Monero, whose symbol is XMR, is a relatively new cryptocurrency that has captured the interest of many investors across the globe. It was launched on April 2014, and its name means “currency” or “coin” in Esperanto artificial language.
The XMR cryptocurrency is most known for its extraordinarily anonymous feature. The coin is exceptionally private and decentralized. Its total supply is more than 18 million coins that have a fixed production rate of 0.3 for every minute. XMR or Moneroutilises a ring signature, along with a ring confidential transaction (RCT), which enable it to privatise data at a protocol level.
More about Monero’s Background
As mentioned, the coin was publicised in April 2014, but its history dates back even before that. It is believed that Monero was from the idea of Bytecoin, which was an alternative cryptocurrency created to compete with Bitcoin in July 2012. However, there were several concerns with Bytecoin which caused it to disappear before it became a hit.
Seven developers chose to split the blockchain, and new coins were created from the original, which were called Bitmonero. Later on, the name was shortened to Monero to avoid confusion with the similarly named Bitcoin.
Monero was formed to respond to issues that plagued Bytecoin as well as Bitcoin and other famous cryptocurrencies. Therefore, the supply was capped at 18.4 million. Some coins “disappear” every year so Monero is permitted to be mined at 0.3 a minute.
The Monero Advantage
With numerous other cryptocurrencies available, it is easy to overlook Monero, especially since there are other bigger ones out there. However, XMR brings unique
features to the table, which is why it has motivated several investors to place their trust in the currency.
Privacy has always been the very heart of XMR. However, its benefits do not end here. It was designed to become a dominant cryptocurrency so you can expect it to have many advantages over its competition. As you look for the right cryptocurrency to invest on, you will find that they mostly have one promise and that is to provide you with a secure and private currency. The sad truth is that most of them are merely claiming to have those specific traits.
Monero is different because it is built around privacy and security, making it a brilliant prospect for investors. To be more specific, Ethereum and Bitcoin are among the most popular cryptocurrencies today. They both utilise transparent blockchains, meaning every single transaction you make with them is public. Anyone in the world can trace the deal, which is certainly not an alluring characteristic for many people.
On the other hand, Monero operates on stricter cryptography. The address, both the sending and receiving ones, are shielded. The transaction amounts remain private as well. It is a default setting, so the whole user network is more anonymous and safer.
To ensure even more safety, you should protect your XMR coins. Go to XMRWallet.com and keep your Monero so you can store and manage it however you want.