What is Monero?
The crypto space is the buzz-worthy news in today’s market. The reason is these virtual digital assets are decentralized, built on various blockchain technologies, and can be used for trading purposes! While most of the crypto assets are built to cater to real-world problems like enhancing privacy and anonymity, a few of these currencies also allow public viewing of all transactions or make it optional. Being focused on the decentralized aspect, a lot of the other crypto assets keep the privacy feature strictly implicit.
Monero is an open-source, privacy-oriented cryptocurrency that was launched in 2014 with the simple goal of allowing transactions to be private and anonymous. Its blockchain is opaque, which helps in disguising the addresses used by participants. It is among the first crypto assets to feature cryptography offering real advances in privacy and fungibility over available alternatives.
Who are the founders of Monero?
Monero’s origin is more of a mystery story than simple investors coming to light and claiming the coin! Being considered as one of the major crypto assets, the story of Monero involves unknown developers, accusations of fraud, and in the end, multiple rebrandings of the project.
There have been rumors that XMR was also invented by Satoshi Nakamoto.
Monero’s (XMR) origin happened soon after a privacy-focused, decentralized crypto-asset; Bytecoin was launched in 2012. Two years later, in 2014, a member of the Bitcointalk forum; thankful for today — forked BCN’s codebase, and introduced Monero. They had suggested “controversial changes” to Bytecoin that others in the community disagreed with and decided to take matters into their own hands.
It is said that hundreds of developers have contributed to XMR over the years.
How does Monero (XMR) work?
Apart from its privacy features like ring signatures, stealth addresses, etc. Monero works quite similarly to how other major crypto assets work. The Monero ecosystem uses proof-of-work mining to control the issuance of XMR tokens along with incentivizing miners to add blocks to the blockchain.
XMR adds new blocks roughly every two minutes.
The opportunity of miners using only their CPUs to mine Monero, notably makes mining XMR easier than other cryptos. This is possible as the algorithm that governs this process is devised to prevent specialized hardware. Users are able to generate XMR with cheaper hardware that is more widely available. All of these features cumulatively cater to the changes in XMR price as well.
Additional Read: Monero Price Prediction
Key Features of Monero
The most important feature that makes Monero unique is the steps the community is taking to provide the greatest level of decentralization possible to the crypto ecosystem! Apart from that:
- True Electronic Cash: The feature of Monero safeguarding traceability of any and every transaction taking place helps make it a true electronic cash of the decentralized ecosystem.
- Confidential Transactions: Any transaction taking place happens anonymously.
- Fungible Token: Apart from granting traders an extra layer of protection, in the XMR ecosystem, traders can subscribe to the simple principle that one XMR coin is exactly interchangeable with another XMR coin, unlike other assets.
Additional Read: Monero Technical Analysis
How to buy Monero?
Use these three-step processes to buy your first Monero at the CoinDCX crypto app
- Sign Up for the CoinDCX account
Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account
You need to complete your KYC, to buy XMR on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy Monero
After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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