Monero (XMR) is a decentralized, open-source cryptocurrency which is highly popular with its high level of privacy. The cryptocurrency is a brainchild of the bitcointalk user thankful_for_today. XMR coin is one of the oldest digital money which was released in April 2014.
Monero stands for ‘coin’ in Esperanto. The creator used Bytecoin and CryptoNote code base and made Monero from scratch. All improvements were implemented in privacy and security direction. The main aim was to reduce block time. Initially, it was only 60 seconds, but now the block is generated every 2 minutes. Since thankful_for_today disappeared, Johny Mnemonic began to develop XMR coin.
No wonder Monero has a lot of ups and downs. The coin was claimed as the primary cryptocurrency of the darknet. It was the most productive coin of 2016, and now we are watching the decline in its price. Why so? Let’s dot the i’s and cross the t’s about Monero with Changelly.
Monero (XMR) Coin Value
Great privacy features made XMR coin the star of 2016. It grew faster and bigger than any other cryptocurrency. Privacy feature was improved more in 2017. The developers implemented confidential transactions algorithm which was made by Bitcoin Core developer Gregory Maxwell. The new feature hides transacted amounts.
Monero was one of the leading crypto coins in darknet society. Due to the particular transaction scheme, it was easy to hide the purpose of the money. Here is an explanation of Monero transaction in comparison with Bitcoin.
Transaction in Bitcoin
Transaction in Monero
Alice sent 1 BTC to Bob
Whoever sent # XMR to Whoever
As you can see, it’s easy to send XMR coins and to stay anonymous. That helps darknet users to hide their money direction and buy stolen credit cards, drugs, and weapons.
Now Monero market capitalization is worth $1.585 million, and the coin ranks 11 among all cryptocurrencies. Today the price of one XMR is $92.53. Monero price was more than 5-times higher on January 7, 2018. The all-time highest price was $495.84. The lowest price was tested back on January 14, 2015. The coin was worth $0.212967.
You can check out the price-list formation and more details about the coin on BitcoinWiki.org.
Monero (XMR) Mining
Monero blockchain is based on Proof-of-Work consensus algorithm. The network uses RandomX. Let’s sum up some significant blockchain characteristics.
The average transaction fee is 0.00031 XMR ($0.029 USD)
Block time is 2 minutes
Block size is 23.722 KBytes
The average number of blocks per day is 30
Reward per mined block is 1.90+0.00446 XMR ($158.17 USD)
Hashrate is 304.239 Mhash/s
Blockchain size is 63.75 GB
Recent halving took place on the 5th of November, 2019. It was the 4th Halving (Reward=1.90 XMR/block)
CryptoNight hash algorithm is resistant to ASIC mining. You can mine XMR coins using the following hardware: x86, x86-64, ARM and GPU.
Monero Transaction Features
The Ring Signatures maintain Monero privacy. Such an electronic signature indicates the following. The message is signed by one of the members of the list of potential signatories but is not disclosed by whom exactly. In this case, the keys of all members of the list and the private key of the signatory itself are used.
One of the distinct difference of Monero contains in its key function. The network has multiple keys:
Public view key and private view key
Public spend key and private spend key
Let’s figure out the details.
The user generates a public view key as a public address where the cryptocurrency can be received. The receiver uses a private view key to scan the blockchain in order to find the funds sent to him.
Public spend key participates in ring transaction. It is also used to verify the signature of a key image. Private spend key helps to create the key which will enable the user to implement a transaction.
Monero uses a unique protocol that creates one-time addresses. This allows you to hide information about the payee, the balance of his account.
Another important feature of Monero is the use of stealth addresses. Thanks to this method, the sender can receive the recipient public key and convert it into one-off address. The recipient can publish one address and receive an unlimited number of public payments, which will be impossible to track.
Monero team publish plans and completed points regularly. The roadmap is listed on the website. We show some highlights from that scroll. Here are some plans of Monero developers:
Trezor Hardware Wallets Support (released a month ago)
Pruning nodes (an ongoing task)
Broadcast transaction over Tor
New Proof of Work RandomX
Anonymity network aggregator for data transmission
Second-layer solutions for speed and scalability
Additional MRL research papers
Monero Latest News
The developers of the privacy-oriented cryptocurrency Monero disclosed information about nine vulnerabilities. One of them could allow hackers to withdraw cryptocurrency from exchanges.
Malicious Monero miners had the opportunity to create unique blocks that could allow fake deposits to be credited to XMR until March 2019. The attackers themselves could set the amount for credit.
The developers reported five vectors of DoS attacks. One of them was flagged as Critical. All these problems were identified several months ago, but information about them was disclosed only now. Most vulnerabilities have now been fixed.
Monero cryptocurrency is all about privacy. That’s why we need to choose the most secure wallets to store XMR assets. In 2019, Ledger Nano hardware wallet released the version for Monero. The models X and S are available to save the funds.
If you prefer to store your XMR coins in the hot wallet on your device, there are some wallets available for iOS and Android. For instance, you can use Edge mobile wallet, Cake Wallet, and Monerujo Wallet (for Android).
You can also use a desktop wallet. Monero team developed a Monero GUI wallet to store your XMR coins more securely. If you want to create a paper wallet, you can generate a key offline here.
Where to trade Monero (XMR)?
It’s easy to exchange XMR coin due to a significant number of platforms accepting this cryptocurrency.
Buy Monero (XMR) at Changelly
Changelly platform offers you a way to buy XMR with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
It is absolutely clear that Monero development stays on three pillars of conservative crypto: fungibility, privacy, and decentralization. Monero team is capable and strong to hold their ground. The coin is not a beginner-friendly one that’s why it’s not widely adopted and accepted.
It will be interesting for us (and hope for you) to follow the future of Monero. The development team will achieve an even more confidential ecosystem after the implementation of POW Random X. Even though the price of a coin is falling now, it is possible that new success of one of the very first cryptocurrencies awaits us.
Disclaimer: This article about Monero (XMR) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.