The live price of Monero is - per (XMR / USD) with a current market cap of $6.30B USD. 24-hour trading volume is - USD. XMR to USD price is updated in real-time. Monero is -% in the last 24 hours with a circulating supply of 18.45M.
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Monero (XMR) is a private, secure and untraceable cryptocurrency launched on April 18, 2014 as a fork of ByteCoin. It is an open-source, privacy-oriented digital currency built on an opaque blockchain network. Monero developers claim that users have full control over their funds and privacy, as no one can see other people's account balances or transaction records.
As a privacy-focused cryptocurrency, Monero uses ring signatures and stealth addresses. Ring signatures are a type of anonymous digital signature that does not reveal the owner of a transaction signature. Ring signatures are generated by mixing the sender's public key with other public keys on the blockchain. Stealth addresses are one-time addresses randomly generated during each transaction to hide the destination address and recipient's identity of the transaction. Ring Confidential Transactions (RingCT) can also hide transaction amounts; in 2017, this feature was added to the Monero network and became a mandatory feature of the transaction network.
Monero is based on the CryptoNote protocol, and unlike Bitcoin, it has a dynamic block size and transaction fees.
Monero's privacy features are supported by five key technologies:
- Ring signatures combine a user's signature with other signatures in the network to form an indistinguishable "ring" of potential signers, effectively masking the true sender and thus achieving anonymity of transactions.
- Ring Confidential Transactions (RingCT) can hide transaction amounts, encrypt this information, and only the sender and receiver can access this information, thereby maintaining the confidentiality of each Monero coin transaction history.
- Stealth addresses generate a unique one-time address for each transaction, making it difficult to link the recipient's address to their identity, adding an extra layer of privacy protection.
- To protect privacy, Monero allows transactions to be conducted through the anonymous Tor and I2P networks, which obscures the source and destination of transactions and protects the user's IP address and physical location.
- Dandelion++: Monero further enhances transaction privacy through the Dandelion++ protocol. Transactions go through a "dry" phase, shared with a single neighboring node, and then broadcast to the entire network in a probabilistic manner, making it difficult for adversaries to trace the source of transactions.
The main goal of Monero (XMR) is to facilitate private, untraceable and secure transactions, enhancing financial privacy by obfuscating transaction details such as sender, receiver and amount transferred.
With its focus on privacy, Monero is uniquely positioned in the market and may maintain its value in the long term if privacy issues remain relevant. However, market dynamics and regulatory developments may also affect its durability.
Monero was launched on April 18, 2014 by an anonymous developer using the pseudonym thankful_for_today. However, the project quickly evolved into a community-driven effort with numerous contributors.
Monero relies on a variety of technologies to achieve its reported privacy features. The asset system uses ring signatures to obfuscate the clarity of who actually digitally signed a given transaction. Monero also hides the total amount of XMR transactions using a technique called ring signature transactions (RingCT). Single-use addresses, called stealth addresses, are also part of the Monero system, among other examples.
Monero (XMR) ensures the privacy and anonymity of transactions through several key features: Stealth addresses create a one-time unique address for each transaction, protecting the identity of the recipient; Ring signatures mix the user's account key with the public key on the blockchain to obfuscate the source of funds; Ring Confidential Transactions (RingCT) hide the transaction amount. These features work together to prevent outside observers from associating transactions with specific users or tracking their transaction history.
The Monero blockchain, like Bitcoin and Ethereum, is a large distributed data network. According to the Monero team, the Monero blockchain does not have a fixed size. Currently, the full Monero blockchain is 95 to 100GB in size, and its stripped-down or lightweight version is said to be around 30GB.
The main priorities of the Monero development team include enhancing privacy and security features, improving scalability and efficiency, maintaining the decentralization of the network, and promoting community engagement and user education. The team is committed to advancing the development of encryption technology, optimizing blockchain size and transaction speed, and making the protocol more resilient to regulatory challenges. Improving ease of use through improvements to wallets and user interfaces is also a key consideration to promote wider adoption.
You can buy it on the Binance exchange that supports Monero.
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