About Monero (XMR)

Monero was launched in 2014 as a privacy coin named BitMonero, a portmanteau of Bit (from Bitcoin) and the Esperanto word for coin (Monero). The name was shortened to simply Monero a few days later.

The core team of Monero is comprised of 7 developers, 5 of whom remain anonymous. David Latapie and Riccardo Spagni are the two publicly known developers.

Based on the egalitarian CryptoNight proof-of-work algorithm derived from the CryptoNote application layer protocol, Monero aims to offer greater privacy and decentralization than Bitcoin.

Monero XMR Coin Supply

There are currently close to 16 million Monero is circulation with a daily emission rate of roughly 3000 coins. A monero block is mined every 2 minutes. The reward for mining a block is currently 4.9 coins.

Monero does not have a fixed maximum supply like Bitcoin. Once the circulating supply reaches 18 million, the daily emission rate will stay fixed at 432 coins.

The core principles of Monero are privacy, ASIC resistance and a flexible protocol which allows for seamless implementation of new features.

Privacy Features

Whereas in Bitcoin, transaction details, sending and receiving addresses are transparent and viewable by anyone, Monero obscures these details using an I2P overlay network, Stealth addresses, Ring Signatures and Ring Confidential Transactions.

I2P is a network layer with strong privacy protection and prevents surveillance and monitoring by third parties such as network service providers.

Stealth address is a feature in Monero which requires the sender to create a one-time address for a transaction on behalf of the recipient. Using stealth addresses allows only the sender and receiver to know where a payment was sent.

Ring Signature uses multiple public keys from the blockchain to create a transaction output, making the public key belonging to the actual sender untraceable. Monero's fungibility is a property allowing units of a currency to be interchangeable. Fungibility also makes it impossible for units of Monero to be blacklisted by exchanges, vendors and service providers.

Ring Confidential Transactions (RingCT), implemented in January 2017, is a feature used to hide transaction amounts. RingCT is an upgraded version of Ring Signature called multi-layered linkable spontaneous anonymous group signature. Put simply, it allows the sender's transaction to be verified without disclosing the amount being spent.

Recent Developments

Monero performed a network upgrade via consensual hard fork in March 2018 to introduce two major changes.

First, a tweak of the PoW algorithm to ward off the threat of CryptoNight ASIC miners and secondly, an increase of minimum ring size from 6 to 7. Ring size is the total number of signers in a ring signature, including the sender.

Android GUI port, subaddresses and Multi-signatures are on the agenda for future development.

  • XMR
  • Monero
    (XMR)
  • Price
    $168.21
  • Market Cap
    2,702,389,617.00

Written by MyBitcoin Team Staff

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