Monero (XMR) currently has a price of $175.98 and is up 0.51% over the last 24 hours. The cryptocurrency is ranked 25 with a market cap of $3.2B. Over the last 24 hours, it saw $68.9M of trading volume. The token has a circulating supply of 18.1M tokens out of a total supply of null tokens.
Monero (XMR) is a privacy-focused cryptocurrency that allows users to make untraceable and anonymous transactions through its unique privacy features and technology. It offers decentralization and fungibility, making it a popular choice for individuals seeking financial privacy.
Monero has a focus on untraceable transactions, prioritizing the privacy and anonymity of its users. This is achieved through the use of advanced cryptographic techniques, including ring signatures, stealth addresses, and confidential transactions.
Ring signatures play a crucial role in maintaining Monero's privacy aspects. By combining a user's transaction with several others, it becomes impossible to identify the specific input being spent. This ensures that the true origin of funds remains concealed, guaranteeing a high level of privacy for Monero users.
Stealth addresses significantly contribute to Monero's untraceability. When a recipient shares their stealth address, it is used to create a one-time address for the transaction. Although this one-time address is publicly recorded on the blockchain, it cannot be traced back to the recipient's actual address. As a result, the identity of the receiver remains private, providing an extra layer of anonymity to Monero transactions.
Confidential transactions further enhance Monero's privacy features by obfuscating the transaction amount. Instead of revealing the exact amount, Monero employs a cryptographic commitment scheme to ensure that the inputs and outputs in a transaction balance out. This prevents external observers from discerning the specific amounts involved, safeguarding the financial privacy of Monero users. Monero's emphasis on untraceable transactions highlights its commitment to user privacy and anonymity.
Unlike Bitcoin, which is dominated by large mining operations using specialized hardware called ASICs, Monero ensures that mining remains accessible to a wider range of participants. This promotes a decentralized mining ecosystem, which is crucial for maintaining the principles of a decentralized cryptocurrency. The significance of its ASIC-resistance lies in its ability to level the playing field. By preventing the use of ASICs, Monero ensures that mining power is not concentrated in the hands of a few, thus enhancing network security and resilience. This decentralized approach to mining also contributes to the privacy and fungibility of Monero.
In April 2014, a developer named Nicolas van Saberhagen released a whitepaper for a protocol called CryptoNote. A BitcoinTalk forum member known as "thankful_for_today" took the idea and coded it into a coin known as BitMonero. This was forked in the same year to create Monero. Riccardo Spagni, known as fluffypony, was a core maintainer of the project. He stepped down in December 2019 after spearheading the project for five years.
Disclaimer: The content was generated with the use of AI. For feedback and sponsorship enquiries, email [email protected].
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.