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Review on Monero by Torsten Maur
This is the official subreddit of Monero (XMR), a secure, private, untraceable…
This is the official subreddit of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all. Since its moneros subreddit, theres a lot o people saying this cryptcoin is 10/10 , its perfect, etc.... And yes it has a lot of benefits comparing with other cryptos
Pros
- Monero’s superior mining algorithm ‘Mining’ is the name given to running a program on a computer which verifies and processes the cryptocurrency transactions that other people announce to the worldwide network. We believe the creators of Bitcoin chose poorly when it came to their mining algorithm. The Bitcoin algorithm runs dramatically faster on custom made mining chips (known as ASICs) than on standard PCs and laptops. This means it is almost completely pointless for any ordinary computer user to attempt to participate in the mining process for Bitcoin, and leads to a relative concentration of miners in countries with the cheapest electricity costs. In contrast, the Monero mining algorithm was specifically designed such that ASICs will not have too much of an advantage over ordinary computers owned by the general public.
Cons
- Privacy. I would argue that Monero is the most private currency around, but it is not perfect. There are still some privacy concerns. Most notably is an attack where one can figure out which node is the origin of a transaction. This is being mitigated with the development of Kovri, which is an I2P router in C++. With this implemented, transactions would instead be pushed to the network within I2P. The majority of node syncing would still occur over the clearnet since I2P speeds are limited. RingCT is not yet required, so some pool operators have yet to use these new privacy enhancements. It will be required later this year. Finally, the minimum mixin (being renamed to "ring size" to help avoid confusion with Bitcoin mixing services) of 2 is too low. Less than 25% of transactions use a mixin greater than 2. The minimum is supposed to be increased to 4 the same time RingCT will be made mandatory, but there is some discussion to increase this number further.
