Monero, launched in 2014, is a digital currency that prioritizes privacy and security. Unlike many cryptocurrencies where transactions can be traced, Monero uses advanced cryptography to obscure transaction details, providing anonymity for both senders and recipients. Its goal is to allow fast, inexpensive transactions without fear of censorship or surveillance.
Monero was created by seven developers, five of whom chose to remain anonymous. The digital currency has its roots in Bytecoin, a privacy-focused cryptocurrency launched in 2012. In 2014, a member of the Bitcointalk forum, known only as thankfulfortoday, forked Bytecoin's codebase to create Monero. Since then, hundreds of developers have contributed to the project.
Monero is unique in that it did not hold a token sale, nor were any tokens premined. The current circulating supply of Monero (XMR) stands at 18,188,773.23. The digital currency is designed to be resistant to application-specific integrated circuits, which are commonly used for mining new Bitcoin. This means that it's possible to mine Monero using everyday computing equipment. The total supply of Monero is capped at 18.4 million XMR, expected to be reached by May 31, 2022.
Monero can be purchased on various cryptocurrency exchanges. It's important to choose a reputable exchange and ensure it supports Monero before proceeding with a purchase. Always remember to secure your transactions and protect your privacy when dealing with cryptocurrencies.
Monero's primary use is as a medium of exchange, with its main selling point being the privacy and anonymity it offers. This makes it a preferred choice for individuals who value their privacy or businesses that want to keep their transactions confidential. However, it's worth noting that this level of privacy has also made Monero a popular choice for illicit transactions on the darknet.
Monero continues to evolve and improve its technology. In November 2019, it introduced a new Proof-of-Work algorithm, RandomX, to validate transactions. This replaced the former algorithm, CryptoNightR, and was designed to resist ASIC mining, promoting decentralization. In October 2021, the Monero project introduced P2Pool, a mining pool running on a sidechain that gives participants full control of their node as with solo mining configurations. This shows Monero's commitment to maintaining a decentralized and secure network.
In recent Monero news, former lead developer Riccardo Spagni was arrested on fraud charges in the U.S, at the request of the South African government. However, a South African court later released him from custody. Despite these legal challenges, Monero has shown surprising resilience at the legal level, with the U.S OFAC criminalizing the use of Tornado Cash as an alternative but not Monero.
Monero has been busy with technological developments. It underwent a network upgrade via a hard fork, which improved transaction privacy, speed, security, wallet syncing, and reduced fee volatility. In addition, a cryptojacking malware called Nitrokod has been found to mine Monero, showing the coin's popularity among miners.
Monero's price has seen some significant movements recently. The privacy-focused cryptocurrency reached a new all-time high price of $517.60. Despite a slight decrease since then, it is still trading above the $410 support area. If you're wondering where to buy Monero, it's available on various cryptocurrency exchanges, but do note that Huobi Global has announced plans to delist Monero and other privacy tokens due to regulatory reasons.
Monero news today also includes community involvement. Revuo Monero Weekly, a publication focusing on Monero's developments, has been highlighting volunteer opportunities to test Monero Core software and run Monero nightlies for new Monero users. This shows the active involvement of the Monero community in the development and improvement of the coin.