What is Monero (XMR)

Monero (XMR/USDT – Trade it Here) is a solution to Bitcoin’s shortcoming of traceability. Monero is based on the mechanism of CryptoNote first authored by Nicholas van Saberhagen in 2013 which uses privacy-enhancing technologies to achieve anonymity of all users and fungibility of tokens. This article explores the core features, overall tokenomics of XMR, and how to earn or buy XMR tokens on our exchange. Basic information for their token is available on the MEXC Digital asset introduction page.

What is Monero (XMR)
What is Monero (XMR)

Core Features of Monero

Monero is the leading cryptocurrency focused on private and censorship-resistant transactions where every user is anonymous by default. This success of anonymity is primarily achieved through three technologies:

  • Stealth Address. Automatic one-time addresses are generated for every transaction.
  • Ring Signatures. A group of cryptographic signatures with at least one real participant but no way of pinning down specific individuals in the group as all participants appear valid.
  • RingCT. An improved version of Ring signatures, called “A Multi-layered Linkable Spontaneous Anonymous Group signature”, allows for hidden amounts, origins, and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation.

Monero Tokenomics

XMR has a total initial supply cap of 18.3 million. However, once this supply is reached, 0.3 XMR per minute will be emitted to incentivize further mining. This will render XMR an inflationary token, similar to its predecessor BitCoin. At the time of writing, XMR has a market cap estimated at $2,960,267,909 and a fully diluted market cap estimated at $2,960,267,909. There is a circulating supply of 18,153,601.37 XMR Tokens.

The token was designed to be resistant to application-specific integrated circuits (commonly employed for the mining of BitCoin tokens). It also generally portrays itself as a truly decentralized project, thus, there were no initial coin offerings, public sales, or pre-mining. The mining process is also manageable using ordinary computer software and individual users.

Recent Price & Performance of Monero (XMR)

Currently, their market price is $148.31 per unit. It has a market cap of $2,701,544,401 and a fully diluted market cap of $2,701,647,091. It also has a 24-hour trading volume of $70,907,173. You can check the live price of their token right here!

How to buy Monero (XMR)

You can buy Monero (XMR) on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “XMR” using the search bar to see the available trading pairs. Take XMR/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of XMR you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy XMR] to confirm your order. You will find the purchased XMR in your Spot Wallet.

You can find a detailed guide on how to buy XMR token here.

Keep Yourself Updated With The Crypto Trend

Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshots and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!

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