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What is Monero? Blox Featured Crypto Project $XMR

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What is Monero? Monero is a privacy focused cryptocurrency token, focused on ensuring total data protection and disallowing tracking of portfolio holding and transaction activity. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.

What is Monero and what makes Monero special

As noted from the Monero website, “Monero uses ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Monero provides all the benefits of a decentralized cryptocurrency, without any of the typical privacy concessions.”

Monero was launched in April 2014. It was a fair, pre-announced launch of the CryptoNote reference code. There was no premine or , and no portion of the block reward goes to development. The founder, thankful_for_today, proposed some controversial changes that the community disagreed with. A fallout ensued, and the Monero Core Team forked the project with the community following this new Core Team. This Core Team has provided oversight since. To date, all ongoing development efforts with Monero have been primarily focused towards ongoing privacy and stability of the platform.

what is monero

 

About The Monero Team

Riccardo “fluffypony” Spagni

As the token namesake focus implies, the team members of Monero remain relatively private regarding their own initiatives and personal life. One of the most outspoken and notable members of the Monero core team is Riccardo Spagni, or “Fluffypony” as he is commonly referred to in many places online. Riccardo is married and resides in South Africa. With an academic background in informatics and logistics, Riccardo spent years in software development and the import/export industry. Due to the success of the business he started with his wife, he had enough freedom to start tinkering with Bitcoin in 2011. In 2012 he became involved in various cryptocurrency-related projects.

Francisco “ArticMine” Cabañas

Also known as “ArticMine,” Francisco Cabañas has been involved in researching and investing in cryptocurrencies since 2011. He’s currently part of the development team at Monero, where his insight into the economic, social and regulatory aspects of digital currencies helps to inform the team’s direction and vision.

About the Monero Token

$XMR is the token of Monero. While many tokens take the route of finite and fixed total supply, $XMR has an infinite supply. This is one way of accounting for “lost” tokens and ongoing scaling efforts. Current circulation is approximately 16 million $XMR. Just over 8% of Blox users hold $XMR, with over 17% of global exchanges supporting the token. Only a little above 9% of Blox users hold $XMR in wallets, with over 90% synced via exchanges at this time.

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