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Review on Monero by Trever Frazier
Monero
Monero , as a pure cryptocurrency, uses a Proof of Work algorithm. This means that there is no central point of control, like a mining pool, for the mining of the currency. Therefore, miners are free to compete to find the fastest, most efficient computer to mine the currency. The use of Proof of Work , as opposed to proof of stake, provides a security and efficiency of the currency. As a result, this allows for the creation of new coins. However, as the cryptocurrency develops , the need for more users becomes greater . , this leads to a shift in the overall mining pool structure . In the event that a pool is overloaded or is forced to stop work, the hash rate of the miners in question may drop drastically. This means that there are many miners who want to be the first to mine a particular coin and take on the task of mining that coin and it may become more profitable for them to do so .
Pros
- Monero , the second largest cryptocurrency, is based on the CryptoNote protocol, which is described in the white paper.
Cons
- Monero , the anonymous cryptocurrency with no transaction fees. Bitmonero is not a currency or a commodity.
