The goal of Monero (XMR) — to allow payments to be made quickly and inexpensively without fear of censorship. The project helps to hide senders and recipients through the use of advanced cryptography. A private decentralized cryptocurrency that keeps your finances private and secure.
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Description of Monero (XMR)
Monero (XMR) is a project with its own history, it was launched in 2014, and its main goal - to allow transactions to be made privately and anonymously. It is claimed that BTC can hide a person's identity, although it is often easy to trace payments back to their original source as blockchains are transparent. The Monero team emphasizes to users that privacy and security are their top priorities, with ease of use and efficiency coming second. It aims to ensure the protection of all users, no matter how technologically competent they are.
Project features
There are several features that make Monero unique. The main goal of the project - to achieve the highest possible level of decentralization, which means that the user does not need to trust anyone else on the network.
The community has several benefits due to its circulation, which include:
| Confidentiality | The outputs of past transactions are pulled from the blockchain and act as honeypots, meaning outsiders cannot tell who signed them. |
| Obfuscation | The platform goes out of its way to make exchanging Huobi tokens easy and convenient, and supports the asset in trading pairs with numerous popular cryptocurrencies. |
Monero proponents say it gives it an edge over competing privacy coins like Zcash, which are "selectively transparent."
Token volume
This cryptocurrency is designed to be resistant to ASICs that are commonly used to mine the new bitcoins. Theoretically, this means that it is possible to mine XMR by using ordinary computer equipment.
On May 31, 2022, 18.4 million XMR is expected to be in circulation. After that, miners will be incentivized with “tail emissions” with a small amount of XMR into the system every 60 seconds as a reward. It is believed that this approach is more efficient than using transaction fees. The best cryptocurrency exchanges for trading Monero shares are currently:
- OKX;
- Mandala Exchange;
- Huobi Global;
- Bybit.
Due to the fact that XMR is a confidential coin, it is not listed on some major exchanges. For example, you can buy XMR on Binance as Coinbase does not support it in the meantime.