Monero 101

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Monero Logo
Monero Logo

Monero Logo

Who was Monero made by?

Monero was created by Nicolas Van Saberhagen in 2014.

 

What is Monero?

Monero is a peer to peer based currency with confidential transactions, a user to user connected network, without any central server for data and is untraceable. It allows for the sending of money digitally, without the need of a centralized financial institution, like a bank. Bitcoin can be bought in fractions, making the technology and currency available for everyone.

 

How does Monero work?

Monero is a blockchain based network, as much as it’s a currency or store of value. In order to power the blockchain, and confirm blocks that have transaction data, Monero utilizes a process called Proof of Work mining. Proof of Work as stated helps confirm and process blocks, and in turn helps process the transactions, as well generates blocks generates new blocks. The network uses the blocks created by the mining process, to organize transactions.

Monero is different from other cryptocurrencies, by taking on an ‘always on’ approach to anonymity. Monero uses Ring Signatures, a way of anonymous signing a transaction, proving ones identity without revealing. This has many good uses for businesses, and especially legal work. Monero also has confidential transactions; which allow for hidden transaction amounts, origins, and destination of transactions.

 

 

How do you store, send, and receive Monero?

In order to store, send or receive Monero; you will need a wallet to generate an address to use. Check out Monero Wallets for wallets that we like using!

 

How you buy Monero?

To purchase Monero using fiat based currencies, like USD or EUR, you will need to purchase off a cryptocurrency exchange. Check out Exchanges for platforms that we enjoy!

 

Symbol/Ticker: XMR

Hashing Algorithm: CryptoNightv7

Max Total Supply: None

Whitepaperhttps://cryptonote.org/whitepaper.pdf