Monero XMR: Price, Mining And Other Information
There have been a lot of cryptocurrencies launching in recent years. While some of them aimed to enhance privacy and anonymity, others were launched as a product of a trend and their successes varied. Also, some cryptocurrencies allow public viewing of all transactions while others make privacy optional. The Monero – XMR cryptocurrency is known for achieving a high level of popularity over the past couple of years.
In today’s guide, we are talking about Monero in detail, sharing its privacy-oriented features and explaining the key concepts of Monero mining, price and other information.
What Is Monero?
If you are new to this cryptocurrency, you should know that Monero – XMR launched in 2014 as an open-source and privacy-oriented cryptocurrency that was designed and operates on the blockchain concept.
Basically, the name Monero means “coin” in esperanto. The cryptocurrency started out in 2014 as a form of Bytecoin which was the first private cryptocurrency to be created. The Monero protocol obfuscates the three main parts of any cryptocurrency transaction – the sender, the receiver and the amount that is sent.
The best way to define Monero is as a secure, private and untraceable cryptocurrency which is open-source and accessible to all. With Monero – XMR, you are basically your own bank – controlling and the only authority responsible for your funds. All of the accounts and transactions are kept private from prying eyes.
First launched in April 2014 in a fair launch of the CryptoNote reference code, the cryptocurrency was taken over by a new core team immediately due to disagreements with some of the founder’s controversial ideas. Since its launch, Monero has migrated the blockchain to another database structure which in turn improved its flexibility and efficiency.
Essentially, the blockchain is a form of an underlying technology behind the Monero – XMR cryptocurrency – built to be a public ledgers of the participants’ activities showing all the transactions on the network.
Moreover, Monero’s blockchain is configured to be opaque. In other words, the technology behind this coin makes the transaction details (such as the identity of senders and recipients) and the amount of every transaction completely anonymous. It disguises the addresses used by participants.
Aside from anonymity which is the main feature of this technology, the Monero mining process is based on an egalitarian concept where people are equal and deserve equal opportunities. In that way, Monero – XMR is designed without any stake kept by its developers. It supports a mining process where individuals get rewarded for their activities for joining mining pools so they can mine Monero – XMR coins individually.
How Is Monero Improving Privacy As A Coin?
Basically, the Monero – XMR cryptocurrency alleviates the privacy concerns by using concepts of ring signatures and stealth addresses.
Here, ring signatures are basically allowing senders to conceal their identity from other participants in a group – being completely anonymous and not revealing which member signed the transaction.
Stealth addresses, on the other hand, add additional privacy and are randomly generated for one-time use. These are created for each transaction on behalf of the recipient, enabling concealing the actual destination address of a transaction and hiding the identity of the receiving participant.
If we take a look at Bitcoin, we will see that it is not private. In fact, the Bitcoin blockchain is completely public and all of the transactions on it can be viewed by anyone on the web. If you want to keep your privacy in Bitcoin, you will have to use transaction mixers, VPNs as well as other methods. Monero – XMR, on the other hand, is entirely different and completely private.
What Is XMR?
XMR is the native token of the Monero network. Just like BTC is for Bitcoin, XMR is for Monero – mined through computers that guess the solution to complex math problems (known as Proof of Work). The algorithm used to mine XMR, however, is called CryptoNight and is quite different than the SHA-256 algorithm that is used to mine Bitcoin.
Speaking of, CryptoNight is an ASIC resistant algorithm which means that you won’t be able to mine more XMR if you have a more powerful computer. Even with a GPU, the mining advantage is not that substantial as it would be with other coins.
CryptoNight also allows personal computers to mine Monero which is how it quickly became popular for browser mining – an activity occurring when a site that you visit uses your computer’s CPU to mine in the background while you are scrolling and navigating through the site.
monero vs bitcoin
While Bitcoin works on a protocol that attempts to secure the participant’s identity using pseudonymous name addresses, Monero – XMR extends the privacy and keeps everything fully private.
Another advantage that Monero has over Bitcoin is the fungibility – often described as the substitution of two units of a currency in multiple ways. With its non-traceable transaction history, Monero – XMR offers participants a much safer network without any risk of having the units refused or blacklisted by other users.
Where To Buy Monero XMR?
There are a couple of exchanges which are selling Monero – XMR coins. The best websites and exchanges to buy Monero – XMR from include Binance, Huobi, Bitfinex, Gate.io and Changelly – according to user reviews.
One can buy Monero using their credit card and in-app exchange services on the exchanges. Because of the privacy, you should also choose a solid Monero – XMR wallet. Some of the popular XMR wallets include:
- MyMonero – the only web wallet active for this cryptocurrency is called MyMonero.
- Monerujo – a XMR wallet that lets you keep your private key on your Android device
Cake Wallet – the most popular iOS Monero wallet which is free to download and use
The Future Of Monero XMR
As one of the leading altcoins (alternative cryptocurrencies), Monero – XMR is a popular coin that is backed by a strong development team and a loyal following. This makes it a challenge to dethrone Monero as the choice for private cryptocurrency transactions.
Despite the increasing pressure from governments and taxation authorities on public blockchains, it seems like Monero will grow fine in the cryptocurrency space. For the latest news and updates on Monero – XMR, make sure to visit our altcoin news section.
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