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An Introduction to Monero (XMR)
Monero (XMR) was launched in 2014 as an open-source cryptocurrency centered around both privacy and operating based on the blockchain methodology.
A Bitcointalk forum user, under the guise of thankful_for_today, forked the codebase of Bytecoin into the name BitMonero. Unfortunately, the release didn’t impress the community despite initial enthusiasm.
Soon, thankful_for_today vanished into obscurity—abandoning the development community. However, Johnny Mnemonic led a group of users to take over the operation and produced what is now known as Monero after just five days.
Non-Transparency is Key
Understanding Monero requires at least a working definition of blockchain technologies. In the most basic of terms, blockchains act as public ledgers of user activity. They display every transaction that occurs on the network.
With Monero’s blockchain, there’s a configuration that’s discernably opaque in a way that helps ensure anonymity. The technology shields any potential onlookers from vital information, such as addresses, transaction amounts, and buyer/sender identities.
First and foremost, Monero utilizes ring signatures to protect the identity of its senders. These are anonymous digital signatures from one member of a group—but it’s not disclosed whose name has been signed.
By combining a sender’s account keys while clubbing it with public keys on the blockchain, Monero makes a unique and private ring signature.
Then, there are randomly generated stealth addresses meant for the one-time use of a recipient. This method hides the destination of a given transaction while providing an impenetrable veneer for the identity of anybody receiving funds.
There’s also Ring Confidential Transactions (RingCT), which hide the transaction amount.
The Current Price of XMR/USD
A Cryptocurrency That’s for the People
XMR was developed with a philosophy depicting all people as equal and deserving of the same opportunities.
In fact, Monero’s developers didn’t keep any stake for themselves. It’s through contributions and community support that this cryptocurrency has continued to grow.
Monero Price Predictions For 2019
What’s New with Monero?
Currently, XMR is the 13th largest cryptocurrency and has a market value of $1 billion—it’s been a recent winner out of other top-20 coins.
As of this writing, Monero has gained 5.5% in a very short time and is trading at $62.70, recovering from an October 24 low of $51.16.