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Monero Price – XMR/USD
Monero (XMR) is an open-source cryptocurrency created in 2014 to specifically address the issue of privacy while conducting transactions using digital currencies.
Unlike Bitcoin and its other derivatives, Monero is based upon the CryptoNight algorithm, which in turn, comes from the CryptoNote protocol. It also possesses significant differences in its algorithm compared to Bitcoin to further obfuscate its blockchain network.
Launched by a BitcoinTalk forum user named “thankful_for_today”, the currency suffered a breach due to the underlying CryptoNote framework, which was subsequently patched. The word literally means coin in Esperanto language.
On top of the privacy options Monero offers, the currency can also be mined, but unlike other cryptocurrencies which need ASICs for efficient mining, Monero can be mined efficiently on consumer grade hardware such as x86-x64 and ARM computers and modern Graphical Processing Units developed by AMD and NVidia.
Compared to Bitcoin, the advantages offered by Monero are:
- Ring Signatures protects privacy by hiding users among other transaction outputs.
- Implementation of Confidential Transactions hide the amounts of transactions done by users on the network.
- Two sets of keys called a view key and a spend key can be enabled separately to allow for transparency.
The total number of Monero available in the market is more than 15 billion. The cryptocurrency ranks 13th compared to other cryptocurrencies in terms of total market capitalization.
Monero is now available on various exchanges like Bitfinex, Bittrex, Poloneix among many others. Monero’s privacy has made it a hot commodity among users.