XMR exchange rate chart
XMR price in the chart is reported in USD (XMR to USD)
The graph reflects the situation on Bittrex.
What is Monero?
Monero (XMR) is a privacy-focused cryptocurrency created in April 2014 as a fork of Bytecoin. A high level of anonymity is guaranteed for all XRM transactions, which has made Monero an appealing choice for many. Monero uses the same proof-of-work algorithm as Bitcoin and can be mined.
How Monero works
Monero is more anonymous compared to Bitcoin. For example, when you receive Bitcoin at your public address, anyone can see the amount you have stored via the blockchain. When you send funds to someone, you can see how much they have by looking up their public address. This is a serious advantage of Bitcoin, but for people who prefer to stay completely anonymous this is a serious drawback.
Monero has public addresses as well. The difference is, however, that when you send funds to someone, you enter a randomly created one-time address. The public record does not contain any information of the funds received or addresses involved in the transaction. The person receiving the funds can use the one-time secret key to recognize the funds sent to them – nobody else has access to it. You can give the secret key to others in order to view transactions you made.
Monero privacy and anonymity features
Monero uses a system of ‘ring signatures’ to prevent users from knowing that the funds they sent have been sent somewhere else. By mixing several other transactions into the list, no one can know for sure which of the funds were really the source of the transaction. No one can track the funds except the person who sent them and even then, they can do it for only their transaction. The number of people added to the list of possible senders is called the ‘mixin’ level. A larger mixin level increases security, but also increases the size of the transaction. Therefore, commission depends on the mixin level.
Even if you are doing nothing at all, any time a transaction is made in the Monero network, you will be included in the possible list of transactions. It will look like you are continuously sending/receiving money to and from network participants.
In addition to hiding the recipient and sender of the funds, Monero also hides the amount. Developed in January 2017, an extension called RingCT prevents the sum from appearing on the blockchain. Other users will be able to see the transactions are legitimate, but the actual amounts will be known only by the sender and receiver.
Project Kovri is a cherry on top of the anonymity cake. When it will be completed, it will hide users’ internet traffic by routing it through invisible nodes. To an outside observer, it will look like you’re not using Monero at all.
Monero Core Team
Riccardo “fluffypony” Spagni
Francisco “ArticMine” Cabañas
Most popular: MyMonero web wallet