What is Monero? Monero (XMR) is a blockchain project that allows you to perform cryptocurrency transactions in a private, secure and completely anonymous manner. In this article, you can find answers to questions such as what is Monero, what it offers, what is XMR coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for you. Let’s examine the project together.
What is Monero?
Launched in 2014 as a fork of ByteCoin, Monero is a privacy and security focused Blockchain project. Monero allows users to conduct transactions in a decentralized and anonymous manner, keeping financial information confidential. The project provides this confidentiality through circle signature and confidential address technology. The native cryptocurrency of the project is XMR coin. XMR is one of the most popular cryptocurrencies among privacy-focused projects and has various use cases within the network.
Blockchain networks are generally transparent. This makes it easy for everyone to see your transactions and for specific people to access the source of the transactions, the user. Serial numbers of cryptocurrencies can be viewed by anyone. The Monero project hides all processes by default. It does this with the circle signature technology that hides the sender, receiver and the number of transferred tokens. This technology allows historical transaction output to be displayed while a user is performing a transaction. The printouts act as traps and mislead users who want to know who performed the action.
In addition, the project also uses confidential ledger technology. One-time secret addresses are created for each transaction performed on the network. The project also attracts malicious people due to the high secrecy it offers. Therefore, it is seen as a threat by state institutions. While the project prioritizes security and privacy, it also aims to improve the user experience. The network works faster and cheaper than Bitcoin.
What is XMR coin? What is it used for?
XMR coin is the native cryptocurrency of the Monero project. The token, which does not have a maximum supply, was created on the Secret Blockchain. Secret (SCRT) is an opaque blockchain. In contrast, XMR is an open source cryptocurrency. Users can transact with XMR completely confidentially and anonymously. Users who prioritize privacy and want to be protected from any possibility of censorship use XMR.
The network uses a Proof-of-Work consensus mechanism called CryptoNight. In this mechanism, users with computers with high processing power can mine XMR. Miners earn XMR coin rewards for securing the network. With a market cap of around $4.6 billion at the time of writing, XMR coin was the 32nd largest cryptocurrency. In addition, 18.1 million tokens were in circulation.
How to get XMR coin?
XMR coin is listed by many crypto exchanges with large trading volume. Currently, crypto exchanges such as Binance, KuCoin, Gate.io, Bybit, Huobi list the token. Investors interested in the Monero project can purchase XMR by signing up for one of these exchanges and depositing money in their wallets.
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