Presentation and definition of the crypto-currency Monero (XRM)

Presentation and definition of the crypto-currency Monero (XRM)

  • Name of the crypto-currency : Monero
  • Acronym : XRM
  • Where to buy Monero ? Binance, Bitbay
  • Date of creation : 2014
  • White paper of Monero
  • Web Site Monero

Monero : what is that ?

Monero is a currency of cryptographic open source that use protocol Cryptonote. Launched in 2014 and initially called BitMonero, its major axes are the privacy and decentralisation. Its degree of anonymity is very high compared to other crypto-currencies such as Bitcoin.

A fork of Bytecoin

Monero is actually a fork of Bytecoin, the first virtual currency to use the technology of Cryptonote. It has been created to offer a version that is more fair to its users, the objective being to optimize the code and resources allocated by the nodes.

The protocol Cryptonote

The real strength of Monero lies in its protocol of execution : the Cryptonote. Unlike Bitcoin, the “double spending” is impossible, and thanks to its ” ring signature, it guarantees total anonymity to its users. The sender of the funds is as well protected : as soon as the transaction is sent, it is immediately mixed with several other pending transactions. The beneficiaries are also protected thanks to the “stealth addresses” that are generated as soon as a person receives funds, to mask his trail.

The tokens Monero

The algorithm used by the protocol Monero allows for the creation of $ 18.4 million of parts over 8 years. It is not possible to directly buy tokens to Monero, it would be compulsory to convert bitcoins.