What is Monero?

Monero (XMR)





Monero (XMR) is a private, safe, and untraceable currency. XMR seeks to be electronic private cash. It is an open-source, decentralized currency and is freely accessible to all. One of the reasons why many crypto traders like XRM is the transactions are always private. With Monero, others can’t tell where you have received XMRs from or send it to or even the amount involved. Not only does XRM built-in untraceable feature but also help in preserving your privacy. It gives you peace of mind since you don’t have to worry about how your XRMs use before it’s coming into your possession.


XRM is private and fungible, which makes it right electronic cash. It uses a blockchain to record transactions securely. A blockchain is a digital ledger of operations to which entries can add. In this accounting, operations are grouped into blocks which are linked together to compose a chain. A copy of the blockchain maintains by the majority of Monero network members. There’s no need for central authority when it comes to exchanging XRMs.  


How does Monero transactions work?


The operations comprised of what are called inputs and outputs. The sum of processes data will always equal the sum of its outputs. New productions create whenever someone sends XRM. Old outputs consume in the process by using them as inputs in the new transaction. In other words, a transaction is a transformation of XRM outputs belonging to one wallet into outputs belonging to another.

Monero video explanation

For instance, Anne received 10 XRM production and a 5 XRM in the past, let’s say she now wants to send 15 XRM to John. Anne will combine the 10 and the five outputs and sent it to John, who will receive a total of 15 XRM outputs. What happens is that Anne uses her two outputs (10 XRM and 5 XRM) as inputs in the transaction to John. Then, John’s wallet received a brand new 15 XRM output. In the process of operations, Anne also paid a small fee for miners to include her transaction in a block.


XRM outputs create in such a way that only the intended recipients can recognize and spend them. Your Monero wallet keeps track of the outputs on the blockchain that are owned by you, and only your wallet knows which are yours. You may, however, share a watch-only version of your wallet with whom you choose. They can, therefore, view your balance, but can’t spend your XRMs. Your wallet is otherwise just like a bank account, reflecting the entire transaction history of deposits to it and payments from it.  


How you control Monero?  


All the XRMs are directed to your public address will be reflected in your wallet in the form of spendable outputs. The wallet address itself never appears on the blockchain. So, your XRMs are kept private. It’s like you’re having your bank account; you’re in full control of what will happen to your Monero.

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