{"id":2750,"date":"2024-02-23T10:44:44","date_gmt":"2024-02-23T10:44:44","guid":{"rendered":"https:\/\/xn--kryptobrsen-xfb.se\/what-is-monero-xmr-network\/"},"modified":"2024-02-23T10:44:44","modified_gmt":"2024-02-23T10:44:44","slug":"what-is-monero-xmr-network","status":"publish","type":"post","link":"https:\/\/xn--kryptobrsen-xfb.se\/what-is-monero-xmr-network\/","title":{"rendered":"What Is Monero (XMR) Network?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"ftwp-postcontent\">\n<h2 id=\"ftoc-heading-1\" class=\"ftwp-heading\">What Is Monero (XMR)?<\/h2>\n<p><span style=\"font-weight: 400\">Monero (XMR) is one of the leading cryptocurrencies focused on <\/span><span style=\"font-weight: 400\">privacy<\/span><span style=\"font-weight: 400\">, zero knowledge, and censorship-resistant transactions.\u00a0 <\/span><span style=\"font-weight: 400\">The <\/span><span style=\"font-weight: 400\">Monero network<\/span><span style=\"font-weight: 400\"> operates on a <\/span><span style=\"font-weight: 400\">proof-of-work (PoW)<\/span><span style=\"font-weight: 400\"> consensus mechanism, like Bitcoin and various other cryptocurrencies. This system incentivizes miners to contribute blocks to the blockchain. Monero\u2019s PoW algorithm is designed to resist specialized mining equipment known as application-specific integrated circuits <\/span><span style=\"font-weight: 400\">(ASICs)<\/span><span style=\"font-weight: 400\">. These ASICs confer a significant advantage to companies and affluent individuals, potentially leading to the centralization of the network.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In 2018, Monero became the first major cryptocurrency to deploy what is known as \u201cbulletproofs\u201d, a technology that greatly improved the efficiency of XMR transactions and led to at least an 80% drop in the size of the average transaction and dramatically reduced fees for the end-user.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Monero underwent an upgrade in 2019, transitioning to the <\/span><span style=\"font-weight: 400\">RandomX algorithm<\/span><span style=\"font-weight: 400\">. This algorithm is tailored to accommodate both CPU miners (such as laptops) and GPU miners (utilizing standalone graphics cards). Theoretically, this adjustment should foster greater decentralization within the <\/span><span style=\"font-weight: 400\">Monero network<\/span><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-572987 aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-network.jpeg?w=460&resize=569%2C319\" alt=\"Monero network\" width=\"569\" height=\"319\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-network.jpeg?w=678 678w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-network.jpeg?w=460&resize=569%2C319 460w\" sizes=\"auto, (max-width: 569px) 100vw, 569px\" data-recalc-dims=\"1\"\/><\/p>\n<h2 id=\"ftoc-heading-2\" class=\"ftwp-heading\"><strong>Who Are The Founders Of Monero (XMR)Network?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Monero (formerly known as Bitmonero) traces its roots back to 2014, when it forked from the <\/span><span style=\"font-weight: 400\">Bytecoin blockchain<\/span><span style=\"font-weight: 400\">. Its development has been steered by a vibrant community of developers, including Ricardo Spagni (aka Fluffypony), who played a pivotal role in shaping Monero\u2019s trajectory. The commitment to open-source principles and community-driven governance underscores Monero\u2019s success.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since its launch, Monero has undergone significant enhancements, including database structure migration, <\/span><span style=\"font-weight: 400\">implementation of RingCT<\/span><span style=\"font-weight: 400\"> for transaction amount privacy, and setting minimum ring signature sizes to ensure all transactions are private by default. These improvements have bolstered the network\u2019s security, privacy, and usability.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Monero Project leads the charge with its dedicated Research Lab and Development Team, continuously pioneering innovative technologies. Since its launch, the project has garnered contributions from a diverse pool of over 500 developers spanning various continents.<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-572989 aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-2.jpeg?w=460&resize=524%2C353\" alt=\"Monero founders\" width=\"524\" height=\"353\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-2.jpeg?w=512 512w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-2.jpeg?w=460&resize=524%2C353 460w\" sizes=\"auto, (max-width: 524px) 100vw, 524px\" data-recalc-dims=\"1\"\/><\/p>\n<h2 id=\"ftoc-heading-3\" class=\"ftwp-heading\"><b>Investors And Institutions Backing the Monero (XMR) Token<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Understanding who directly funds Monero can be tricky due to its emphasis on privacy, but it has <\/span><span style=\"font-weight: 400\">attracted<\/span><span style=\"font-weight: 400\"> a solid base of investors. Monero has various indirect channels through which investors and institutions support and invest in the <\/span><span style=\"font-weight: 400\">Monero ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Large mining pools play a vital role in ensuring network security and processing transactions. Although they don\u2019t directly fund <\/span><span style=\"font-weight: 400\">Monero (XMR) Token<\/span><span style=\"font-weight: 400\">, their involvement indicates a broader belief in Monero\u2019s potential.