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Monero was founded in 2014 with a simple goal in mind: to allow transactions to take place privately and anonymously. Despite popular belief that BTC can be used to conceal a person’s identity, it is often possible to trace payments back to their original source because blockchains are transparent. XMR, on the other hand, employs advanced cryptography to conceal both senders and recipients.
According to the Monero team, privacy and security are their top priorities, with ease of use and efficiency coming in second. It aims to protect all users, regardless of their level of technological proficiency.
Overall, the goal of XMR is to allow payments to be made quickly and cheaply without fear of censorship.
Most users value the privacy and anonymity provided by Monero. It allows people to conduct cryptocurrency transactions whenever they want for any reason without fear of being watched by the government, hackers, or other third parties. Because XMR coins cannot be traced, businesses cannot blacklist them for alleged illicit connections.
Transactions in Monero are verified using the Proof-of-Work RandomX algorithm. In order to replace the previous algorithm CryptoNightR, the method was introduced in November 2019. Both were intended to be resistant to ASIC.
Due to Monero’s opposition to the mining centralization that ASIC mining creates, the cryptocurrency can be mined somewhat efficiently on consumer-grade hardware such as x86, x86-64, ARM, and GPUs. However, it has also contributed to Monero’s popularity among non-consensual malware miners.
The Monero project unveiled P2Pool in October 2021, a mining pool operating on a sidechain that gives participants complete control over their node as with solo mining configurations.
Monero was initially created by seven developers, five of whom chose to remain anonymous. There have been rumors that Satoshi Nakamoto, the creator of Bitcoin, also invented XMR.
The origins of XMR can be traced back to Bytecoin, a privacy-focused and decentralized cryptocurrency launched in 2012. Two years later, a Bitcointalk forum user known only as thankfulfortoday forked BCN’s codebase, and Monero was born. They had proposed “controversial changes” to Bytecoin that were opposed by others in the community, so they decided to take matters into their own hands.
Hundreds of developers are thought to have contributed to XMR over the years.
If you’re wondering where to buy Monero at the moment, the top cryptocurrency exchanges for trading in Monero stock right now are Binance, OKX, Bitrue, Bybit, and Bitget.
