decade ago by Satoshi Nakamoto which has made it the ideal tool to trade illegal products or services on the dark internet. The main reason for its success is that it provides absolute anonymity when it comes to making transfers.
In addition, Monero also automatically combines the data of a transaction with another of similar size, creating confusion and making it impossible for anyone to try to trace an operation through the block chain.
Monero is one of the few cryptocurrencies that have not been created from the technology of Bitcoin. Specifically, it was raised on the CryptoNote protocol, an encryption system that makes the transactions not signed by a single person, but by several at the same time. To do this, the system divides the number of moneros into two unequal parts and mixes both with other users’ moneros.
During last week, the currency’s value went from $ 52 to $ 100 in a matter of hours and is because the currency has experienced an enormous growth in a short span. Apparently, Bithumb, the important South Korean exchange house, would add this crypto currency to their blockchain. This addition has caused a flood of more than 60% in the value of this cryptocurrency, which is now stable above $ 100.