<\/span><\/p>\n<p><span style=\"font-weight: 400\">MinerGate, known for its wide user base, and SupportXMR, an open-source Monero mining pool, are actively contributing to community development. Also, <\/span><span style=\"font-weight: 400\">Monero (XMR )<\/span><span style=\"font-weight: 400\"> being listed on reputable exchanges like Binance and Kraken enhances accessibility and attracts large investors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Monero Community Development Fund (CDF) relies on donations to support developers and projects. Notable contributors include Edge Wallet and Cake Wallet, both actively contributing to the CDF.<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-572990 aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-2.png?w=219&resize=219%2C460\" alt=\"Core team\" width=\"219\" height=\"460\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-2.png?w=244 244w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-2.png?w=219&resize=219%2C460 219w\" sizes=\"auto, (max-width: 219px) 100vw, 219px\" data-recalc-dims=\"1\"\/><\/p>\n<h2 id=\"ftoc-heading-4\" class=\"ftwp-heading\"><b>What Monero Network Aims To Achieve In The Crypto Space And Beyond<\/b><span style=\"font-weight: 400\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">At its core, Monero champions the right to financial privacy, offering unparalleled anonymity through advanced cryptographic techniques. Transactions conducted on the Monero network are shielded from prying eyes, ensuring the confidentiality of senders, receivers, and transaction amounts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This commitment to privacy empowers individuals to transact freely and securely without fear of surveillance or censorship and serves as a shield against oppression in regions where financial freedom is restricted.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Monero has had around 32 million XMR transactions, with approximately 8.6 million in 2022, a slight drop from its peak in 2021. In comparison, Bitcoin recorded nearly 800 million transactions during the same timeframe.<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-572991 aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-3.png?w=460&resize=630%2C312\" alt=\"Monero transactions\" width=\"630\" height=\"312\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-3.png?w=512 512w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-3.png?w=460&resize=630%2C312 460w\" sizes=\"auto, (max-width: 630px) 100vw, 630px\" data-recalc-dims=\"1\"\/><\/p>\n<p><span style=\"font-weight: 400\">Monero\u2019s <\/span><span style=\"font-weight: 400\">privacy features<\/span><span style=\"font-weight: 400\"> have legitimate applications in safeguarding sensitive financial information, protecting personal liberties, and preserving economic freedom.<\/span><\/p>\n<h2 id=\"ftoc-heading-5\" class=\"ftwp-heading\"><b>How Does Monero (XMR) Work?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Monero\u2019s core privacy features are its utilization of ring signatures, <\/span><span style=\"font-weight: 400\">stealth addresses<\/span><span style=\"font-weight: 400\">, and RingCT. Unlike transparent blockchains like Bitcoin and Ethereum, Monero prioritizes user confidentiality, offering a level of anonymity comparable to physical cash transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite its acclaim within the cryptocurrency community, Monero hasn\u2019t been immune to <\/span><span style=\"font-weight: 400\">regulatory scrutiny.<\/span><span style=\"font-weight: 400\"> Regulatory bodies have raised concerns about the potential misuse of privacy coins, leading to restrictions on their trading and listing on certain exchanges.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Monero remains steadfast in its commitment to privacy, offering users a secure and private means of transacting in the digital realm.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Monero\u2019s mining mechanism sets it apart from its peers, emphasizing inclusivity and accessibility. The RandomX algorithm, optimized for general-purpose CPUs, democratizes the mining process, allowing a diverse range of hardware to participate. This approach prevents the centralization of mining power, ensuring a more decentralized network.