MoneroXMR to AUD

What Is Monero (XMR) Cryptocurrency?

Monero (XMR) is a cryptocurrency focused on peer-to-peer privacy, which is untraceable and anonymous. Every user is anonymous by default on Monero. Every transaction is private on Monero, which means no one can trace it. 

Monero (XMR) was among the first cryptocurrencies to feature cryptography that offered advanced privacy and fungibility over all alternatives.
 

How Does Monero Work?

Monero relies on two essential concepts to provide privacy and anonymity: stealth addresses and ring signatures.
 

Stealth addresses enable a sender to generate a one-time public address on behalf of the recipient for every transaction. However, the recipient can still use a single public address for receiving all their payments, just like Bitcoin. Every Monero user will generate a private view key and a private spend key. The private view key will allow them to see all the transactions associated with their account, while the private spend key is similar to a Bitcoin private key – it’s used to authorize payments.
 

Ring signatures are a concept from general cryptography and refer to a digital signature that can be signed by any member of a specific group of people with private keys. Whenever you make an MXR transaction, your Monero wallet forms a ring out of other users’ keys it pulls from the blockchain. To anyone observing, it’s impossible to tell whose key was used to sign, making the transaction anonymous.

In January 2017, Monero introduced Ring Confidential Transactions (RingCT), which also hides the value of transactions.
 

Who Are the Founders of Monero?

Monero has no single founder or CEO. There is a core team of developers who are working and handling it. In 2012, a cryptocurrency research paper titled CryptoNote was released by a developer whose true identity is unknown: Nicolas van Saberhagen. A brand-new form of electronic cash called CryptoNote has been proposed, and the cryptographic methods are described above.

The first cryptocurrency to launch on the CryptoNote protocol was Bytecoin in July 2012, and in 2014, Bitmonero, also known as Monero, was forked into Bytecoin's codebase.
 

In December 2019, Riccardo Spagni (FluffyPony) stepped down as Monero's lead maintainer. He was one of the few developers known by name. He has been involved in cryptocurrencies since 2011, mining Bitcoin and later co-founding Tari, a Monero sidechain that enables and empowers non-fungible tokens (NFTs).  
 

Since Monero is an open-source project, its development is mainly funded by donations. Monero's Community Crowdfunding System (CCS) has been used by hundreds of people worldwide to support the project with proposals and funding.
 

What Makes Monero Unique?

There are some significant differences between Monero and Bitcoin, one of which is how updates are handled. The Monero software updates autonomously every six months, unlike Bitcoin, which requires a lengthy discussion before implementation, even the simplest of upgrades.
 

The Monero cryptocurrency was the first significant cryptocurrency to implement bulletproofs in 2018, a technology that significantly improved MXR transaction efficiency and resulted in a drop of at least 80% in average transaction size and a dramatic reduction in user fees.
 

While there are many other privacy coins, Monero has the largest market capitalization and is the most well-known. Privacy is also offered by default, unlike some alternatives such as Zcash, where it must be opted in manually.
 

What Gives Monero Value?

Privacy and anonymity are the most valuable features of Monero for most users. It allows people to make crypto transactions whenever they want for whatever reason without worrying about being observed by the government, hackers, or anyone else. There is also no way to trace MXR coins, so companies cannot blocklist them for suspected criminal links.

In addition to its utility as a medium of exchange, Monero may also have value to investors who believe that demand for privacy will increase in the future and drive up the price and overall market cap of MXR.
 

How To Use Monero

Since XMR's supply is increasing, it is less suitable as a hedge against inflation than other cryptocurrencies, and its primary use case remains anonymous transactions. In addition to businesses wanting to conceal their suppliers, citizens escaping government oppression, and the average consumer who wants to avoid being scrutinized for their purchases, this could be useful in various situations.
 

Monero (XMR) Token Metrics
 

Where is the Monero (XMR) coin available?

Monero (XMR) is available on a variety of cryptocurrency exchanges. The list of quick, secure, and easy exchanges as listed below.

• Binance
• Gate.io
• KuCoin
• Kraken
• Bittrex
   

You can check the whole list of exchanges are here to buy Monero (XMR)
 

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