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XMR, short for Monero, is the official cryptocurrency of the Monero blockchain network. Monero was first introduced to the public in 2014 by a user named “Thankful_for_today” on the Bitcointalk forum. The project was originally created as a fork of Bytecoin, a cryptocurrency that focused on privacy and security. Over the years, Monero has evolved and grown, becoming one of the leading privacy-focused cryptocurrencies in the world. The project is now maintained by a decentralized developer community, ensuring that it remains an open-source project for anyone to use and contribute to. Monero has gained a reputation for its privacy and security features, making it an attractive option for individuals and organizations seeking a secure and private way to transact online.
Monero is a privacy-centered blockchain network with XMR as its native cryptocurrency. XMR has two issuance schedules, the main emission curve which issued 18.132 million tokens by May 2022, and the tail emission curve which releases 0.6 tokens with every new block discovered every two minutes. Monero uses RandomX proof-of-work algorithm to prevent ASIC mining domination and promote fair mining. The cryptocurrency experienced a significant price surge of 1,886% from March 2020 to May 2021, reaching its all-time high of $517.62. Monero’s anonymous transactions and resistance to censorship have made it a popular choice among privacy-focused individuals.
Monero, launched in 2014 as a fork of Bytecoin, is a privacy-focused cryptocurrency that values decentralization and security. It implements the principles of privacy by default and uses the CryptoNote technology to enhance its privacy features. The XMR transactions are made confidential and untraceable through the use of Ring Confidential Transactions (RingCT) and stealth addresses. RingCT, created by Shen Noether in 2015, employs a multi-layered anonymous group signature for hidden amounts, origins, and destinations of transactions. Stealth addresses, on the other hand, provide extra privacy by allowing recipients to receive payments through randomly generated one-time addresses, hiding their unique address on the blockchain.
In addition to its privacy features, Monero also prioritizes fungibility, making XMR tokens interchangeable and indistinguishable from each other. This makes XMR similar to cash, where the transaction history of all XMR is obscured, making all tokens equal and indistinguishable. Unlike other cryptocurrencies, Monero goes beyond fungibility and ensures complete anonymity in its transactions and wallet addresses.
