In our commitment to continually broaden our offerings, we are introducing a new project addition - Monero. Monero solves this problem by giving users real privacy and anonymity.
This article provides you with a comprehensive overview of Monero, its native token XMR, tokenomics, functionalities, and its potential impact on the crypto ecosystem. Lastly, you will learn how to buy XMR coins.
TLDR;
- Monero is known for privacy and anonymity
- It uses stealth addresses and ring signatures to protect user privacy
- It has no built-in smart contract
- It scales with increased adoption
- Smart mining enables miners to mine XMR in an energy-effect way
What Is Monero?
Bitcoin and Ethereum, along with most other cryptocurrencies, use open-source blockchain technologies. Anyone in the world can check a transaction or trace it. This means it may be possible to identify the identity of the people behind these transactions to their respective sending and receiving addresses.
Monero puts privacy and security first. The main goals of most cryptocurrencies are security and transparency. Monero, on the other hand, takes a different method by promoting privacy. This makes it different from Bitcoin and Ethereum, both famous transparent blockchains.
Monero protects its users' privacy with technologies like ring signatures, secret addresses, and ring confidential transactions (RingCT). By default, this hides information about the sender, receiver, and amount sent, making every user on the Monero network private.
You may know Monero as a privacy-focused coin, similar to using cash, because you can't be tracked. But this focus on privacy has also made things harder in some ways. Some governing bodies have put limits on privacy coins, which has caused some companies to take them off their lists.
Overview of XMR
Monero is one of the widely known tokens and probably one of the biggest privacy-based tokens in terms of market cap. It can protect users’ privacy automatically, unlike other options, which require manual edits to activate the privacy feature.
XMR has to be regarded as a tool that, when used properly, hides user data on the blockchain, making it more difficult to track down the cryptocurrency's users. Here are a few of its features:
Ring Signatures
The term "ring signature" comes from general cryptography and refers to a form of digital signature that can be signed by any individual who possesses a private key. Your Monero wallet will create a ring using the private keys of other users whenever you do an XMR transaction since it draws these keys from the blockchain. Because no observer can determine whose key was used to sign, the transaction can be conducted in complete secrecy.
Ring Confidential Transactions (RingCT), another method for hiding the value of transactions, were added to the Monero network in January 2017.
Stealth Addresses
For each transaction, a sender using a stealth address can create a temporary public address in the recipient's name. The user can also use the same address for receiving payments.
Monero gives each user access to his own private keys. The keys are of two types: private view and private spend. The private view key gives access to all the transactions of the user's account. And on the other hand, the private spend key is used to make payments. It functions similarly to a Bitcoin private key.
Bulletproofs
“Bulletproofs” is a unique strategy developed by Monero. It was first introduced in 2018. The purpose behind developing Bulletproofs was to enhance the quality of the transactions made in XMR. This technology led to an 80% decline in the reduction of user payment fees.
X Random
Monero uses a proof-of-work algorithm to provide stability and security. With Monero, users don’t need specialized hardware. As a result, mining Monero is now within the capabilities of general processing units and CPUs. It solves a problem that Bitcoin is experiencing by preventing the centralization of mining using enormous mining rigs.
Smart Mining
Smart mining is an energy-efficient method to mine XMR tokens. Smart mining allows users to mine XMR tokens with unused CPU power without buying additional hardware. That, too, without creating any negative side effects such as overheating or depleting the battery.
How to Buy XMR on CoinEx?
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. Users can now trade quickly and seamlessly with its 700+ tokens supported, including XMR.
To purchase XMR tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to XMR Trading Page: Once your account is funded, go to the dedicated XMR trading page on CoinEx. You can find a search box and enter the term XMR to swiftly locate the trading pair associated with XMR tokens.
- Choose a Trading Pair: Select the desired trading pair that matches XMR with another cryptocurrency. For instance, you may choose XMR/USDT to trade XMR against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of XMR tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
Following these comprehensive steps, you can easily trade XMR tokens on CoinEx using the available trading pairs.
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