Trading volume (24h): $275,788,137
CoinMarketCap rank: 42
Monero (XMR) facts:
- The project is the largest fully anonymous blockchain.
- The protocol works using a proof-of-work algorithm based on a GPU operation.
- Monero is a fork (an improved copy) of the Bytecoin blockchain.
- Due to the emphasis on anonymity, the token is not traded on most regulated exchanges.
Project objective: Creating and maintaining a fully anonymous blockchain.
Current trends and future plans: Since its launch, the project has been supported by a team of enthusiasts. Due to the fact that developers supporting the project are constantly changing, you can’t really flag the person responsible for decision making. It seems that some of the core project supporters may later face some questions from the governing authorities. In general, the development and maintenance of the project’s infrastructure is funded by anonymous donations within the Monero General fund (as of summer 2021, it held 5,637 XMR and 0.09BTC).
The project team did not initially aim for mass and everyday use of the Monero blockchain, focusing much more on the security and encryption algorithms. A fairly high level of anonymity is achieved through the use of one-time intermediate addresses and special algorithms to authenticate the transfers.