Monero is an open-source cryptocurrency and digital currency system. Monero is privacy-focused and aims to allow for transactions that are untraceable and secure by using a unique method of cryptography, distributed ledger blockchain technology, a proof-of-work system, and stealth addresses. A notable differentiator between Monero and other cryptocurrencies is their obfuscated public ledger. Anyone can send transactions. However, nobody can identify the source, destination, or amount of a particular transaction.
Additionally, user account balances are also hidden. It is highly uncommon among cryptocurrencies for such in-depth privacy features. This sets Monero itself apart from the rest of the market.
In 2014, a fork in Bytecoin’s codebase birthed a combination of Bitcoin and Monero. This lead to the currency name of BitMonero. Bytecoin was the original version of CryptoNote, which is the protocol that powers many decentralized cryptocurrencies. This Bytecoin fork was the result of many unhappy members of the cryptocurrency community who noticed a dishonest publication of coins. This communal effort was led by user and developer who went under the pseudonym, Johnny Mnemonic. BitMonero was eventually renamed Monero, which means “coin” in the Esperanto language.
Monero’s advancements in privacy began to attract users and an increased volume of transactions throughout 2016, making it an increasingly popular cryptocurrency. Not surprisingly, Monero was one of the fastest growing and best-performing privacy-focused cryptocurrencies that year. This quick growth, however, was not all created from quality sources. The darknet market was using Monero as a way to collect payment for illegal materials. Everything from stolen credit cards to narcotics was being bought and sold with Monero. Monero was especially appealing due to its hyper-secure nature. This brought Monero to the focal point of blockchain news and digital currency enthusiasts. In 2017, primary darknet market sources were shut down, helping to limit the illegal use of Monero and ultimately bolster the reputation of the Monero community.
2017 proved as an important year for Monero’s security and privacy features. Their team had adopted an algorithm from Bitcoin Developer, Gregory Maxwell. This algorithm was called Ring Confidential Transactions, or RingCT, and allowed for hidden transaction amounts along with several other improvements. Ring Confidential Transactions are comparable to other knowledge proofs such as the zk-SNARK algorithm.
As of 2018, there were seven core Monero developers which comprised the team. They unofficially go by the pseudonym, Luigi1111. 2018 included some significant Monero forks and advancements, including their bulletproof integration, which is designed for dealing with range proofs, and primarily meant to reduce transaction fees and improve verification. It was also implemented to try and prevent ASIC miners. Monero also announced plans for further hard forks and soft forks in October of 2018.
Despite considerable growth and efforts to improve Monero’s foundation, notably their ring signatures, 2017 brought upon severe privacy threats to Monero users. Input amounts were being exposed, users were “churning” (sending funds to themselves), and ring signature outputs could easily be predicted. Monero’s Research Lab highlighted these underlying issues and implemented plans to address and fix them.
Monero is essentially an anonymous cryptocurrency - the antithesis to central banking because of its lack of central authority. It prides itself on providing features that allow users to conduct untraceable transactions and act as a digital currency that can, “be their own bank.” In parallel, Monero also gives users the option to provide selective transparency to any parties involved in a transaction. Monero can accomplish these feats through their public blockchain and use of stealth addresses, which hide the IP addresses of parties in a transaction. These features are some main differentiators from other virtual currencies. As of 2018, Monero transaction fees we’re 1%, and their transaction sizes were 6 kilobytes. Additionally, there is no block size limit for Monero
When buying XMR cryptocurrency, fee amounts can vary depending on which exchange a user goes through. Monero cryptocurrency can be obtained through most Bitcoin exchanges. Monero recommends using a direct trading exchange such as Kraken to purchase and make XMR transactions. For example, cryptocurrencies like Bitcoin cash or Litecoin can be obtained, then used to trade or convert to Monero. Users can access different BTC/XMR exchange services. Some user-friendly options include Changelly and Shapeshift. Monero can also be purchased by buying Bitcoin or Litecoin, and then exchanged for Monero using Poloniex. Coinbase or Binance are popular trading methods as well, depending on the user’s preference. Many of these services can also be used to calculate exchange rates for Monero to foreign currencies.
It's important to make sure that your cryptocurrencies are safely stored after purchasing them. Users will need to find a secure wallet hold their Monero and make Monero transactions. The Monero GUI Wallet is a popular desktop option that is designed explicitly for XMR. MyMonero is a web-based wallet with what many would consider being a simple user interface. Monerujo, contrary to other cryptocurrency wallets, is mobile-based. This open-source wallet uses remote nodes which sync to Monero’s blockchain. Monerujo could be an appropriate option for users who seek the ability to manage their Monero on the go.
As of September 2018, Monero’s price peaked in January of 2018 at $542.33 and had a market cap of $1.87 billion. This peak occurred from several factors. When looking at the XMR price history in the short term, it has since stayed between a range of $85 to $150 during the summer of 2018. While there is data to infer the future price of XMR, many factors need to be taken into account when making an XMR price prediction.
Use Coins.Live’s real-time data, XMR price calculator, XMR price charts, portfolio tracker, Monero news stream, and detailed daily chart metrics. Access detailed coin profiles to view 24h volume, all-time history, and several other informative filters. Since crypto markets can rapidly fluctuate, Investors should do substantial research. Invest solely at your own risk and only accept financial advice from professional financial advisors.
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