The live price of Monero today is $181.51 USD. Monero is up 5.10% in the last 24 hours compared to $USD. Monero has a live market cap of $3,309,450,406.40 USD, and a circulating supply of 18,232,882 XMR.
What Is Monero (XMR)?
Monero was created in 2014 with a simple goal: to allow people to make private, anonymous transactions. Even though it is commonly thought that Bitcoin can conceal someone’s identity, it can often be easy to trace payments back to their original source because blockchains are transparent. In contrast, Monero is designed to obscure the identities of both senders and recipients through the use of advanced cryptography.
The team behind Monero says that privacy and security are their top priorities. They want to make sure that everyone is safe, whether they are technologically competent or not.
Overall, XMR is designed to allow payments to be made quickly and cheaply without fear of censorship.
Who Are the Monero Founders?
Seven developers created Monero. Five of them remain anonymous. Some people think that Satoshi Nakamoto, the inventor of Bitcoin, also invented Monero.
XMR began as a fork of Bytecoin, a privacy-focused and decentralized cryptocurrency that was created in 2012. Two years later, a member of the Bitcointalk forum who went by the name thankfulfortoday forked BCN’s codebase and created Monero. This member had suggested “controversial changes” to Bytecoin that others in the community disagreed with, so they took matters into their own hands.
Hundreds of developers are believed to have contributed to XMR over the years.
What Makes Monero So Special?
One of the things that makes Monero unique is that it wants to be as decentralized as possible. This means that you don’t need to trust anyone else on the network.
Privacy is achieved through a few features. Cryptocurrency usage can be monitored, but XMR is completely fungible. By default, the details about senders, recipients, and the amount of crypto being transferred are hidden. Monero advocates say that this offers an advantage over other privacy coins such as Zcash which are “selectively transparent.” Or if you were to look at Eth, it’s completely transparent in terms of looking up address and wallets.
Obfuscation is when you use ring signatures to hide who sent a message or transaction. This is done by picking past transaction outputs from the blockchain and using them as decoys. So, if Ian sends 200 XMR to Susan, he can also split it up into random chunks to make it harder for people to figure out who sent it.
To make sure that transactions cannot be linked to one another, a new stealth address is created for every single transaction. This ensures that your privacy is protected.
The features that make Monero different from Bitcoin have caused it to be used more for illegal transactions instead of Bitcoin. Governments around the world, especially the U.S., have offered lots of money to anyone who can figure out how Monero works.
How many Monero coins are in circulation?
Monero is different from most tokens because it wasn’t sold in a token sale and no tokens were premined. As of right now, there are 17,703,471 Monero in circulation.
This cryptocurrency is designed to be difficult to mine using application-specific integrated circuits, which are commonly used to mine new Bitcoin. In theory, this means that it can be possible to mine XMR using everyday computing equipment.
Overall, there will be 18.4 million XMR in circulation. The cap is expected to be reached on May 31, 2022. After this, miners will be rewarded using “tail emissions.” This means that a small amount of XMR will be fed into the system every 60 seconds as a reward. This approach is more effective than relying on transaction fees.
How is the Monero network kept safe?
One of Monero’s main goals is to prevent centralization. This is done by using a consensus mechanism called CryptoNight, which is based on proof-of-work. This prevents large mining farms from becoming too powerful.
Where can you buy Monero?
Because of its nature as a privacy coin, XMR isn’t listed on most major exchanges and platforms. For example: you can buy XMR on Binance, and isn’t supported by Coinbase at all. As a result, you may need to convert your fiat into Bitcoin and go through a smaller intermediate trading platform or DEX a decentralized exchange.