What is Monero (XMR)?

Apr 27, 2018 at 16:59

Monero (XMR) is an open-source cryptocurrency with a focus on privacy that was launched in 2014. Its developers utilized ring signatures and stealth addresses in its system to hide the identity of senders and recipients.

While its users can keep their transaction history private, they can also share such information to selected individuals since each account has a view key that allows anyone holding it with access to an account’s transactions.

One of XMR’s unique features is it mixes all coins used in transactions in order to eliminate suspicions that coins are just being mixed to hide information that senders and recipients don’t want third parties to see.

It is also interesting to note that true to its utmost care for privacy, the team of developers behind Monero are unidentified up to now. The cryptocurrency is also famous for its fungibility which makes individual unit of a currency to be substituted for another with an equal value.

With the said capability, XMR has become a popular cryptocurrency especially with dark web marketplaces.

If XMR is sent as a payment, it will be announced to the network instantly. On average, in about a second, a wallet will be able to see that the transaction has been announced.

The digital coin may be stored in secure, third-party wallets to avoid risks in exchanges such as hacking.

Where to buy?
XMR is available in a lot of global exchanges including Poloniex, Bitfinex, Kraken, AnyCoin, LocalMonero.co, MoneroForCash, Liberalcoins, LiveCoin, LiteBit and BuyUcoin, among others.

Is it mineable?
Monero has an estimated supply of 18.4 million XMR with 15,962,350 already in circulation. Once the total number of XMR reached the maximum, supply will stop decreasing and stay at a constant rate of 0.3 Monero per minute to provide incentive to secure the blockchain even after the maximum number has been distributed.