Safe Trade Logo light

Currency

Language

Dark Mode

Unverified

Crypto ListMonero

Monero (XMR) | SafeTrade

XMR

Monero (XMR) | SafeTrade

Date of Issue: 2023-09-11

XMR Price Today

533.99992

USD-4.94%

24H Volume (USD)

$1.86M

Market Cap (USD)

--

Fully Diluted Market Cap (USD)

--

All Time High

--

Total Circulation

-- XMR--
Total Supply-- XMR

Market Trend

24H
7D
1M
1Y
All

Markets

Market
Price
24h Change
24h Volume (USD)
Action
XMR/BTC0.0063-14.75%38.41
XMR/USDT533.99992-4.94%3,485.17

Introduction

Monero (XMR) is a decentralized, open-source Layer 1 blockchain designed for private peer-to-peer transactions. The network uses Proof of Work consensus with the RandomX mining algorithm and incorporates cryptographic technologies including ring signatures, RingCT, and stealth addresses to provide transaction privacy by default.

XMR is the native currency of Monero and is used for peer-to-peer payments and network fees. Monero does not have a fixed maximum supply. The network targets approximately 2-minute blocks and uses a permanent tail emission of 0.6 XMR per block to provide an ongoing mining reward.

Project Background

Monero is an open-source Proof of Work blockchain focused on private digital payments. The network originated from the CryptoNote protocol and has developed its own transaction, privacy, mining, and consensus implementations over time.

Monero uses RandomX for Proof of Work. RandomX is designed to be CPU-friendly and memory-intensive, with the objective of making specialized mining hardware less advantageous than on traditional ASIC-oriented Proof of Work networks.

Monero uses several cryptographic mechanisms to protect transaction information. Ring signatures provide sender ambiguity by placing the actual signer among a group of possible signers, while stealth addresses create unique one-time destination addresses for individual payments.

Ring Confidential Transactions, or RingCT, conceal transaction amounts while allowing the network to verify that transactions do not create invalid amounts. Monero currently uses a ring size of 16, consisting of one real input and 15 decoys.

Monero also incorporates privacy features at the network layer. Dandelion++ is used to make transaction propagation less traceable, while users can additionally route Monero software through Tor or I2P for network-level privacy.

The network uses a dynamic block weight system rather than a fixed maximum block size. Block rewards are adjusted according to the network's emission rules and block weight, with penalties applied when blocks exceed the median block weight.

Monero is maintained as open-source software through a community development process. The ecosystem includes the command-line interface, graphical wallet, full-node daemon, developer APIs, documentation, research repositories, mining infrastructure, and community-maintained tools.

History

Monero launched in April 2014 as a fair and pre-announced launch of the CryptoNote reference code. The project launched without a premine or instamine, and no portion of the block reward was allocated to development.

The project was initially known as BitMonero before adopting the name Monero. Following disagreements within the original project, the Monero Core Team forked the project and continued development with community support.

Monero initially used CryptoNight Proof of Work and subsequently modified the algorithm through several network upgrades. In November 2019, Monero changed its Proof of Work algorithm to RandomX, which remains the network's current mining algorithm.

Monero's privacy technology has developed through several major protocol upgrades. RingCT was introduced to conceal transaction amounts, while minimum ring sizes were subsequently made mandatory. CLSAG replaced the older MLSAG signature system, and Bulletproofs and later Bulletproofs+ reduced the size and verification cost of range proofs used by RingCT.

The August 2022 network upgrade increased the mandatory ring size to 16 and introduced Bulletproofs+, view tags, and changes to the dynamic block weight algorithm. These changes were implemented as part of the network's continuing privacy, efficiency, and scalability development.

The Monero project continues to maintain its core software and supporting ecosystem. The official repositories include the main Monero daemon and CLI implementation, Monero GUI, documentation, research resources, and other project infrastructure.

The current Monero network continues to use RandomX Proof of Work, approximately 2-minute blocks, mandatory transaction privacy, dynamic block sizing, and permanent tail emission.

Tokenomics and Emissions

XMR does not have a fixed maximum supply. Monero's original emission curve produced approximately 18.132 million XMR by the end of May 2022, after which the network entered its permanent tail emission phase.

Tail emission provides a fixed block reward of 0.6 XMR per block, subject to the network's block reward penalty mechanism. With a target block interval of approximately 2 minutes, this produces approximately 432 XMR per day before accounting for variations in actual block timing.

The permanent tail emission means that new XMR continues to enter circulation indefinitely. Because the nominal number of newly created coins remains fixed while the total supply grows, the inflation rate declines over time.

Monero's Proof of Work mining system distributes newly created XMR to miners that produce valid blocks. Transaction fees are also paid to miners and are separate from the fixed tail emission reward.

Monero uses a dynamic block weight system. The block reward can be reduced when a miner produces a block substantially larger than the recent median block weight, creating an economic incentive to limit unnecessary block growth.

XMR is divisible into 12 decimal places, with the smallest unit known as a piconero. XMR is the native asset of the Monero Layer 1 blockchain and is not issued through an external token contract.

Roadmap

Monero's ongoing development is focused on improving transaction privacy, scalability, wallet functionality, node software, mining, and the underlying cryptographic protocols.

Full-Chain Membership Proofs are an active research and development area. The proposed FCMP++ system is intended to replace the current ring-signature construction with a larger anonymity set based on a new zero-knowledge proof system.

CARROT A and the broader Seraphis and Jamtis projects are also in development. These projects involve changes to Monero's transaction and addressing architecture, with work focused on improving privacy, usability, and wallet functionality.

Cuprate is an independent Rust implementation of the Monero node software. Its development is intended to provide an alternative node implementation and improve the diversity of software implementations participating in the Monero network.

Additional research and development areas listed by the project include Bulletproofs Folding, Bulletproofs++, and OSPEAD. Bulletproofs++ is intended to reduce the size and improve the efficiency of range proofs, while OSPEAD concerns statistical methods for selecting transaction decoys.

Monero's core software continues to receive maintenance and protocol development. The current official release series includes the Fluorine Fermi software, with ongoing work occurring through the project's public repositories and development workgroups.

Deposit