Monero, whose ticker is XMR, is an open source cryptocurrency. It is a cryptocurrency focused on privacy and Peer to Peer (P2P) format . Its design has two priorities: that it be an anonymous crypto currency and that it cannot be traced. Due to these characteristics, many merchants choose it to carry out their transactions, since the operations will be impossible to trace and totally confidential.

In addition to providing a higher level of security and anonymity for users and their transactions, Monero sets itself apart by offering untraceable payments and unlinked transactions.

The Monero blockchain is based on the Proof-of-Work ( PoW ) consensus protocol, like bitcoin and many other cryptocurrencies that incentivize their miners to add blocks to the blockchain. The algorithm that drives the system is designed to be resilient against applications that run on integrated circuit systems (ASICs), which are specialized mining equipment that give the companies and individuals that use them a significant advantage over other miners.

One of the characteristics of Monero is decentralization, which thanks to its mining algorithm does not allow its development on ASIC devices . This avoids the centralization of mining in large companies.

In that sense, unlike most cryptocurrencies, which require large investments in ASIC systems and powerful mining cards, Monero can be mined from conventional CPUs that have any processor, video card or GPU, and with CPUs on Windows, Macintosh, Linux or Android. This is because the Monero mining algorithm is meant to support “small” nodes. Which allows you to mine individually or in mining groups.

It is important to mention that the algorithm used to make this possible is that of CryptoNight, which was recently replaced by RandomX (we will detail this a few lines later.

What is Monero?

Monero is a strong community that has managed to attract the world’s best cryptocurrency engineers and researchers.

The Monero project is at the forefront of cryptocurrency privacy and security. Its Research Laboratory and development team are constantly working on new and innovative technologies. Since its launch, the project has received contributions from more than 500 developers located around the world.

Numerous forums and chat channels are available for anyone to join, and the community is always welcoming new members.

What is Ethereum?

Ethereum, being a decentralized system, is fully autonomous and not controlled by anyone at all. It has no central point of failure, as it is running from the computers of thousands of volunteers around the world, which means it can never go offline. In addition, users’ personal information remains on their own computers, while content, such as applications, videos, etc., remains in full control of its creators without having to obey the rules imposed by hosting services such as the App Store and Youtube.

Second, it’s important to understand that while constantly compared to each other, Ethereum and Bitcoin are two completely different projects with completely different goals. Bitcoin is the first cryptocurrency and money transfer system, built and supported by a distributed public ledger technology called Blockchain.

To fully understand Ethereum, what it does, and how it can potentially impact our society, it is important to learn what its main properties are and how they differ from standard approaches.

First of all, Ethereum is a decentralized system, which means that it is not controlled by any governing entity. The absolute majority of online services, companies and businesses are based on a centralized system of governance. This approach has been used for hundreds of years, and while history has proven time and again that it is flawed, its application is still necessary when the parties do not trust each other.

A centralized approach means control by a single entity, but it also means a single point of failure, making applications and online servers using this system extremely vulnerable to hacker attacks and even power outages. Additionally, most social networking and other online servers require users to provide at least some degree of personal information, which is then stored on their servers. From there, it can be easily stolen by the company itself, its rogue workers, or hackers.

How to Exchange XMR to ETH

The first step in converting XMR to ETH is to find a cryptocurrency exchange with an XMR to ETH trading pair. However, you can also find a platform that allows direct peer-to-peer (p2p) trading for XMR and ETH.

Monero has gained popularity in the blockchain market because it provides anonymity. The following step-by-step guide will help you convert XMR to ETH in the shortest possible time:

• Select your preferred exchange to convert XMR to ETH. Cryptocurrency exchanges have unique features such as 24/7 support and competitive exchange rates.

• Make sure your preferred exchange prioritizes your security in order to trade safely.

• Log in to your account to access the control panel.

• Select the country XMR/ETH. Choose the amount of Monero you want to exchange for Ethereum.

• Confirm the transaction. Review the conversion rate before proceeding with the operation.
  Complete the exchange. You can track your new balance in your account.

Conversion from XMR to ETH is simple, transparent, and fast on most cryptocurrency exchanges.

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