Monero (XMR)
Rank #14
Market snapshot
- Price
- $419.81
- Market cap
- $7.9B
- 24h volume
- $94.0M
- Circulating supply
- 18,793,536.1302
- Total supply
- 18,793,536.1302
- Max supply
- N/A
What is Monero?
Monero (XMR) is a private, decentralized cryptocurrency designed to keep financial transactions confidential and secure. It utilizes advanced cryptographic techniques to provide users with enhanced privacy features, making it distinct from many other cryptocurrencies that do not prioritize anonymity.
How Monero works
Users can generate XMR through the process of mining. Mining involves solving complex mathematical problems to validate transactions on the Monero network. Additionally, users can acquire Monero by working in exchange for it or by converting fiat currency into XMR through exchanges. Monero employs a shared public ledger to record transactions, ensuring that all network participants can verify transactions while maintaining user privacy.
Key information
- Symbol
- XMR
- CMC rank
- #14
- Network / platforms
- N/A
- Categories
- Mineable, Proof of work
- Date added
- May 21, 2014
Key characteristics
Monero is an open-source cryptocurrency, allowing anyone to participate in its development. It is categorized as mineable and operates on a proof-of-work consensus mechanism. Monero also features RingCT (Ring Confidential Transactions), which enhances transaction privacy by obscuring the transaction amounts and sender details.
Official resources
Risks
Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.
Transfer and custody notes
Verify the asset name, network, and the destination details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.
FAQ
- What is Monero (XMR)?
- Monero (XMR) is a cryptocurrency that focuses on providing privacy and decentralization in financial transactions.
- How does the Monero network operate?
- The Monero network allows users to generate XMR through mining and supports transactions recorded on a shared public ledger.
- What are the technical characteristics of Monero?
- Monero is an open-source cryptocurrency that is mineable and operates on a proof-of-work consensus mechanism, featuring advanced privacy techniques like RingCT.
- What are the risks associated with transferring Monero?
- Users should be aware of the volatility of digital asset prices, verify network details before transfers, and understand the risks of self-custody.
- How can I acquire Monero?
- Monero can be acquired through mining, earning it in exchange for services, or converting fiat currency into XMR via exchanges.
- Where can I find official resources for Monero?
- Official resources for Monero can be found on its website and GitHub repository, including its whitepaper and developer guides.
