Monero Market Capitalization Tops $2.96 Billion (XMR)

Monero (XMR) traded 2.9% higher against the dollar during the one day period ending at 12:00 PM E.T. on August 6th. Over the last seven days, Monero has traded up 0.3% against the dollar. Monero has a total market cap of $2.96 billion and $82.19 million worth of Monero was traded on exchanges in the last 24 hours. One Monero coin can now be purchased for about $162.99 or 0.00701888 BTC on exchanges.

Here’s how related cryptocurrencies have performed over the last 24 hours:

  • Coalculus (COAL) traded down 2% against the dollar and now trades at $0.0031 or 0.00000013 BTC.
  • Bytecoin (BCN) traded up 0.1% against the dollar and now trades at $0.0001 or 0.00000000 BTC.
  • Monero Classic (XMC) traded 0.1% higher against the dollar and now trades at $0.44 or 0.00001894 BTC.
  • Aeon (AEON) traded up 16.4% against the dollar and now trades at $0.13 or 0.00000577 BTC.
  • Sumokoin (SUMO) traded 1% lower against the dollar and now trades at $0.0188 or 0.00000081 BTC.
  • DigitalNote (XDN) traded 2.7% higher against the dollar and now trades at $0.0001 or 0.00000000 BTC.
  • Karbo (KRB) traded 1.2% higher against the dollar and now trades at $0.0431 or 0.00000186 BTC.
  • Digital Insurance Token (DIT) traded up 2.7% against the dollar and now trades at $0.0012 or 0.00000005 BTC.
  • BitTube (TUBE) traded up 0.9% against the dollar and now trades at $0.0007 or 0.00000003 BTC.
  • ZUM TOKEN (ZUM) traded 64.8% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.

Monero Profile

Monero (CRYPTO:XMR) is a proof-of-work (PoW) coin that uses the CryptoNight hashing algorithm. It launched on April 18th, 2014. Monero’s total supply is 18,157,480 coins. The official website for Monero is ww.getmonero.org. The Reddit community for Monero is /r/monero and the currency’s Github account can be viewed here. Monero’s official Twitter account is @monerocurrency and its Facebook page is accessible here. The official message board for Monero is forum.getmonero.org.

According to CryptoCompare, “Ring Signature The Basics In cryptography, a ring signature is a type of digital signature that can be performed by any member of a group of users that each have keys. Therefore, a message signed with a ring signature is endorsed by someone in a particular group of people. One of the security properties of a ring signature is that it should be computationally infeasible to determine which of the group members' keys was used to produce the signature. For instance, a ring signature could be used to provide an anonymous signature from “a high-ranking White House official”, without revealing which official signed the message. Ring signatures are right for this application because the anonymity of a ring signature cannot be revoked, and because the group for a ring signature can be improvised (requires no prior setup).   Application to Monero A ring signature makes use of your account keys and a number of public keys (also known as outputs) pulled from the blockchain using a triangular distribution method. Over the course of time, past outputs could be used multiple times to form possible signer participants. In a “ring” of possible signers, all ring members are equal and valid. There is no way an outside observer can tell which of the possible signers in a signature group belongs to your account. So, ring signatures ensure that transaction outputs are untraceable. Moreover, there are no fungibility issues with Monero given that every transaction output has plausible deniability (e.g. the network can not tell which outputs are spent or unspent). To read how Monero gives you privacy by default (unlinkability), see stealth addresses. “

Buying and Selling Monero

It is usually not possible to purchase alternative cryptocurrencies such as Monero directly using US dollars. Investors seeking to acquire Monero should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Monero using one of the exchanges listed above.

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