According to their website, Monero is a secure, private and untraceable currency system. It employs specialized cryptography to make sure that all transactions remain 100% unlinkable and untraceable. In this day and age where transparency is difficult to find, something like Monero is going to be heavily sought after.
In July of 2012, a cryptocurrency by the name of Bytecoin was launched. It was the first ever implementation of the application layer protocol called Cryptonote which provides the basis for various digital currencies. It’s similar to the application layer that runs Bitcoin but has some differences from the Bitcoin system.
Bytecoin showed a lot of promising signs in its initial stages but it turned out that 80% of the coins were already published. Suspicious activity like that led to the forking of its blockchain in which a derivative that went by the name of BitMonero formed which was eventually renamed to just Monero which translates to ‘coin’ in Esperanto. A new block will be added to this new blockchain every two minutes.
All Monero transactions are entirely under the control of the person who owns it and since you own it, you are the only person who will be able to know what you’re spending your Moneros on. It also has the property of being ‘fungible’. The best way to describe fungibility is to compare it to your average $10 bill. If you borrow $10 from someone, you can return him a totally different $10 dollar bill. It would mean the same thing. This is something not possible with Bitcoin.
Monero is ASIC resistant. That doesn’t mean Monero is ASIC-proof. It only means that constructing ASICs that are able to handle Monero mining would be so expensive that it would be useless to make such an investment. It uses the hashing algorithm called CryptoNight which renders using ASICs more or less useless and thus it evens the playing field and the currency distribution would be more even.
Since Bitcoin transactions are all logged onto a public ledger, everyone can see every transaction ever made. That means if you used Bitcoins for something a little questionable from a legal perspective (Like drugs), that Bitcoin will forever become tainted. Since Monero is completely private, nobody knows what kind of transactions a Monero has gone through before it ends up in your hands.
2016 was known as the best year for cryptocurrencies. Bitcoin doubled in its value, Ethereum saw a remarkable 10 times in its previous value but by far the best performing cryptocurrency was Monero. This crypto currency increased in value from a meager 50 cents to a mind boggling $12. That’s roughly a 27-fold increase in value.
Monero has 7 core team members, the majority of which are completely anonymous except for two: Riccardo Spagni and Fransisco Cabanas. All these features of Monero and its unprecedented growth in just 2016 have made it particularly popular among the dark web black market. About the popularity of Monero in the Dark web community and the authenticity of Monero’s anonymity, Spagni is quoted as saying, “That uptick among people who really need to be private is interesting. If it’s good enough for a drug dealer, it’s good enough for everyone else.”
Can’t argue with that logic.