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Highlights
- Monero (XMR) is an open-source decentralised cryptocurrency that uses privacy enhancing technologies and aims to provide protection to all the users.
- Monero’s ring signature system mixes the digital signature of the sender along with signatures of other users, which keeps the name of the real sender hidden.
- Monero is governed by its token XMR and was having good trading session on Thursday at US $244.53.
Monero (XMR) is an open-source decentralised cryptocurrency that uses privacy-enhancing technologies and aims to provide protection to all users and provides a secures transaction amounts, address balances, or transaction histories. Developed in 2014, Monero ring signatures, zero-knowledge proofs, and "stealth addresses" to disguise the transaction details.
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It’s Monero’s underlying technology that has attracted many investors to its platform as it keeps the identity of senders and recipients remain anonymous. Due to this, Monero is often compared with other cryptos in the same category such as Zcash (ZEC).
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Monero is governed by its token XMR and has been having good trading session on Thursday. Ranked 35 on CoinMarketCap, the XMR was trading at US $244.53 with a 24-hour trading volume of US $22,30,37,887. At the time of writing (BST 9:30 am), XMR was up by 8.13% in the last 24 hours. XMR had a live market cap of US $4,40,11,36,537 with the circulating supply of 1,79,98,265 XMR coins. XMR has seen a bullish rally of late, especially after launching four privacy coins.
What makes MONERO special
Monero’s framework was designed keeping traders’ privacy and its underlying technology makes it one of the most secure coins in the crypto market. Monero’s ring signature system mixes the digital signature of the sender along with signatures of other users, which keeps the name of the real sender hidden. XMR’s RingCT technology keeps the value of the transaction hidden, thereby giving its exceptional security feature to the traders.
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Besides, Monero is considered to be a truly fungible token. As a truly fungible cryptocurrency Monero grants a trader an extra layer of privacy and is limitless in nature. Also, Monero doesn’t possess a pre-set block size limit thereby giving the investors and traders an ideal opportunity to participate in the activity within the blockchain. Being highly scalable, it is often considered to be one crypto that is able to accommodate a surge of growth.
The recently launched Atomic Swap feature allows the users to swap Monero for Bitcoin seamlessly without the need for a broker to do the dealing. Through the Atomic Swap, the users are also able to hide details within the Bitcoin’s ledger, thereby giving it an all-round security feature.
Conclusion
Many experts believe that due to its ability to hide the transaction details, Monero comes across as a great coin to invest in. The recent bursts have definitely helped the coin and is expected to reach US $280-$300 mark by the end of this year. Experts predict that the coin has potential to reach US $500 by 2025 and this bullish run would surely give them hopes for a coin that not only gives good returns but also ensures that the secures the transaction as well.
