Monero launched in 2014 as an open-source, privacy-focused cryptocurrency. Its roots trace back to a smaller online tech community that expanded over time, helping the network build trust and grow its market presence. 

A standout aspect of Monero is that people can send and receive transactions without exposing any user data on the blockchain. In practice, XMR functions as an added layer of obfuscation for on-chain information, which makes participants harder to track.

What are XMR key features and how does it work?

Monero uses several technologies designed to conceal transaction-related data. 

For instance, Monero links the digital signature created by the sender of an XMR transaction with signatures from other network users, before the transaction is written to the blockchain. This approach is known as Ring Signatures, and it makes the transaction appear-on-chain-as though it could have been sent by any of the signers observed in the record.

Throughout Monero’s development, the protocol has changed how many signatures participate in this mixing step. At one point, users were able to select how many signatures would be used in their transaction. As of 2019, however, the setting is fixed at a total of 11, meaning 10 additional signatures are included in every transaction.

Another important privacy element is Stealth Addresses. With this feature, users can publish a single address that automatically generates a distinct one-time address for each transaction. The recipient then relies on a private “view key” to recognize incoming funds. Their wallet can monitor the blockchain and locate transactions associated with that key.

Introduced in 2017, Ring Confidential Transactions (RingCT) conceal the transaction amount written to the blockchain. In other words, RingCT allows transactions to include multiple inputs and outputs while maintaining anonymity and helping guard against double spends.

How can you mine Monero?

You can mine XMR in three main ways: solo mining, joining a Monero pool, or using Monero cloud mining services.

Monero is compatible with major operating systems including Windows, macOS, Linux, Android, and FreeBSD. 

Miners can use a regular computer to mine Monero and don’t need specialized hardware such as application-specific integrated circuits (ASICs). Instead, mining can be done with the CPU or GPU already available on the user’s system.

A Monero mining pool brings together multiple rig operators and combines their collective hashing power. This often improves the likelihood of finding new blocks on the Monero blockchain, which can lead to block rewards. ​​Examples of Monero mining pools include MineXMR, SupportXMR, Unipool, and XMRNanopool. 

Miners can also opt for cloud mining, which means using cloud-hosted computing resources to mine XMR. Users pay a fee to access the processing capacity and typically avoid buying rigs or setting up mining hardware. Some well-known XMR cloud mining service providers are Minergate and CCGMining.

Where you can buy XMR?

XMR is available on the DEXS and CEXs listed here.