What is Monero?

Monero (XMR) is a cryptonight algorithm based alternative crypto currency. The coin is based on Proof of Work and has a block reward that varies smoothly. The difficulty retargets every block with a sixty second block target.

Monero uses a Ring Signature system to protect your privacy, allowing users to make untraceable transactions.

Monero is cash for a connected world. It’s fast, private, and secure. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity.

Monero Details

Time stamping scheme: Proof-of-work

Ticker: XMR

Block Reward: 4.90 XMR as at 29th March 2018

Cryptocurrency Rank: 12th

Mining – Proof of work algorithm used is CryptoNight which was thought to be asic resistant until a chinese asic manufacturer Bitmain released its own asic. Monero can be CPU mined, GPU mined and currently Asic mined.

Wallets – Monero wallet addresses are 95 character strings which consist of public view key and public spend key which are not directly linked to private wallets.

Block Time – Monero block time is approximately 2 minutes.

Supply – There is currently 15.7 million XMR created.

Forks: Planned fork announced to counter asic mining.

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