Not all users were satisfied with the transparency of the network of the first cryptocurrency Bitcoin, and this prompted developers to create truly anonymous digital coins. Monero is one of such creations.
Monero is a crypto coin focused on increased transaction privacy. The advantages of Monero (XMR) are non-traceability, security, and lack of restrictions on emission.
Launched in 2014, the cryptocurrency is called Monero, which means “a coin” in the artificial language Esperanto. It is in the cryptos by market cap as of September 2020. The conversion rate for Monero to USD for today is.
The XMR cryptosystem uses the following technological innovations:
- Floating volume of information block. The signed block must be at least 1 MB, but the average is about 8 times larger. The network cryptographic protection uses the adaptive Scrypt feature. It is specially designed to protect against hacking by direct enumeration of values on integrated circuits;
- Helper hash functions Grøstl, JH, BLAKE, and Skein;
- When processing transactions, the x86–64 mode is used;
- Extension of the AES instruction set for x86 microprocessors.
There are two options provided by project developers: an official Monero wallet supporting about 30 interface languages and an online wallet. The former is used to store and manage XMR long-term and is available at getmonero.org. The latter doesn’t require downloading blockchain and is perfect for short-term holding.
XRM is mined using both GPUs and processors. Either of the two options may be suitable under certain conditions. The CryptoNight hashing algorithm is an integral part of the CryptoNote protocol. The PoW algorithm is implemented during Monero mining.
During the last couple of years, the project has partnered with many providers of goods and services. Now that large vendors like AppStore accept the coin, users buy Monero more often. You can buy XMR at many crypto exchanges, but these offer more favorable conditions for this particular coin.