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Monero

Monero: everything you need to know about XMR

Axel van den Boogaard

Axel has been immersing himself in the world of crypto and blockchain for quite some time, which he then translates into understandable articles.

Monero facts

Abbreviation

XMR

Category

Privacy coin

Founder(s)

Anoniem

Blockchain

Blockchain

Protocol

Proof of Work

Launch date

April 2014

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What is Monero?

Monero is a cryptocurrency known for its emphasis on privacy and security. The platform is based on an open-source protocol and offers a decentralized, private, and non-traceable transaction environment. Monero is one of the most popular privacy coins and has garnered significant attention over the years, primarily due to its ability to protect users' privacy and prevent censorship. In an era where privacy and data protection are more important than ever, Monero remains a popular choice for users seeking secure and private transactions.

How does Monero work?

Monero utilizes ring signatures, a cryptographic protocol that combines multiple sources to hide the sender of a transaction. With ring signatures, the sender of a transaction can be identified as one of the possible participants in the transaction's 'ring,' making it difficult to trace the sender of the transaction.

Stealth Addresses prevent transactions from being tracked by generating unique, one-time addresses for each transaction, ensuring that transactions cannot be linked to specific addresses. Thanks to Ring Confidential Transactions (RingCT), the amount of XMR sent in a transaction can be concealed by combining it with various other transactions.

Monero employs a Proof-of-Work (PoW) algorithm that allows CPU mining (generating coins through computer processing power). This system is designed to keep the network as decentralized as possible. Furthermore, Monero transactions are confidential, meaning that only the parties involved have access to the transaction data.

The XMR token

The XMR token is a cryptocurrency used as a means of payment and store of value, but it doesn't have a token economy like some other cryptocurrencies. XMR is mined by users running Monero's Proof of Work algorithm, and they are rewarded with new XMR tokens when they successfully generate a new block. These rewards are intended to cover mining costs and ensure the decentralization and security of the network.

Monero is an open-source project and has not undergone an initial coin offering (ICO), which means no tokens were reserved for developers or founders. Instead, Monero is developed and maintained by a community of developers and volunteers.

The value of XMR is determined by supply and demand. Users can buy and sell XMR on various cryptocurrency exchanges. Because Monero is known for its privacy features, it is often used for transactions where privacy and anonymity are important. This makes the coin attractive to users concerned about their privacy and security.

The Technology Behind XMR

The technology behind XMR is designed to maximize user privacy and security as much as possible. What are the key technical features of Monero?

  • Proof of Work Algorithm: Monero uses a PoW algorithm called CryptoNight, designed to promote certain forms of crypto mining, ensuring network decentralization and accessibility for individual users.
  • Ring Signatures: Monero employs ring signatures, which conceal the identity of the transaction sender. Ring signatures enable users to mix multiple sources and receivers to verify a transaction without revealing the sender's identity.
  • Stealth Addresses: Stealth Addresses generate unique addresses for each transaction to hide the receiver's identity. The use of stealth addresses ensures transactions on the network are not linked to specific addresses.
  • Ring Confidential Transactions (RingCT): RingCT conceals the amount of XMR sent in a transaction by combining it with various other transactions.
  • Dynamic Block Size: Monero dynamically adjusts block sizes based on the number of transactions processed in a given period. This keeps transaction costs low and transaction times short.
  • Bulletproofs: An improvement of RingCT technology that significantly reduces transaction data size. Bulletproofs enable more efficient transaction verification, reducing transaction costs.

The Monero ecosystem

The Monero ecosystem consists of various players, including Monero Core Developers responsible for protocol development, users who use Monero as a means of payment or store of value, miners who generate new XMR tokens via the proof-of-work algorithm, and exchanges that trade and support Monero. Additionally, there are various wallets that users can download to store and manage Monero. Furthermore, an increasing number of retailers worldwide accept Monero as payment. Finally, there is the active Monero community, dedicated to promoting and improving the cryptocurrency.

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Benefits of Monero

Every coin has its unique advantages, including Monero. What features attract investors to this coin?

  • Strong focus on privacy
  • Strong and solid reputation
  • Highly experienced team of developers
  • Transactions are not traceable
  • Block rewards continue even after the maximum coins have been issued

Drawbacks of Monero

What disadvantages of Monero should investors consider?

  • Price volatility
  • Less beginner-friendly
  • Lack of interoperability with a large number of popular wallets

Who is the founder of Monero?

The true founder of Monero is unknown. There is a core team of developers working on the coin, with most choosing to remain anonymous. One of the few developers known by name is Riccardo Spagni (also known as 'FluffyPony'), who served as the lead maintainer of Monero until December 2019.

The origins of Monero trace back to the publication of the CryptoNote whitepaper in 2012, a cryptocurrency research document by developer Nicolas van Saberhagen, whose true identity remains unknown. After Monero's launch in 2014, other developers joined the project and further developed it.

Since then, the project has been led by a team of independent developers known as the Monero Core Developers.

Price forecasts

In 2026 experts expect a minimal price of €404.38 and a minimal price of €1,336.54 in 2031.

Good time to get in?

View all key statistics of the past 24 hours here.

Market information

Use these figures to get a better picture of the Monero market.

XMR Return on Investment

Bekijk zelf hoeveel Monero in de loop van de jaren is gestegen of gedaald.

Historical Monero price

Here you can see Monero's daily prices, trading volume and market cap. Looking for a specific date? You can fill in the range all you want. Maybe you'll spot the one trend!

A video explanation of Monero

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