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Monero also introduced \u201c<\/span><span style=\"font-weight: 400\">smart mining<\/span><span style=\"font-weight: 400\">,\u201d a sustainable alternative that utilizes a computer\u2019s idle processing power to mine XMR. This energy-efficient method aligns with Monero\u2019s ethos of accessibility and sustainability in cryptocurrency mining. It also makes use of\u00a0 <\/span><span style=\"font-weight: 400\">Dandelion++<\/span><span style=\"font-weight: 400\">\u00a0 to hide IP addresses associated with nodes to avoid exposing sensitive information.\u00a0<\/span><\/p>\n<h2 id=\"ftoc-heading-6\" class=\"ftwp-heading\"><b>What Makes The XMR Token Unique?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Monero\u2019s approach to transaction handling sets it apart as a pioneer in the field of <\/span><span style=\"font-weight: 400\">privacy-centric digital currencies<\/span><span style=\"font-weight: 400\">. Through the utilization of split amounts and the generation of unique one-time addresses for each transaction fragment, Monero(XMR) effectively obscures the trail of funds, making it virtually impossible to trace the exact mix of currency units belonging to a recipient. This intricate methodology ensures that Monero transactions remain shrouded in secrecy, bolstering user confidence in the network\u2019s ability to preserve financial privacy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With features such as view keys and spend keys, Monero users have control over their accounts, allowing them to selectively grant access to specific parties while preserving the confidentiality of their financial information.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In essence, Monero\u2019s unique blend of privacy-enhancing features, innovative transaction handling, and user-centric design sets it apart as a trailblazer in the cryptocurrency landscape.<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-572992 aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-4.png?w=241&resize=241%2C460\" alt=\"XMR blockchain\" width=\"241\" height=\"460\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-4.png?w=268 268w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-4.png?w=241&resize=241%2C460 241w\" sizes=\"auto, (max-width: 241px) 100vw, 241px\" data-recalc-dims=\"1\"\/><\/p>\n<h2 id=\"ftoc-heading-7\" class=\"ftwp-heading\"><b>Notable Features Of The Monero (XMR) Network<\/b><\/h2>\n<p><b>Privacy by Default<\/b><span style=\"font-weight: 400\">: Monero utilizes advanced cryptographic techniques such as ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT) to obfuscate transaction details, ensuring unparalleled privacy.\u00a0<\/span><\/p>\n<p><b>Fungibility<\/b><span style=\"font-weight: 400\">: Every XMR coin is interchangeable, ensuring that no history can be traced back to tarnish its value. This fungibility aspect is crucial for a currency to function effectively without discrimination based on its past usage.<\/span><\/p>\n<p><b>Decentralization<\/b><span style=\"font-weight: 400\">: Monero\u2019s mining algorithm, CryptoNight, is designed to be ASIC-resistant, fostering a more decentralized mining ecosystem where individuals can participate using standard computer hardware, thus mitigating centralization risks.<\/span><\/p>\n<p><b>Active Community<\/b><span style=\"font-weight: 400\">: The Monero community is vibrant and passionate, constantly advocating for privacy rights and pushing the boundaries of technological innovation to safeguard financial sovereignty.\u00a0<\/span><\/p>\n<p><b>Adoption and Recognition<\/b><span style=\"font-weight: 400\">: Despite its emphasis on privacy, Monero has garnered significant attention from both users and institutions. It has found utility in various domains, including online marketplaces, remittances, and privacy-conscious transactions. Moreover, prominent figures in the cryptocurrency space have recognized Monero\u2019s value proposition, further solidifying its position in the digital currency landscape.<\/span><\/p>\n<h2 id=\"ftoc-heading-8\" class=\"ftwp-heading\"><b>Potential Applications Across Various Industries<\/b><span style=\"font-weight: 400\">\u00a0<\/span><\/h2>\n<p><b>Financial Services Sector<\/b><span style=\"font-weight: 400\">: Monero\u2019s <\/span><span style=\"font-weight: 400\">blockchain technology<\/span><span style=\"font-weight: 400\"> can revolutionize processes such as trade finance, lending, and asset management. Its privacy-enhancing features and technologies ensure that sensitive financial transactions remain confidential while still maintaining transparency and auditability. Additionally, Monero\u2019s decentralized nature eliminates intermediaries and reduces costs.\u00a0<\/span><\/p>\n<p><b>Supply Chain Management<\/b><span style=\"font-weight: 400\">: This sector stands to gain significant advantages from Monero. By leveraging Monero\u2019s immutable ledger and privacy-enhancing features, businesses can enhance transparency, traceability, and authenticity throughout the supply chain. Monero\u2019s blockchain ensures the integrity of goods and reduces the risk of fraud and counterfeiting.