Monero was created on 18 April 2014 under the initial (original) name of Bitmonero (which in Esperanto language means the same as Bitcoin). The cryptocurrency was lset off as a fork of Bytecoin technology and is based on the same protocol - CryptoNight. Developers, though, corrected the errors discovered in the BCN code and shortened the time between blocks to one minute. It is not known who is the originator and at the same creator of Monero, because they remain anonymous even nowadays. The person has most likely already withdrawn from the project (still developed by many talented programmers).
Monero is mined- similarly to the case of Bitcoin - with the usage of the Proof-of-Work method. The Crypto-Night algorithm was written with the idea of enabling cryptocurrency miners an effective mining by using every x86 processor.
A special algorithm adjusts the block size, depending on the demand. This algorithm also calculates fees for concluded transactions. It prevents the centralization of mining (extracting this cryptocurrency) and makes it possible for other users to extract this digital currency.
One of the most important Monero functions (the most crucial for people working on this technology) is the privacy of transactions. Unlike other currencies based on the CryptoNight algorithm - transaction addresses are hidden, making it almost impossible to find the senders and recipients. What is important in this case - privacy settings in Monero are a default function, but there is a possibility to change them in such a way, that the transactions are fully transparent.
After reaching 18 132 000 coins - the Monero supply decreases significantly. I should be noted, however, that this technology is still being improved by programmers dedicated to this project.
Since you already know what the aforementioned cryptocurrency is and what its technological conditions are, be sure to take a look at this category - Monero news. It includs interesting information about the virtual tokens world - with special emphasis on XMR - which will be useful to everyone, regardless of their age, gender, profession or experience in this market. The industry is dynamically changing, hence there is an enormous demand for interesting and valuable content.
The Tokeneo News website shows only useful and at the same time invaluable news concerning new tokens and technological conditions that stand behind them, events (organized meetings and conferences), but also the direction of development of this fresh and still evolving industry.