What is Monero (XMR)?

Founded in 2014, Monero is a privacy-focused blockchain that aims to provide complete anonymity to its users through untraceable transactions, which, according to it, Bitcoin fails to provide because of the transparent nature of Bitcoin's blockchain. Monero achieves this privacy over the network through advanced cryptography techniques.

XMR is the native currency of Monero, used for fast, effective and inexpensive payments throughout the world. The network is committed to providing a greater degree of decentralization and user privacy. Since the launch, Monero has launched many effective tools and upgrades to boost the network's anonymity, RingCT being the one which was implemented to hide the transaction amount.

The interesting fact about Monero that cannot be unseen is that it is the fork of Bytecoin, a privacy-oriented decentralized blockchain founded in 2012. A member of the Bitcointalk forum suggested a few modifications to the Bytecoin network that the community did not accept. So that member, known as Thankful_for_today (an anonymous identity) forked the Bytecoin blockchain to Monero and became the founder of Monero. Since then,over 500 developers have contributed to XMR's development.

How does Monero (XMR) work?

Monero is well known far and wide for the level of user privacy it is serving via privacy-based cryptographic techniques. It maintains the anonymity of transactions over the network via Stealth addresses, Ring signatures, RingCT, short for Ring Confidential Transactions, and Dandelion . With the help of these protocols, XMR tops the list of privacy coins and is the cryptocurrency where transaction info of sender and receiver is anonymous by default.

Ring Signatures obfuscate the information in Monero by randomly grouping it with other data in the network. Ring Confidential Transactions (RingCT), an improved version of Ring signatures, encrypts amounts, origins and destinations of transactions.

Further, XMR also implemented zero-knowledge proofs, "Bulletproofs", which ensure that transaction value is concealed from network observers. Stealth addresses in Monero protect the senders and receivers in the network. Stealth addresses are one-time addresses generated by network users and cannot be traced by the network observer.

The Dandelions protocol enshrouds the IP addresses of the devices on which the transaction is taking place. This is done through a method of transaction broadcast propagation. When the new transactions are passed to the Monero network, the repeated probabilistic approach finds out whether the transactions should be forwarded to a single node or many nodes in flooding. This way, the XMR network synchronizes to ensure inherent privacy.

XMR uses a proof-of-work algorithm to validate transactions. Unlike Bitcoin, It doesn't require mining farms and can be efficiently mined using household computers and graphic cards.

How to Buy Monero (XMR) in India?

There are many platforms where you can invest and trade Monero (XMR) in India.

One such platform is Flitpay. To buy Monero (XMR) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Monero (XMR) and execute the Monero (XMR) purchase.

You can instantly convert your INR to XMR and XMR to INR and withdraw your INR through bank transfers whenever you want.

Flitpay is the safest cryptocurrency exchange to buy Bitcoin, Ethereum, Dogecoin and other cryptocurrencies in India.

FAQs

What is Monero (XMR)?
Monero is a privacy based cryptocurrency that primarily focuses on the anonymity and security of transactions taking place on its blockchain. It provides absolute transactional privacy to its users through one-of-a-kind ring signature technology and stealth addresses.

What is the Monero (XMR) price in India today?
Check out the current INR price of XMR  tokens in India on Flitpay.

Which is the best platform to buy Monero (XMR) in India?
The best crypto exchange in India to buy Monero (XMR) or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Monero (XMR)?
Monero (XMR) is a cryptocurrency that provides a high level of obscurity to its users and their online transactions. Unlike many popular digital currencies, Monero is known for its strong privacy protection which makes its transactions intractable.

Is it safe to invest in Monero (XMR) in India?
Yes, investing and trading in Monero (XMR) is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in XMR. It offers the most real-time prices and advanced investing features.