<\/span><\/p>\n<p><b>Media And entertainment industry<\/b><span style=\"font-weight: 400\">: These two industries can also harness the power of Monero\u2019s blockchain for various applications. Whether it\u2019s managing digital rights, tracking royalties, or enhancing content distribution, Monero will help secure a transparent platform for content creators, distributors, and consumers. By utilizing Monero\u2019s blockchain, companies can streamline royalty payments, protect intellectual property rights, and create new revenue streams in the digital media landscape.<\/span><\/p>\n<p><b>Government Institutions:<\/b><span style=\"font-weight: 400\"> Monero\u2019s blockchain has promising applications in government services; governments can leverage Monero\u2019s blockchain for secure voting systems, digital identity management, and transparent public services.<\/span><\/p>\n<p><b>Cybersecurity And IoT (<\/b><b>Internet of Things<\/b><b>).<\/b><span style=\"font-weight: 400\"> Monero\u2019s decentralized and immutable ledger provides robust protection against data breaches and cyber-attacks. In IoT, Monero\u2019s blockchain can facilitate secure data exchange and device authentication, ensuring the integrity and privacy of IoT ecosystems.<\/span><\/p>\n<h2 id=\"ftoc-heading-9\" class=\"ftwp-heading\"><b>The Tokenomics Of XMR\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Monero XMR aims to maintain scarcity and foster value appreciation like Bitcoin. With a capped total supply of approximately 18.4 million XMR coins, similar to Bitcoin, Monero aims to prevent inflation, thereby potentially contributing to sustained value appreciation over the long term.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Monero endeavors to incentivize miners and uphold network security. Utilizing a Proof-of-Work (PoW) consensus mechanism, Monero relies on miners to safeguard the network. Initially, the emission rate of XMR was high but has gradually decreased over time. Currently, with a block reward of 0.6 XMR per block as of 2022, Monero introduces a \u201ctail emission\u201d to sustain ongoing miner incentives.<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-572993 aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-5.png?w=460&resize=610%2C436\" alt=\"XMR tokenomics\" width=\"610\" height=\"436\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-5.png?w=512 512w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-5.png?w=460&resize=610%2C436 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-5.png?w=120 120w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/Monero-5.png?w=350 350w\" sizes=\"auto, (max-width: 610px) 100vw, 610px\" data-recalc-dims=\"1\"\/><\/p>\n<h3 id=\"ftoc-heading-10\" class=\"ftwp-heading\"><b>Conclusion<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Monero\u2019s blockchain technology holds immense potential for transforming various industries by providing a secure, private, and transparent platform for conducting transactions and managing data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With its focus on anonymity and confidentiality, Monero offers a versatile solution for businesses seeking to enhance privacy, security, and efficiency across diverse sectors. As the adoption of blockchain technology continues to grow, the potential applications of Monero are limitless, paving the way for a more secure and decentralized future.<\/span><\/p>\n<p>Featured image from Dall.E<\/p>\n<\/div>\n<p>Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.<\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/xmr\/what-is-monero-xmr-network\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Is Monero (XMR)? Monero (XMR) is one of the leading cryptocurrencies focused on privacy, zero knowledge, and censorship-resistant transactions.\u00a0 The Monero network operates on a proof-of-work (PoW) consensus mechanism, like Bitcoin and various other cryptocurrencies. This system incentivizes miners to contribute blocks to the blockchain. Monero\u2019s PoW algorithm is designed to resist specialized mining […]<\/p>\n","protected":false},"author":2,"featured_media":2751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-2750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monero"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/posts\/2750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/comments?post=2750"}],"version-history":[{"count":0,"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/posts\/2750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/media\/2751"}],"wp:attachment":[{"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/media?parent=2750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/categories?post=2750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xn--kryptobrsen-xfb.se\/wp-json\/wp\/v2\/tags?post=2750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}