Disclaimer: This is not a validation of any cryptocurrency or any particular provider, service or product. It should not be taken as advice to enter into a transaction or use the Service. please confirm. terms of service.
Quick answer:
The Monero blockchain is stored on each node participating in the Monero network. When a user runs a full Monero node, the blockchain is downloaded and stored locally on the user's computer or device.
This decentralized storage ensures the network is secure and allows for transaction validation without relying on a central authority. As the size of the blockchain increases as new transactions are added, the required storage space may also increase over time.
Although cryptocurrencies offer users a variety of services and use cases, privacy Cybersecurity issues and risks on the Internet are diverse and remain a major concern. This is why privacy-focused digital currencies were invented to help users protect their personal information and perform blockchain transactions without putting them at risk. Anonymous.
digital currency etc. Zcash (ZEC), dashand Monero (XMR) are some of the most common examples. A cryptocurrency focused on providing users with a secure and completely private means of financial transactions with the help of blockchain technology.
so far, Monero It's the best success A privacy-oriented cryptocurrency on the market. Its technology solutions enable the transfer of funds and facilitation of payments while providing users with complete anonymity.
Let's take a closer look at Monero. How to useand Where the XMR blockchain is stored If you choose to keep a copy of it on your device.
What is Monero (XMR) and how does it work?
Similar to Bitcoin, Monero is a cryptocurrency developed primarily to be used for: decentralized digital cash. Monero is not a cryptocurrency like Ethereum (ETH), Polkadot (DOT), or Solana (SOL), which focus on smart contract features and decentralized apps.it's simply Cryptocurrency created to facilitate payments and transactions in a secure mannerwe will not reveal your personal information to third parties.
Monero transactions allow users to transfer funds while remaining completely anonymous, something only a handful of cryptocurrencies can offer.
Both the sender and receiver of XMR coins and the amount transferred in Monero will stay Unpublished To everyone other than those involved.
Monero history
The project that inspired the creation of Monero was Bytecoin. It was the first cryptocurrency to use cryptonote technology This technology ensures user privacy by: Group public keys and include multiple keys in every transaction. This makes it impossible to separate the real key since it is hidden by the fake key.
These ring signatures are a key element of the CryptoNote technology, which Monero developers used when they launched the project in 2014.
The technology behind Monero is: Open Source And various developer teams have since used the Monero code to create privacy-focused versions of the cryptocurrency.
Monero Privacy Technology
An innovative concept to provide users with Complete privacy when sending and receiving funds That's what XMR is all about. It is impossible for a third party to link her Monero transactions to a user's ID unless they leave information somewhere online linking the user's girlfriend ID to the Monero wallet address.
As long as you use your XMR wallet address for transactions and do not disclose ownership of that address to anyone or anywhere, you are completely safe.
Ring Confidential Transactions are a key feature of the Monero blockchain. Even the remittance amount remains private.thanks to advances in networking, encryption.
Monero's privacy level is constantly being improved by the developer team behind the currency, and there is a very active developer community called Monero. Monero Research Institute (MRL) is tasked with monitoring potential bugs and finding ways to further improve the network.
Also, XMR has very well developed features. education platform called MoneropediaEvery aspect of the currency is explained in detail, along with a video showcasing all the features that make Monero so secure.
XMR fungibility
Unlike Bitcoin, Ethereum, and other popular cryptocurrencies that have a public ledger of transactions, Monero blockchain is fully fungible And on the network absolutely all coins look the same. With BTC, ETH, and other non-privacy-oriented currencies with public ledgers, anyone can use the Block Explorer platform to search the blockchain and see the exact address where a particular coin came from. You can also check your transaction history.
This means that if some BTC is used for some illegal activity and ends up being paid to a vendor, that vendor will have problems exchanging those coins on an exchange platform that verifies the origin of the coins. It means that there is a possibility. Additionally, some exchange platforms do not accept coins obtained through gambling, but this is not even illegal.
