Monero is a privacy-focused cryptocurrency. The crypto coin was created in 2014 by forking from Bytecoin. XMR coin is one of the very few currencies that allow users to have complete control over their data and privacy settings. Anonymous cryptocurrency was in demand during the time of Monero creation, so the novelty was greeted on the market as an instant remedy to the blockchain openness.
Monero is not controlled by any central authority. There is, however, a team of developers behind the project who crowdfunded the whole thing. Besides this team, there are more than 500 contributors to Monero from all around the world. Anyone can contribute to the development by submitting their ideas to OpenHub
As we have already told, Monero is a fork of Bytecoin. Bytecoin is the first implementation of CryptoNote protocol. Monero runs on a protocol called CryptoNote Runs Ring Signatures and Ring Confidential Transaction (RingCT). This technology is using cryptographic functions to hide the number of funds transferred. Due to this, your transactions become untraceable on the blockchain.
Ring Signature technology was proposed back in 2001. More than 10 years afterwards, Monero team decided to make this mechanism the core of how XMR transactions are being structured, The use of Ring Signatures protects both sender and receiver, as the transactions are not linkable to the addresses.To sum this paragraph up, we can say that the Monero anonymity policy definitely made great use of all the technology they decided to utilise.
As the team section of the Monero OfficialWebsitestates, the core team includes:
Special cryptocurrency needs special wallets to store it in. This is possibly why Monero cryptocurrency wallets mostly specialise on XMR alone. We at Guarda have tackled this issue and created a multi-platform, multi-currency wallet offering Monero support. Guarda wallets offer secure XMR storage, fast transactions, speedy exchanges and complete non-custodial freedom for the users. You can also check our guide on how to choose a Monero wallet to get more information and criteria on the best XMR storage service provided by our team.
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You can buy Monero on numerous cryptocurrency exchanges. XMR is a popular cryptocurrency, so when choosing the exchange service, pay attention to the reviews and rates of the taken exchange. When it comes to getting Monero XMR is Guarda wallets, you can exchange any cryptocurrency of your liking though our partner services – ChangeNOW and CoinSwitch . You can also check our exchange video below to find out more about Guarda wallet exchanges.
Start managing XMR on Guarda in a few clicks. Guarda Wallets are non-custodial, lightweight Monero storages that require a minimal amount of time to set. In this video, you can see how to set up a Monero wallet step by step.
1. On the main page of Guarda’s Website, select Create Wallet
2. After being redirected to the welcome screen, choose Create a New Wallet again
3. Make up a secure password for your wallet. You can check our cryptocurrency password guide to help you make a great pass decision.
4. Download your backup. Backup of your Monero wallet is the key to your XMR. Make sure to keep it safe – Guarda is a custody-free service and will not be able to help you in case of a backup loss.
5. Your XMR wallet is active! Your new Guarda wallet is here to store your Monero coins safely, enable speedy transactions and help you exchange XMR instantly via our built-in exchange service.
Guarda Wallet is a multicurrency non-custodial light wallet. We support the most popular coins and tokens, and Monero is one of them! It is easy to use, you don’t even need to create an account and you can feel secure since we don’t store any user’s personal data. Guarda was designed as an interface where clients can manage, store, transfer and receive coins and tokens.