What is XMR

What is XMR?

Monero (XMR) was launched in 2014. The project was aimed at eliminating the shortcomings of the Bitcoin network. It was supposed to ensure the anonymity of transactions and make mining accessible. The coin is developed on the basis of the CryptoNote protocol.

XMR characteristics:

• Confidentiality. Transfer addresses, amounts, and any information about the transaction and the user is securely hidden. That is, unlike Bitcoin, Monero does not keep a transaction history in the public domain. XMR is a confidential coin, which was achieved thanks to the unique technologies hiding the sender’s address during transactions. The network also uses the concept of stealth addresses, which hides the recipients’ addresses, and the Ring Confidential Transactions mechanism, hiding a transaction amount. Monero is often referred to as a private and untraceable blockchain.

• The Monero blockchain does not imply a preset block size. Therefore, blocks can hold more data while the network adapts to the load, and the block verification time remains unchanged. The downside of such scalability is that miners can create large block sizes by spamming them with transactions, which will increase the distribution of the blockchain to hundreds of terabytes instead of hundreds of gigabytes. The developers found a way out of this situation – they decided to track the size of the last hundred blocks. The network reduces the mining reward if it detects an excess in the average block size.

XMR is anonymous; however, in theory, hackers can get to the source code and open XMR wallets. But organizing such an attack is not financially feasible.

XMR price

The first recorded public XMR rate was $2.1. The coin started to be traded on exchanges in May 2014. During the 2017-2018 bull market, the price of XMR rose up to $469. This was followed by a correction and in March 2020, the value of the coin fell to $36.

During the bull run in early 2021, XMR soared to $483 and pulled back to $223. If you want to monitor real-time price changes, use the trading tools of the WhiteBIT cryptocurrency exchange.

XMR prospects

XMR can be bought at the most favorable conditions on the WhiteBIT exchange. To purchase a coin, use the Basic Trade page of our exchange. All you need is a WhiteBIT account and a couple of minutes of your time. Make sure you have enough funds to buy XMR on your balance and go to the Basic Trade page. Choose the pair you need and pick the type of order you want. Fill out all the necessary fields and click Buy. Wait for your order to get executed.