Thanks to Monero's advanced encryption technology, XMR coins are completely untraceable and no one can see the difference between individual coins as their origins are unclear and no transaction history exists. All his XMR coins will be fungible as the Monero blockchain does not keep any history of transfers.
Scalability
In many cryptocurrencies, Scalability This becomes a big problem, especially when the community grows rapidly and starts attracting new users to the ecosystem.
For example: BTC’s popularity and value began to increase, the Bitcoin blockchain started to become very congested and periods of network congestion became common as each block is limited to just 1MB of transaction data. While the network is congested, transactions with higher transfer fees are selected before miners transfer them with lower fees, so they are always processed faster.
With Monero, this scalability problem and network congestion problem is effectively solved because there is no predefined block size. Instead, each new block takes the median size of the previous 100 blocks as a measure of the new block's size.
Therefore, miners will create each new block according to these measures and the block reward will be fixed at 0.3 XMR per block.of the reward is always the same And you won't get Monero mining gradually More difficult, as in the case of BTC.
Multiple key technologies
Most cryptocurrencies use classic cryptocurrencies Public and private key modelHere, the public key is an address on the blockchain that can accept and store cryptocurrency, and the private key acts as a password that proves ownership of a certain amount of that currency.
Monero uses a different multi-key approach. In addition to public and private spend keys, there are public view keys and private view keys.
All outgoing XMR transfers are created by a private spending key, and a public spending key is used to verify the signature of each transaction. A public view key is generated for each stealth public address, and checking the Monero blockchain for a particular transaction requires the appropriate private view key for that transfer.
monero wallet
There are two types of Monero wallets developed by the Monero community and developers. The first type is Monero CLI (command line interface) wallet It is primarily used by more advanced and experienced Monero users with some programming knowledge. This wallet allows users to use their own copy of the XMR blockchain, or the publicly available version.
As an additional layer of privacy, users can use this wallet to facilitate transactions through the TOR browser and use remote XMR nodes when downloading the entire blockchain to their devices.
Additionally, if the computer does not have enough disk space, users can choose to download and view only 1/3 of the blockchain. This wallet is compatible with Trezor and Ledger Nano hardware wallets.
The second most commercially viable wallet is Monero GUI (Graphical User Interface) Walletwhich one is more suitable? beginner and the average cryptocurrency user who wants a simple and user-friendly experience when transferring and storing Monero.
The GUI wallet has most of the features of the CLI version and also includes some practical options, such as an in-app fiat currency conversion to see how much your XMR is currently worth in USD . You can also easily switch between simple wallet mode and advanced wallet mode.
Both wallets are available at getmonero.org.
Save the Monero blockchain to your computer
when Download the Monero blockchain to your PC or laptop computer, users are very often unable to find blockchain data files and sometimes think it is some kind of bug or mistake. In fact, Monero is such a secure and privacy-focused cryptocurrency that when you download the blockchain for use with your Monero wallet, developers Blockchain files remain hidden on your hard drive.This is just Additional precautions In case your computer is compromised.
On computers with a Windows operating system, the default installation directory for the XMR blockchain is: C:ProgramDatabitmonerolmdb.
this is hidden folder This does not only appear when manually searching for files. You need administrator privileges to view the content. This is a very nice additional security feature.
This folder should be similar on Linux and MAC OS computers, and the easiest way to find it is: Paste the listed directory path Copy it to Windows Explorer, Linux Explorer, or MAC Finder.
One final word…
If you are looking for a cryptocurrency that works best as a digital cash and will take care of you privacy Under no circumstances will we disclose information to third parties, Monero It's the perfect choice for you.
The fact that the XMR community is always looking for ways to improve the Monero network is a particularly great feature of Monero. Safety from cyber attacks and unwanted attention.
About the author
Formerly Crypto Head's lead writer and certified psychologist, James Page brings a unique perspective to the world of blockchain and cryptocurrencies.
His extensive experience in the industry and ability to present complex concepts in an easy-to-understand manner make his articles a valuable resource for readers looking to navigate the ever-evolving world of cryptocurrencies.
Check out James:
