Monero

Monero

XMR
$155.99%1.57

Key Metrics

Price$155.99
Real Volume (24H)$86,144,048.72
Marketcap$2,848,175,038.89
Fully Diluted ValuationN/A
ATH$542.33
ATH Date1/9/2018, 3:00:00 AM
ATL$0.216177
ATL Date1/14/2015, 2:00:00 AM
Circulating Supply18M
Total SupplyN/A
Popularity Rank22
Chart
What is Monero?

Monero is a decentralized, open-source cryptocurrency that uses a proof of work (PoW) consensus algorithm to secure transactions and issue new coins. It is designed to be private and untraceable, with an obfuscated public ledger that allows users to broadcast or send transactions without revealing information about the source, amount, or destination. The Monero network is powered by the Nitrogen Nebula software and the Dandelion++ Protocol, which facilitate untrackable transactions and relay network transactions, respectively. A wallet is the primary storage method for Monero transactions, which only appear in the recipients' wallets when tokens are transferred from one user to another.

The Monero project has a brief but eventful history. It was initially inspired by Bytecoin, the first implementation of the CryptoNote application layer protocol, which aimed to address issues with traceability, mining centralization, and irregular coin issuance in Bitcoin. The Monero project was formed in April 2014 by a group of seven community members who forked the BitMonero project, which had received a negative response from the community. The Monero Core team, led by Fluffypony (Riccardo Spagni), was mostly anonymous. Since its launch, Monero has gained widespread adoption as a darknet currency due to its anonymity-by-default features. In 2017, Monero further enhanced its privacy features by integrating Ring CT signatures, a method developed by Bitcoin Core developer Greg Maxwell that obscures transaction amounts and addresses for each element in the ring signature. In October 2018, Monero introduced bulletproofs, a zero-knowledge proof method that replaces the previous zero-knowledge range proofs and significantly reduces the size of its secret transactions by at least 80%, improving transaction efficiency. Monero has regular hard forks every six months to allow for ongoing development and give users sufficient time to upgrade before being split from the network. These hard forks often include patches, bug fixes, hashing algorithm tweaks, and feature enhancements. Fluffypony stepped down as the lead maintainer in December 2019 in an effort to further decentralize the project.

Miners are responsible for the security and validation of all Monero network entries, and the current protocol is the PoW model, which is also used by Bitcoin. This model requires the solving of mathematical problems in order to create or transfer value. Monero is a fungible currency, meaning that it is interchangeable with other units of the same value and is not subject to discrimination or rejection. This makes it attractive to businesses, as they cannot reject Monero payments due to any perceived association with questionable activities. Monero may appeal to users who want to push the boundaries of cryptography in cryptocurrency and create a global financial system that allows for secure and unrestricted saving and spending. It can be used by businesses to make purchases from suppliers without disclosing sensitive information, and by consumers to prevent price discrimination while making online purchases by concealing their financial information.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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