What is Monero (XMR)? Complete set of virtual currencies XMR

By F | Coins & Tokens

Monero (XMR)

Monero (XMR) is the first Privacy Coin in the world of Cryptocurrency.

It was born in the first half of 2014 and until now, XMR is an anonymous coin with a market capitalization of up to $ 1.4 billion dollars and is ranked 3rd on Coinmarketcap.

Today, invite you to join us to learn about Monero (XMR) and answer the question of its investment potential!

Let's start!

Monero defines them as co Cryptocurrency top, focus on privacy, censor transactions.

More specifically, Monero (XMR) is a Privacy Coin (an anonymous coin) that hides the parties' transaction addresses, hides transaction amount, account balances, and cannot retrieve calendars. transaction history.

Monero (XMR) technology is based on the CryptoNote protocol (rather than the open source of Bitcoin like Zcash).

What is the Monero (XMR) issue to solve?

Most Privacy Coin projects have issues with Bitcoin to highlight their coin features. Monero (XMR) is similar. That is:

  • Bitcoin's transaction speed is slow.
  • High transaction fees.
  • Poor scalability.
  • Balance information, transaction history can be retrieved. This makes it not private. This is a big problem that all Privacy Coin born to solve it.

What is XMR?

XMR is a Privacy Coin - currency with privacy features.

XMR is a coin running on Monero's own Blockchain with a PoS (Crypto Note Protocol) consensus algorithm.

Basic information about Menoro Copper (XMR)

  • Ticker: XMR
  • Blockchain: Monero (own blockchain)
  • Consensus Algorithm: PoS (CryptoNote Protocol)
  • Transaction speed: ~ 20 minutes
  • Block time: 2 minutes
  • Max Supply: None
  • Circulating Supply: 17,123,055 XMR

Monero exchange rate (XMR) today

What does Monero (XMR) stand out for?

In this section, I will talk in more detail about the internal technologies of Monero (XMR) and how it has the privacy properties mentioned above.

Include: Ring Signatures, Ring Confidential Transactions and Stealth Addresses

  • Ring Signatures (ring signature): In it, Monero will mix user addresses together. This makes the address unreachable.
  • Ring Confidential Transactions (Ring Confidential Transactions): Helps hide the amount of money in the transaction, sending and receiving addresses.
  • Stealth Address (hidden address): When the transaction is initiated, the sender will create a "random" address, which represents the recipient so that no one can know the sending address. and receive from 1 participants of the transaction.

Based on the above three technologies, Monero (XMR) has the following characteristics: anonymity of the transaction address, the amount involved in the transaction, and cannot access the transaction history.

What is Monero (XMR) used for?

Like many other Privacy Coins, Monero (XMR) was born with the mission to become an anonymous cryptocurrency used in everyday life.

Here are its uses:

In this life, Monero (XMR) is used as a means of payment for products and services on the market.

You can use / spend with Monero (XMR) at the list of Merchants in the following link: https://web.getmonero.org/community/merchants/. Including goods, services and leisure activities ...

In Monero's Blockchain (XMR), it is used as a block reward for miners who contribute miner power to validate transactions.

Monero transaction fee (XMR)

When trading on exchanges, you will of course bear the exchange fee and exchange fee of the exchanges.

In addition, Monero (XMR) is operating under the PoW consensus mechanism, transaction fees will be used to pay miners.

Specifically transaction fee is calculated as follows:

Here, Monero offers users with 3 trading speed options and different trx fee levels.

Of course, if you want your transactions to be processed faster, more priority, you will have to pay higher trx fees. The transaction fee above was updated on July 28, 07.

This number may vary from time to time.

You want to check the transaction fee correctly can go to the following link: https://www.monero.how/monero-transaction-fees

How to earn and own Monero (XMR)

Monero (XMR) is running on its own Mainnet Blockchain, you can earn and own XMR in the following ways:

  • Buy directly on the exchanges.
  • Become the miners, use the excavator power to mine XMR copper. Also receive additional XMR from transaction validation. At this point, it's similar to Bitcoin.

How to dig Monero (XMR)?

Monero's Blockchain (XMR) works with the PoW consensus mechanism.

To confirm transactions and create blocks requires the processing power of computers to solve. So you can use high-performance CPU / GPU to mine XMR.

All information about XMR mining you can see more here: https://web.getmonero.org/get-started/mining/

Including configuration suggestions, as well as the list of mining pools participating in the Monero copper mine.

Monero storage wallet (XMR)

You can store Monero coins on several types of mobile wallets like: Cake Wallet, Monerujo, My Monero, edge.

Or you can download the desktop wallet and install it on your computer: https://web.getmonero.org/downloads/

You can also store it right on the wallets that support this coin transaction.

Monero trading platform (XMR)

Monero Copper (XMR) is present in almost all leading crypto exchanges such as: Binance, Huobi, Okex, Bittrex, Upbit ...

The future of Monero (XMR)

First let's talk about the model of this project. Team dev wants to build 1 Crypto coin for the purpose of daily payment. That coin has some outstanding / better features than Bitcoin in that it trades faster, is more anonymous.

Monero (XMR) is somehow on track with its mission, when it is being used to directly pay for goods and services in merchants (organizations that allow payments with XMR).

In the future, as merchant volume increases and user demand for this purpose increases, so does the demand for purchases, which will impact prices.

Of course there will be demand to sell when merchants receive XMR from customers, or from miners who earn XMR from mining.

However, for an overview, what are we buying / selling XMR?

In the process of learning about the project, I read on their Telegram group, many members mentioned their purpose is to store the value of "store of value".

This purpose may be different from what the dev team originally designed. But if you are interested and want to invest in Monero, you should consider this need.

At this point, it is somewhat similar to Bitcoin.

Should we invest in Monero (XMR)?

Some of the Key Points that I list so you can learn more and make your own investment decisions:

Competitor

Projects that also make the Privacy Coin solution that XMR is competing with are: Dash, Zcash, Beam, Grin, Energi (NGR), Komodo (KMD) ...

Weakness

Monero (XMR) also faces difficulties such as Bitcoin in slow transaction speed, difficult to expand and high transaction fee of $ 0.0351 / transaction (on the day I made the article July 28, 07).

Price

In terms of price, Monero from 2014 (new release) until mid-2016 only cost about $ 0.3 ~ $ 4 = 01 XMR.

But its price has risen to ~ $ 500 by the end of 2017. And is currently about $ 80.

Brothers who want to invest in XMR pay special attention to this price history.

Monero (XMR) is an anonymous coin

Purpose and need to buy: in addition to shopping, spending, the need for "store of value" is also one of the information to consider.

summary

Hope you receive a lot of useful information through the last article.

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Hello and see you again in the next article!

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