Monero Domains

What Is Monero (XMR)?

Monero (XMR) is a privacy-focused peer-to-peer digital currency, designed to be untraceable and anonymous. A transaction on the Monero blockchain can’t be linked to a particular user or real-world identity as the cryptocurrency is fungible. This term describes a currency in which every unit is identical and mutually interchangeable with every other unit of that currency. So while a Bitcoin bought from the darknet could be distinguished from a Bitcoin bought on Coinbase through blockchain transaction analysis, two separate Monero coins appear exactly the same and can’t be told apart.

This makes Monero a pretty unpopular currency with a lot of financial regulators as they can’t trace XMR payments or collect data on its users.

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Monero Web hosting and domain registrationHow Does Monero Work?

In order to provide privacy and anonymity, Monero relies on two important concepts: stealth addresses and ring signatures.

Stealth addresses enable a sender to generate a one-time public address on behalf of the recipient for every single transaction. However, the recipient can still use a single public address for receiving all their payments, just like Bitcoin. Every Monero user will generate a private view key and a private spend key. The private view key will allow them to see all the transactions associated with their account, while the private spend key is similar to a Bitcoin private key – it’s used to authorize payments.

What Makes Monero Unique?

Although Monero’s anonymous developers and open-source code base may sound similar to Bitcoin, there are some major differences – one being the way updates are handled. While Bitcoin is somewhat reluctant when it comes to forks, with even the simplest of upgrades requiring a long discussion period before implementation, Monero’s software is programmed to update autonomously every six months.

In 2018, Monero became the first major cryptocurrency to deploy what is known as “bulletproofs”, a technology that greatly improved the efficiency of XMR transactions and led to at least an 80% drop in the size of the average transaction and dramatically reduced fees for the end-user.

Although there are many other privacy coins, Monero is perhaps the most well-known and has the largest market cap. It also offers privacy by default, unlike some of the alternatives such as Zcash where it is a manual opt-in feature.

Buy Domain Names with Monero

Amongst the many crypto currencies we accept monero(XMR) for web hosting and domain name registration services. x3REG supports Monero payments on checkout. Simply choose monero payments on checkout as your preferred payment option.

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