Monero was launched in 2014 and its goal is simple: make transactions private and anonymous. Although BTC is believed to hide one’s identity, the blockchain is transparent, making it easy to trace payments back to their original source. XMR, on the other hand, is designed to cover both sender and receiver with advanced cryptography.
The team behind Monero says privacy and security are their top concerns, with ease of use and efficiency second. It is designed to protect all users, whether they are tech savvy or not.
What Is Monero (XMR)?
Monero was launched in 2014 and its purpose is simple: to make transactions private and anonymous. Although BTC is commonly believed to hide one’s identity, the blockchain is transparent, making it easy to trace payments back to their original source. On the other hand, XMR is designed to cover both sender and receiver with advanced cryptography.
The team behind Monero says privacy and security are their top concerns, with ease of use and efficiency second. It’s designed to protect all users, regardless of how tech-savvy they are.
Overall, XMR is designed to allow payments to be made quickly and cheaply without fear of censorship.
Who Are the Founders of Monero?
Monero was originally created by seven developers, five of whom chose to remain anonymous. XMR is also rumored to have been invented by Satoshi Nakamoto, the inventor of Bitcoin.
XMR’s origins can be traced back to Bytecoin, a privacy-focused, decentralized cryptocurrency launched in 2012. Two years later, a Bitcointalk forum member – known only as thankful for today – forked the BCN codebase and Monero was born. They decided to take matters into their own hands when others disagreed by proposing a “controversial change” to Bytecoin.
Hundreds of developers are believed to have contributed to XMR over the years.
Monero (XMR) Token Price Prediction
What Makes Monero Special?
There are several things that make Monero unique. One of the biggest goals of the project is to achieve the highest level of decentralization, which means that the user does not need to trust anyone else on the network.
Privacy is achieved through several features. Each Bitcoin in a transaction has its own serial number, which can track the use of the cryptocurrency, while XMR is completely ageless. By default, senders, receivers, and the amount of crypto transferred are all obscured, which Monero advocates say offers an advantage over rival privacy coins like Zcash, which are “selectively transparent.”
Obfuscation is achieved by using ring signatures. Here, the results of past transactions are selected from the blockchain and act as decoys, meaning outside observers cannot tell who signed them. If Ian was sending 200 XMR to Susan, this amount could be split into random chunks to increase the level of difficulty.
To prevent transactions from being linked to each other, secret addresses are created for each transaction that can only be used once.
All these features have led XMR to be used instead of Bitcoin for illegal transactions, especially on the darknet market. Governments around the world, especially in the United States, have offered hundreds of thousands of dollars to anyone who can crack Monero’s code.
How Many Monero (Xmr) Coins Are in Circulation?
Monero is unusual in that there was no token sale for XMR, and no tokens were pre-existing. At the time of writing, the circulating supply of XMR is 17,703,471.
This cryptocurrency is designed to withstand the application-specific integrated circuits commonly used to mine new bitcoins. In theory, this means that XMR can be mined using everyday computing devices.
Overall, a total of 18.4 million XMR will be in circulation, and this cap is expected to be reached on May 31, 2022. After that, miners will be incentivized using “tail emissions” and fed a small amount of XMR. entered into the system as a bonus every 60 seconds. This method is considered more efficient than transaction fees.
How Is the Monero Network Secured?
One of Monero’s main goals is to prevent concentration, and the network uses a proof-of-work consensus mechanism called CryptoNight. This prevents large mining farms from becoming a dominant force.
Where to Buy Monero (XMR)?
Due to its nature as a privacy coin, XMR is not listed on some major exchanges. For example, you can buy XMR on Binance, but this is not supported by Coinbase. As a result, you may have to convert your fiat to Bitcoin and go through a small trading platform. This guide will help you explain how to easily convert fiat currency to crypto. As usage grew, interest in XMR to AUD and XMR to EUR price pairs increased.