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Monero

XMR

Monero

XMR

$620.05

+3.17%

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About Monero

Monero Price Summaries

Monero's price today is $620.05, with a 24-hour trading volume of $213.06M. XMR is +3.17% in the last 24 hours. It is currently -1.46% from its 7-day all-time high of $629.21, and 14.05% from its 7-day all-time low of $543.65.XMR has a circulating supply of 18.45M XMR.

What is Monero?

Monero (XMR) is an open-source, decentralized cryptocurrency that focuses on privacy. It uses a **Proof of Work (PoW)** consensus algorithm to issue new coins and secure transactions. Monero's key feature is its obfuscated public ledger, which allows users to broadcast or send transactions without revealing sensitive information like the source, amount, or destination to outside observers.

A Brief History of Monero

Monero's origins can be traced to Bytecoin, the first implementation of the CryptoNote protocol, which was designed to address concerns with Bitcoin's traceability and mining centralization. When Bytecoin's initial release was met with disappointment from the community due to a large pre-mine, seven community members forked it into a new project called BitMonero. This group, which was mostly anonymous and headed by Riccardo "Fluffypony" Spagni, then forked BitMonero into a new project named Monero, which launched in April 2014 with no premine or instamine.

Monero has continuously improved its privacy features. In 2017, it integrated **RingCT** (Ring Confidential Transactions) signatures, which obscure transaction amounts and addresses. In October 2018, it implemented **Bulletproofs**, a type of zero-knowledge proof that significantly reduces transaction sizes by at least 80%, making transactions more efficient. Monero has a history of undergoing hard forks every six months to introduce regular patches, bug fixes, hashing algorithm tweaks, and feature enhancements. In December 2019, Riccardo Spagni stepped down as the lead maintainer to further decentralize the project.

How Monero Works

The Monero ecosystem is powered by the Nitrogen Nebula software, which enables untraceable transactions. The **Dandelion++ Protocol** is used to relay and propagate network transactions. All transactions are managed through a wallet, and when tokens are transferred, they only appear in the recipient's wallet.

Like Bitcoin, Monero's security and validation are handled by miners who use a Proof of Work (PoW) model. This method requires miners to solve complex mathematical problems to create new blocks and add them to the blockchain, ensuring the network's integrity. Monero's specific PoW algorithm, called **RandomX**, is designed to be resistant to specialized ASIC mining hardware, a design choice intended to keep mining accessible to a wider range of users and prevent centralization.

What is Monero Used for?

Monero is a **fungible** currency, which makes it an attractive option for both individuals and businesses. Fungibility means that every unit of XMR is identical and interchangeable with any other, without a transaction history that could taint a specific coin.

Due to its privacy features, Monero can be used in various ways:

* **Private Transactions:** Users can send and receive cryptocurrency without revealing the sender, receiver, or amount of the transaction. This is useful for individuals who want to maintain their financial privacy.

* **Commercial Transactions:** Businesses can use Monero to purchase from suppliers without disclosing commercially sensitive information.

* **Avoiding Price Discrimination:** Consumers can use Monero to prevent price discrimination when making online purchases, as their past buying habits and personal information are not tied to their transactions.