How To

How to | Monero | How to monero blockchain works

How to Monero blockchain works?

Like any other cryptocurrency, the blockchain of Monero cryptocurrency to use is a public ledger to store up it's all the transactions which are happening over its network. The underlying algorithm of the Monero cryptocurrency is CryptoNote protocol comprising of cryptonite proof of work hash algorithm. Because the blockchain of Monero provides a greater level of privacy features hence the structure of Monero remains fungible. The word fungible here is used to denote the ability to become self-substituted units of each other. This is the main difference between the blockchain of Monero and the blockchain of Bitcoin. Just because of this fungibility feature it is now possible to blacklist the addresses in the Bitcoin where it is even possible to block a starting at to receive or send its coins to the other nodes present within the network. The linking structure feature is another advantage of Monero cryptocurrency because by using it one is able to exponentially establish a linking mechanism between the transactions happening subsequently. There is one such thing known as stealth address which hides the identity of the person who is perfect waiting for the transactions over the network. It becomes virtually impossible to know the identity of the person who has sent or received or has done any kind of transaction over the network of Monero cryptocurrency. This is only possible because the blockchain of Monero is such designed to meet the requirements of people who put greater emphasis on the privacy aspects of the cryptocurrency. The blockchain of Monero comes very handy in this domain; so all because of this, it is done. Mr. Nicolas van Saberhagen who was the person who was behind this CryptoNote protocol which was launched in the month of October in the year 2013. The original name of Monero is bit Monero where the bit significance digital aspect of the currency and Monero is the Spanish word for the word coin. Hence the combined meaning of the word bit Monero becomes cryptocurrency in the Spanish language. Later on, it was realized that a shorter name shall gain traction among its veterans very soon hence the name was shortened to MONERO. By using application specific integrated circuits it is even possible to mine the cryptocurrency Monero at the home if a person has sufficient technical literacy. So because of all these advantages posed by Monero blockchain this cryptocurrency works so well.