Monero is an open-source cryptocurrency created back in April 2014. It primarily focuses on privacy and decentralisation. The monero platform runs on Windows, macOS, Linux, Android, iOS, and FreeBSD. Monero uses a public ledger to record transactions while new units are created through a process called mining, similar to Bitcoin. Monero aims to improve on existing cryptocurrency designs and architecture. Monero is designed to achieve this state by obscuring the sender, recipient and amount data, of every transaction made. Furthermore, the mining process is more fairly distributed.
The Monero token symbol Monero ( XMR | ɱ )
Monero has been likened to a more “private form” of Bitcoin. This is a very generalised view and Monero has a lot more to it. Unlike many other cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNight proof-of-work hash algorithm. This algorithm comes from the CryptoNote protocol. It possesses significant algorithmic differences relating to blockchain obfuscation in particular. Monero is highly fungible, by providing a high level of privacy, meaning that every unit of the currency can be substituted by another unit. This makes Monero different from public-ledger cryptocurrencies such Bitcoin. This could for example, lead to addresses with coins previously associated with undesired activity which could potentialy be blacklisted and have the coins refused by other users and services.
In particular, the ring signatures, mix the spender’s input with a group of others, making it exponentially more difficult to establish a link between each subsequent transaction. Furthermore “stealth addresses” are generated for each transaction, this makes it impossible to discover the actual destination address of a transaction by anyone else other than the sender and the receiver. Finally, the a concept referred to as the “ring confidential transactions” mechanism goes ahead and hides the transferred amount.
Monero is designed to be resistant to application-specific integrated circuit mining (ASIC), which is commonly used to mine other cryptocurrencies such as Bitcoin. It can presently be mined somewhat efficiently on consumer grade hardware such as x86, x86-64, ARM and GPUs.
Monero tokens with the symbol (XMR) can be traded against many crypto and FIAT currencies across the globe. In particular South Africans can trade Monero locally on ice3.com
The creator of Monero is sort of anonymous. Monero was originally launched by a Bitcointalk forum user only known as “thankful_for_today” under the name BitMonero which is a compound of Bit (as in Bitcoin) and Monero (literally meaning “coin” in Esperanto). A few days later, the currency’s community opted for the name to be shortened to Monero.
The underlying CryptoNote protocol that Monero is based on was originally launched by pseudonymous author Nicolas van Saberhagen in October 2013.
The beauty of the internet and internet currency is that you can trade the markets all the time 24/7 365 days of the year. Buying or Selling Monero is very easy and simple on the iceCUBED Exchange. Simply select the XMR/BTC trading pair and place your BUY and SELL orders.
The best way to store Monero is by using a trusted wallet. This way, you and you only have control over your coins and they can not be hacked or scammed. Never store your coins on an exchange or web based wallet where you do not control the private keys. Only keep coins on an exchange that you intend to trade with, there is no reason not to.
Trading Monero Tokens like a commodity is very much the same as trading gold, the difference being, XMR Tokens in this instance are like digital gold. Just like gold is traded on stock markets all over the world, Monero (XMR) can also be traded on exchanges all over the world. The price at which Monero is trading, is purely down to supply and demand. We do not get involved in any trading (i.e. We do not sell or buy on the exchange). The local market price for Monero in South Africa is down to the users trading on the exchange.