Monero Means Coin

Maja Mazur
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Monero is one of the most private cryptocurrencies out there. It’s good for people and companies that want to stay anonymous during and after the transactions they make. Although it may sound a bit dodgy, Monero actually has the potential to be a very safe and secure coin.

What is Monero?

Monero means ‘Coin’ in Esperanto. It is an open-source digital currency created in 2014. It offers its users a high level of anonymity. Like the most popular Bitcoin, Monero is a decentralized cryptocurrency, but unlike Bitcoin, Monero is more of a private, personal crypto.

Monero’s creator remained anonymous, but the cryptocurrency is developed by many people. Most of them hide behind their internet nicknames:

  • Riccardo Spagni
  • Francisco Cabañas
  • smooth
  • othe
  • luigi1111
  • tacotime
  • NoodleDoodle

For whom?

Monero is the right cryptocurrency for you if you want to keep your transactions private. Anonymity is one of the most important aspects of this payment system.

While using Monero you don’t give or get access to the holdings even if you know the public address. The transactions are unlinkable and untraceable. Coins are rerouted during the payments through a randomly created address. Each of those addresses is specifically assigned to only one transaction. The Monero ledger, unlike blockchain​, doesn’t store the addresses of the sender and the recipient. Both parties stay anonymous. No one is able to track the transactions.

Additional features

Monero also uses a feature called the ring signature. This technology ensures that every Monero transaction between two parties is grouped with other, unrelated transactions. This means that all of the payments are being listed together, which makes hard to distinguish a single one. The ring signature also decrypts the number of coins involved in transactions. This technology seems similar to other anonymization techniques adopted by other cryptocurrencies, like coinjoin strategy, but Monero’s invention varies from coinjoin, because it doesn’t require a signed agreement.

Monero’s history

This cryptocurrency was initially called Bitmonero, but after just a few days its creators decided to change the name. The beginning wasn’t easy for Monero. The release was poorly received by the crypto community. The cryptocurrency was created as an extension of Bytecoin but that idea didn’t work out either. Its anonymous creator disappeared from the online scene and dropped the further development plan. After five days, a group of users took the project over and decided to save the newly created crypto. They also changed the name to Monero.

Values and prices

Right now (31st October) Monero is worth $103.50 USD. The price rapidly rose mid-2016 and has been quite fluctuating ever since. Currently, in circulation there are 8 14,698,399 XMR. Monero is 10th in the coinranking.com.

chart-monero

MONERO – INFORMATION

MEDIA

 

EXCHANGES

You can find Monero on these exchange platforms:

 

ABOUT XMR

  • Monero is a highly anonymous cryptocurrency
  • Monero uses ring signature
  • The official ticker symbol for Monero token: XMR
  • Algorithm: CryptoNight
  • Maximum token supply: no limit
  • Circulating supply: 14,698,399 XMR
  • Number of blocks: 1,342,420
  • First block: 04/18/2014
  • Block size: 19.994 kb
  • Block time: 120s
  • Block reward: 7.72 XMR

 

Image from https://coinmarketcap.com

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