Monero XMR to Ultra UOS Exchange

Crypto Pair Details: XMR to UOS

Monero XMR

What is Monero? Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable. Origins of Monero In July of 2012, Bytecoin, the first real life implementation of CryptoNote, was launched. While Bytecoin had promise, people noticed that 80% of the coins were already published. So, it was decided that the bytecoin blockchain will be forked and the new coins in the new chain will be called Bitmonero, which is was then renamed Monero, meaning “coin” in Esperanto language. In this new blockchain, a block will be mined and added every two minutes. Why Monero? #1: Unlinkability - Your identity is completely private You have complete control over your transactions. You are responsible for your money. Because your identity is private no one will be able to see what you are spending your money on. When you send funds to someone’s public address, what happens is that you actually send the funds to a randomly created brand new one-time destination address. This means that the public record does not contain any mention that funds were received to the recipient’s public address. In Monero, your public address will never appear in the public record of transactions. Instead, a 'stealth address' is recorded in a way that only you, the recipient, can recognize the incoming funds. #2: Fungibility Fungibility is interchangeability between one asset and another asset of the same type. Suppose you borrowed $50 from your friend, you can even return the money in the form of 1 $50 bill or 5 $10 bill, It is still fine. This shows that the dollar has fungible properties. However, if you were to borrow someone’s car for the weekend and come back and give them some other car in return, then that person will probably punch on the face. Cars, in this example, are a nonfungible asset. What is CryptoNote? CryptoNote is the application layer protocol that fuels various decentralized currencies. While it is similar to the application layer which runs bitcoin in many aspects, there a lot of areas where the two differ from each other. CryptoNote features an entirely new code base and is not a fork of Bitcoin. More info about CryptoNote can be found at their website. CryptoNote uses Ring Signatures to conceal sender identities via mixing and it also has unlinkable transactions that is achieved using 1-time keys for each individual payments. Ring signatures enable ‘transaction mixing’ to occur. Transaction mixing means that when funds are sent, the sender randomly chooses several other users’ funds to also appear in the transaction as a possible source of the funds being sent. The cryptographical nature of the ring signature means that no one can tell which of the funds were really the source of the transaction – not even the person that gave the funds to the sender in the first place. A system of ‘key images’ associated with each ring signature ensures that although no one can tell the true source of the funds, it can be easily detected if the sender attempts to anonymously send their funds twice.

Ultra UOS

Ultra is a protocol and platform positioned to disrupt the $140bn USD gaming industry using blockchain technology to allow anyone to build and operate their own game distribution platform or virtual goods trading service. In doing so, it challenges the current monopoly held by industry heavyweights Steam, Google, and Apple. This will unlock new opportunities and create value for all the actors involved. Large commercial partnerships are signed, the protocol and platform have been built and will be launched in open beta in October 2019. UOS is the Token that powers the Ultra Ecosystem and can be used to purchase everything on the platform, including games, virtual items and ads for game developers. Ultra will accept traditional forms of payment such as Paypal and credit cards as well. These fiat currency transactions are converted to UOS seamlessly on the backend and are completed on the blockchain with UOS tokens. The token will also be used across the platform in many non-transactional ways including betting, tournaments, and donations. TIMELOCK: 10 to 20% of every transaction will be kept in a smart contract for 60 days. In addition, 5% of Ultra profits will be reserved for 2 years to fund exclusive games that use its blockchain and NFTs capabilities. ENGAGEMENT: Tokens are earned by performing specific actions such as; helping developers to build better games; watching ads; beta testing; answering surveys, and more. STACKING: Players can get rewarded with free games, swag and exclusive content just by holding tokens. SPENDABILITY: Users can buy and sell games/items for UOS, and in hundreds of shops through partners.

SOURCE: COINGECKO

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