Charts price for Monero (XMR)

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Description of Monero (XMR)

Monero Origin

Release Date: April, 2014.

Monero is an entirely open source cryptocurrency with a large focus on decentralization and privacy (anonymity). The project is being worked on by a very skilled team of 7 developers. Two of which remain practically anonymous, with the exception of Riccardo of Spain and Francisco Cabanas.

Monero Functionality

Monero can run on MacOS, Linux, Windows, Android and FreeBSD. All of the transactions on the network are recorded on a public Blockchain ledger and verified by miners. The main thing behind Monero is that transaction participants remain entirely anonymous.

Due to Monero being very focused on privacy, the cryptocurrency has seen a plethora of uses in terms of illegal activities in the dark web and out of it. There have also been cases when bad actors would implement Moneros mining code into various websites, using unsuspecting users computing resources to mine the coin.

In 2015, the value of Monero did not exceed $1, however, that has since then changed. Monero, as of early April 2018 is currently valued at over $170 and is in the top 20 cryptocurrencies based on market capitalization.

Monero runs on the CryptoNote protocol, which is why it possesses obfuscating Blockchain algorithms, which provide high security. Stealth addresses are also generated for each Monero transaction, meaning that only the transaction generator is aware of the transaction destination address.

Moneros anonymous property were further increased through the implementation of the Confidential Transaction algorithm. Which hides amounts being transacted.