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About Monero

“The Private Digital Currency”

Monero (XMR) is a secure, private, and untraceable cryptocurrency which has become the de facto privacy coin in the blockchain space. Its name “Monero” comes from the word for “coin” in Esperanto. The largest privacy coin by market capitalization, XMR has much going for it especially considering it is 100% untraceable having pioneering many of its own techniques. Running on a proof-of-work model, XMR transactions are confirmed by miners who validate on the network.

Monero’s origins as a formal project began in 2014. The team pioneered the use of an obfuscated public ledger, meaning that no observer can view the source, amount, or destination of any transaction, unlike Bitcoin. Its proof-of-work consensus algorithm was developed from the CryptoNote protocol, particularly its use of ring signatures which mixes transactions with others thereby making them impossible to track. Changing addresses also means that destinations for transactions cannot be viewed either. The Monero team has also taken it upon themselves to design the XMR network to be ASIC-resistant which prevents mining farms that are common on Bitcoin’s network.

Although the creators of Monero intended it to be a currency for financial security, XMR has garnered a controversial reputation as of late for illicit activities. Although XMR’s function can be seen as evasive of law enforcement, XMR’s underlying technology offers so much more. We should instead view XMR as the inevitable culmination of the cryptocurrency world: a completely private, fungible, and decentralized currency that, for some, is what Bitcoin was supposed to be all about.

ICO Price

Monero did not have an ICO. Instead, because it operates on a proof-of-work algorithm, the first Monero coins even created had to be mined. The first block mined occurred in April of 2014.

Key Features

Monero has many features which make it a unique cryptocurrency. It has also been responsible for pioneering many new privacy methods on the blockchain.

  • Completely decentralized thanks to the proof-of-work model.
  • Through the use of ring signatures and stealth addresses, XMR transactions are also completely untraceable.
  • ASIC-resistant.
  • Changing public-view key.
  • Controlled inflation and limited supply to be reached by 2040. There are currently 16.7 million XMR in circulation.

For more information on the specifics of Monero, check out Monero.how.

About the Team

The Monero team is mostly anonymous although it is led by Riccardo “fluffypony” Spagni. They are committed developers who have a tested, working product out now so they have proven themselves. You can find more information on the Monero team here.

Monero Price History

Monero has had a turbulent price history since it was introduced in 2014. In 2016, XMR exploded in value due to its increasing usage on the darknet. Despite reaching an all-time high of $440 it has fallen due to the bearish market. It is currently $45 at the time of writing with a market capitalization of $757 million.

Website and Social Media

Monero has one of the most active internet communities in the crypto world. One main hub for discussion is the r/Monero and r/XMRTrader subreddits, each of which are very active. GetMonero.org is the official website for XMR but there are dozens of fan-made databases as well.

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