Cryptocurrency Definitions: Monero (XMR)

Cryptocurrency Definitions: Monero (XMR)

What Is Monero?

Monero (XMR)is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. Most existing cryptocurrencies, like the major ones (Bitcoin, Ethereum, ect.) have transparent blockchains, meaning that transactions are openly verifiable and traceable by anyone in the world. Furthermore, sending and receiving addresses for these transactions may potentially be linkable to a person’s real-world identity. Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.

Every Monero transaction, by default, obfuscates sending and receiving addresses as well as transacted amounts. This always-on privacy means that every user’s activity enhances the privacy of all other users, unlike selectively transparent cryptocurrencies (e.g. Z-Cash). Monero is fungible. By virtue of obfuscation, Monero cannot become tainted through participation in previous transactions. This means Monero will always be accepted without the risk of censorship.

XMR’s Returns in 2017

XMR was trading at a little under $15 per coin at the start of this year. It is now trading at over $230 per coin. It has been one of the highest returning altcoins in the cryptocurrency space this year.

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