What is Monero (XMR)?
Monero (XMR) is a premier privacy-focused cryptocurrency based on the CryptoNote protocol, a secure, private, and untraceable monetary system. Monero uses a special type of encryption to ensure that all transactions are 100% unlinkable and untraceable. As the world becomes more and more transparent, it's easy to see why something like Monero would be so desirable.
Origin of Monero (XMR)
In July 2012, the first real implementation of CryptoNote, Bytecoin, was launched. While Bytecoin has a promising future, people realized that 80% of the coins have already been issued. So it was decided that the Bytecoin blockchain would be forked and the new coin on the new chain would be called Bitmonero. It was later renamed Monero, which means “coin” in Esperanto. This new blockchain will mine and add blocks every two minutes.
Why Monero (XMR)?
#1: Unlinkability – Your identity is completely private. You have full control over your transactions. You are responsible for your money. Your identity is private, so no one can see what you're spending your money on. When you send funds to someone's public address, you are actually sending them to his completely new, randomly created, one-time destination address. This means that public records do not include a statement that the funds were received at the recipient's public address. With Monero, your public address never appears in public records of your transactions. Instead, a “stealth address” is recorded in a way that only you, the recipient, are aware of the funds you receive.
#2: Substitutability Substitutability is the compatibility between one asset and another of the same type. If he borrows $50 from a friend, he can also return the money in the form of one $50 bill or five $10 bills. That's no problem. This shows that the dollar has fungible properties. But if you borrowed someone's car for the weekend, then came back and gave him another car instead, that person would probably punch him in the face. In this example, the car is a non-fungible asset.
What is Cryptonote?
CryptoNote is an application layer protocol that facilitates various decentralized currencies. Although it is similar in many ways to the application layer that runs Bitcoin, there are also many differences between the two. CryptoNote has an entirely new code base and is not a fork of Bitcoin. For more information about CryptoNote, please visit our website.
CryptoNote uses ring signatures to hide the sender's identity through mixing. There are also unlinkable transactions that are accomplished using one-time keys for each individual payment. Ring signatures allow “transactional mixing” to occur. Transaction commingling means that when funds are sent, the sender randomly selects another user's funds to appear in the transaction as a possible source for the funds being sent.
The cryptographic nature of ring signatures means that no one can know which funds are actually the source of a transaction. We don't even know who gave the funds to the sender in the first place. A system of “key images” associated with each ring signature ensures that no one knows the true source of the funds, but it is easy to detect if the sender anonymously attempts to send funds twice.
Where can I buy Monero?
XMR tokens can be traded on centralized cryptocurrency exchanges. The most popular exchange to buy and trade Monero is Kraken, with the most active trading pair XMR/USD by volume. $1,067,908.82 within the last 24 hours. Other popular options include KuCoin and Gate.io.
What is the daily trading volume of Monero (XMR)?
The trading volume of Monero (XMR) is $42,554,968.57 in the past 24 hours, -10.50% This is a decrease from the previous day, indicating a decline in recent market activity.
What is the highest price for Monero (XMR)?
The highest prices paid for Monero (XMR) are: BTC0.03475, recorded on January 9, 2018 (over 6 years).In comparison, the current price -75.40% below the all-time high.
What is the all-time low price for Monero (XMR)?
The lowest prices for Monero (XMR) are: BTC0.001015, recorded on January 14, 2015 (about 9 years).Compared to that, the current price is 61,604.60% It's above the all-time low.
What is the market capitalization of Monero (XMR)?
The market capitalization of Monero (XMR) is BTC34,270.9477 It is currently ranked 53rd on CoinGecko. Market capitalization is measured by multiplying the token price by the circulating supply of XMR tokens (currently 18 million tokens are tradable on the market).
How does Monero's price performance compare to other products?
With the price increase, 2.50% Over the past seven days, Monero (XMR) has underperformed the rising global crypto market. 3.90%although it underperforms when compared to similar Layer 1 (L1) cryptocurrencies on the rise. 3.40%.
