The Monero token (XMR) was the first privacy coin in the cryptocurrency world, having been released on April 18, 2014, under the name BitMonero. Monero is developing a PoS (Crypto Note Protocol) consensus mechanism based on the CryptoNote protocol that prioritizes privacy, decentralization, and scalability.

Monero has the characteristics of concealing the transaction addresses of the parties, covering information about transaction amounts and account balances and prohibiting the retrieval of the transaction history. According to Monero’s research and development team, the primary goal of Monero is to protect users’ privacy, security, and traceability while making payments fast and inexpensive without fear of censorship.

Monero token (XMR) is a Monero network utility token that is used for the following purposes:

• Used as a currency to pay for products and services within the Monero network.
• Used as a block reward for Monero miners