Monero Wiki

A wiki for the private cryptocurrency

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Denominations
Plural Moneroj
Symbol ɱ
Ticker XMR
Smallest unit 0.000000000001 piconero
Development
Original author(s) Nicolas van Saberhagen
White paper CryptoNote v2.0
Initial release 18 April 2014
Latest release v0.13.0.4 (25 Oct 2018)
Open source license BSD-3-Clause
Technical specs
Ledger start 18 April 2014
Premine/Token sale/Instamine None
Timestamping scheme Proof of work
Proof of work algorithm CryptoNight
Issuance Decentralized, smoothly decreasing block reward
Block time ~2 minutes
Block size Dynamic
Circulating supply 16,690,265 (as of Jan 1st 2019)
Max supply Infinite
Sender privacy Ring signatures
Recipient privacy Stealth addresses
Amount obfuscation Ring confidential transactions
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Monero

Monero is an open-source cryptocurrency that focuses on decentralization, fungibility and privacy by default. Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.

What is a cryptocurrency?

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Bitcoin, released as open source software in 2009, was the first cryptocurrency. They typically use decentralized control via distributed ledger technology, typically a blockchain, which serves as a financial transaction database.

A cryptocurrency is a system that meets six conditions:

  • The system does not require a central authority, its state is maintained through distributed consensus.
  • The system keeps an overview of cryptocurrency units and their ownership.
  • The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
  • Ownership of cryptocurrency units can be proved exclusively cryptographically.
  • The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
  • If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.

Many fiat currencies, such as USD, EUR and JPY, as well as video game currencies can be transferred digitally but are not considered cryptocurrencies as they require a central authority.

Monero and other cryptocurrencies that are not Bitcoin are referred to as altcoins (alternatives to Bitcoin). Altcoins are not to be confused with tokens which are units of value issued on top of another cryptocurrency like Ethereum. See https://lopp.net/bitcoin.html to understand cryptocurrency and Bitcoin better.

What makes Monero different?

Monero is not based on Bitcoin. It is based on the CryptoNote protocol. Bitcoin is a completely transparent system, where people can see exactly how much money is being sent from one user to another. Monero hides this information to protect user privacy in all transactions. It also has a dynamic block size and dynamic fees, an ASIC-resistant proof of work, and a tail coin emission, among several other changes. test 9 20 21 new server test 30 new server 2 40 test server transfer

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home.txt · Last modified: 2019/01/28 03:29 by test70