The XMR price update as of now is $157.59. In the previous 24 hours, its trading volume was $160,546,838, and its value has increased by 5.76%. As of now, XMR's live market cap is $2,907,038,707, and it is ranked as the #45 on the Coincu. XMR has a circulating supply of 18,446,744 and a maximum supply of 18,446,744.

The Privacy-Focused Cryptocurrency: Monero

Monero (XMR) is a cryptocurrency that prioritizes user privacy. It was launched in 2014 and operates on the concept of blockchains, which are public ledgers that record participants' activities and transactions on the network.

The Evolution of Monero

Originally known as 'BitMonero,' the cryptocurrency rebranded as Monero in 2014. Throughout its existence, Monero has experienced various changes influenced by its community and core development team, which consists of only two members who have revealed their identities.

Understanding Monero

Monero is an open-source project with a strong emphasis on privacy. Its goal is to ensure that wallets and transactions remain completely anonymous. A large community of contributors actively supports this initiative.

How Monero Operates

Monero functions similarly to other major cryptocurrencies. It utilizes proof-of-work mining to control the issuance of XMR and incentivizes miners. The unique aspect of Monero is that it allows users to mine using lower-cost hardware like laptops or graphics cards.

Key Features of Monero

Ring Signatures

Monero incorporates ring signatures, which are electronic signatures that obfuscate the sender's identity within a group.

Stealth Addresses

Monero utilizes stealth addresses, enabling users to publish a single address that automatically generates multiple one-time accounts for each transaction.

Ring Confidential Transactions

Monero employs ring confidential transactions to conceal the amount exchanged in recorded blockchain transactions. This feature ensures anonymity and protects against double spending.

Mining Monero

Unlike many other cryptocurrencies, Monero can be mined on various operating systems without requiring specialized hardware. Users have the option to join mining pools or mine individually using their CPU or GPU. The Monero website offers a list of compatible hardware, and the installation of specific software may be necessary.

To acquire Monero, users can purchase it through exchanges, sellers, or cryptocurrency-enabled ATMs.