• Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News

    Bitcoin Surges Past $100K Amid Market Instability

    Bitcoin Surpasses $100K Amid U.S. State Crypto Laws

    Bitcoin Open Interest Surges $2 Billion Amid Rising Volatility

    Hackers Breach Nearly 60,000 Bitcoin Addresses Linked to LockBit

    Federal Reserve’s Tight Policy Affects Bitcoin Growth

    Arizona Governor Enacts Law for State Crypto Reserve

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar

    Dogecoin Surges as Whales Move $148 Million

    Meme Coins Rally Amid Anticipation of Trump’s Announcement

    USD1 Stablecoin, Backed by Trump, Climbs to Major Market Position

    Solana’s DEX Volume Surpasses $500 Billion, Eyes $180 Target

    Dogecoin Eyes $0.20 as Binance Traders Turn Bullish

    Trump-Backed USD1 Becomes Seventh-Largest Stablecoin

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    Benefits Of Choosing the Right AI Trading Bot

    4 Benefits Of Choosing the Right AI Trading Bot

    Crypto Trading

    A Beginner’s Guide to Crypto Trading: Unlocking the World of Digital Coins

    BitcoinGames.com

    BitcoinGames.com Introduces the Ultimate Casino Gaming Experience with Bitcoin

    How AI is Helping Athletes and Fans Get the Most out of the Game

    From Training to Judging, AI is Entering the Ring

    Top 5 Websites for Buying Gift Cards with Crypto

    Clutch Savours – Gift Certificates You Can Buy with Crypto

    Layer 2 Blockchains

    Everything You Need To Know About Layer 2 Blockchains

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

What is Monero (XMR)? Things to Know Before Trading Monero

Anca F. by Anca F.
November 1, 2018
in Crypto 101, Cryptocurrencies

What is Monero?

Monero, formerly known as BitMonero, is an open-source, cryptocurrency launched in April 2014, which focuses on transactional privacy. The developers behind this innovative digital asset did not reserve any for themselves, relying solely on donations and its community to fund the development.

Ring Signatures and Mixing Addresses

Monero makes use of ring signatures and stealth addresses to mask the identity of senders and recipients. Ring signatures mix a user’s account keys with public keys which come from Monero’s blockchain to result in a ‘ring’ of possible signers, preventing outsiders from linking a signature to a specific user.

While there are many existing mixing services for many cryptocurrencies, users usually only use mixed coins when they want to hide something. Monero, however, mixes all coins used in transactions, which helps remove the suspicion regarding the fact that mixing is used to conceal information the senders and recipients want to keep private from third parties.

While Monero users are able to keep their transaction history private, they also have the option to share information selectively. Every Monero account features a view key, which lets anyone holding it see the account’s transactions.

An update called RingCT was a new ring signature which was implemented to hide both the value of individual transactions as well as the identity of senders and recipients.

The coin also enhances privacy by implementing randomly generated stealth addresses, which are one-time addresses made for each transaction for the recipient. This feature allows recipients to publish a single address as well as the transactions they receive. This means that Monero transactions cannot be linked to the published address of the sender or recipient.

Fungibility and adoption

XMR also offers fungibility, meaning that each individual unit of a currency can be swapped for another. This means that every coin has equal value.

Due to Monero being untraceable, no two coins can be distinguished from one another, and they are both equal if someone decides to look up their transactional history. Without this level of fungibility, a merchant that accepts cryptocurrency might pass on one of these assets because of its history.

Monero’s Market

Monero is supported on nearly 40 crypto exchanges and platform. Those interested in purchasing the crypto can do so on a number of popular and well-established exchanges including Poloniex, Bitfinex, Binance, and Kraken.

The coin can be mined just like many other cryptos. Miners have the ability to join mining pools, or they can also mine individually.

Monero uses a proof-of-work (PoW) algorithm which makes it accessible to a variety of processors, an implementation which ensures that mining is open to many different parties instead of just large mining factions.  This means that you do not need ASICs to mine it; you can use any type of computer.

XMR’s block time is approximately two minutes. Monero rewards miners with a ‘permanent block reward’, which is described like so:

“The block reward will never drop below 0.3 XMR, making Monero a disinflationary currency: the inflation will be roughly 1% in 2022 and go down forever, but the nominal inflation will stay at 0.3 XMR per minute. This means that there will always be an incentive for miners to mine Monero and thus keeping the blockchain secure, with or without a fee market.”

At the time of writing, the block reward was around 7.46 XMR, meaning that the Monero network was making almost 224 XMR per hour and 5,376 XMR a day. The hash rate of the network was 81.84 million hashes per second.

Price volatility

The price of Monero’s XMR token has fluctuated significantly at times, with an increase of 1,300% since it began trading on CoinMarketCap. The cryptocurrency has fluctuated between roughly $0.25 (in January 2015) and almost reached 500$ in January.

Dark market acceptance

Due to its privacy features, Monero has received a lot of acceptance from multiple dark web marketplaces and has generated significant visibility for its ability to provide users with a high degree of anonymity.

AlphaBay and Oasis adopted the currency, and the support from these two dark web markets helped generate significant media coverage.

Final Words

Providing strong security and guaranteed privacy for its users, this coin is attracting more traders by the day.

Tags: BlockchainCryptocurrencyMoneroring signatureXMR
Previous Post

Bizkey Launched Token Day to Mark the 10th year anniversary of cryptocurrency

Next Post

Is Ripple the Best Choice For Amazon?

Anca F.

Anca F.

Related Posts

Benefits Of Choosing the Right AI Trading Bot

4 Benefits Of Choosing the Right AI Trading Bot

by Hellen
June 24, 2024

With all the hype surrounding AI, it doesn’t come as a surprise that people are using it to come up...

Crypto Trading

A Beginner’s Guide to Crypto Trading: Unlocking the World of Digital Coins

by Hellen
March 13, 2024

Cryptocurrency trading has emerged in digital finance, offering intriguing prospects to investors who wish to participate in digital currencies. We...

BitcoinGames.com

BitcoinGames.com Introduces the Ultimate Casino Gaming Experience with Bitcoin

by Hellen
January 23, 2024

In an exciting new development in the cryptocurrency realm, an innovative online platform, Bitcoingames.com, has emerged, revolutionizing the world of...

How AI is Helping Athletes and Fans Get the Most out of the Game

From Training to Judging, AI is Entering the Ring

by Hellen
December 7, 2023

AI is having a heyday. With the rapidly decreasing costs of creating custom AI models, people are scrambling to tailor...

Top 5 Websites for Buying Gift Cards with Crypto

Clutch Savours – Gift Certificates You Can Buy with Crypto

by Hellen
October 31, 2023

We're all pretty much on the same page when we say that crypto isn't just about investments and savings. It's...

Layer 2 Blockchains

Everything You Need To Know About Layer 2 Blockchains

by Hellen
October 23, 2023

Introduction When it comes to the core design of a blockchain network, developers may not necessarily apply updates in the...

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.