Monero
Monero – ring signatures ensure privacy of transactions
Launched in 2014, Monero was one of the first privacy coins, and it is currently the largest by market capitalisation. The secure, private and untraceable crypto is a fork of the Bytecoin protocol.
It has three key features to ensure privacy:
- Ring signatures, which are used to mix the spender’s address with a group of others
- Stealth addresses, which make it extremely difficult for outsiders to track the actual destination of a transaction
- Ring confidential transactions, which are used to conceal the transferred amount
It’s also a cryptocurrency well-suited to GPU and CPU mining.
Monero – the cryptocurrency designed for GPU/CPU mining
Monero’s CryptoNight hashing algorithm was designed to resist the development of ASICs. Preventing ASIC-mining is a strategy which the Monero team believe is important to ensure decentralisation of the network – in fact, after the latest hard fork, the Monero network’s hash rate dropped by over 80 percent, demonstrating the extent to which it was previously controlled by ASIC-power rigs.
By resisting ASICs, it means that Monero is a great cryptocurrency to mine with GPUs.
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