Monero ($XMR) is a decentralised cryptocurrency which is privacy-focused and prides itself on being untraceable and completely anonymous.
Monero uses ‘ring signature cryptography’ to hide and obscure transactions on its network all while preventing counterfeit coins. Monero like Bitcoin and other cryptocurrencies can be used to transact and pay for goods and services as long as Monero is accepted of course. Monero is fundamentally set up a little different to Bitcoin and other major cryptocurrencies in the fact that Monero does not have a fixed, capped maximum supply e.g Bitcoin has 21 Million.
Lets dive into Monero…
TITLE/TICKER : Monero / $XMR
COMPANY ORIGIN : Global
PLATFORM : Monero
CONSENSUS ALGORITHM : Proof-of-Work (PoW)
FOUNDERS/CEO : Riccardo Spagni and Franciso Cabanas
PURPOSE : Privacy focused cryptocurrency
POINT OF DIFFERENCE : Private
MAJOR PARTNERS : Microsoft Azure
WEBSITE : Monero Website
POSITION/WHITE PAPER : N/A
WORKING PRODUCT ? : Yes
CURRENT PRICE ACTION :
How does Monero work?
Monero has a number of features that allows users to remain private and secure. Some notable features are;
Your public addresses are not exposed/do not show on the Monero blockchain.
Monero has written a completely fresh code to guarantee genuine code and is not simply a copy-cat project.
Each individual transaction is secured & encrypted.
Funds moving around the Monero network are concealed using “ring signature cryptographic techniques”.
Monero runs on a mining algorithm called ‘CryptoNight’ which has been built by design to deter and resist special mining hardware that would be detrimental to the Monero network.
What problems is Monero looking to solve?
Monero understands that the world needs privacy and the lack of privacy can create issues, as those exposed with large funds can be a genuine target from bad parties. Privacy is and will always be a major concern with assets and value transfer.
Monero vs Competitors
Monero has a few notable competitors in the privacy payment space including but not limited to;
Monero has a decent sized team led by Riccardo Spagni and Franciso Cabanas – see the full team here.
Monero currently is collaborating with;
- IDEO Colab
- Microsoft Azure
Where can you purchase Monero $XMR?
How to protect & store your Monero?
We recommend downloading an approved wallet from the official Monero website otherwise we always recommend using a Ledger Nano S.
Outlook for Monero
Monero is a long-standing project which bodes well and is a top 20 cryptocurrency by market cap size. Monero’s use case is valid and the battle for adoption between the likes of Zcash, Dash, Navcoin, and others is heating up. Monero has a strong, dedicated team and is a true contender in the privacy payment race.
Reach out if you have questions about Monero or need help with any topic.
Disclaimer : None of our Analysts are holding Monero $XMR at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]