Monero (XMR) is one of the most popular privacy-focused coins in existence today. It uses a number of innovative technologies that allow concealing the addresses of sending and receiving parties and the amount of money. With our dedicated Monero wallet or multicurrency wallet supporting Monero alongside dozens of other coins, you won’t have to sync your wallet with blockchain, download it, nor worry about the security of your funds. In this article, we will name the main features of Monero and tell how you can store your Monero safely on Freewallet.
- What Is Monero?
- Wallets Good For XMR Storage
- Crypto Wallet Features
- A Dedicated Monero Wallet Features
- How You Can Store Monero Safely via Freewallet?
What Is Monero?
Monero is a cryptocurrency with the biggest market cap among privacy-focused coins. As of June 8, 2021, Monero ranks 27th by capitalization which goes beyond $4.2 billion. Currency was launched in 2014. While Bitcoin was praised as an anonymous means of payment, BTC transactions can be traced and parties identified. Monero was meant to be a payment network that leaves little to no trace. The mixing feature (if enabled) blends public data about your transaction with other (mixed) transactions included in the same block. People looking at the info from block explorer won’t see the amounts spent and the wallet addresses participating in the transaction. Actually, there are methods to retrieve pieces of data from the Monero blockchain, however, in general, most of the mixed transactions cannot be traced.
Monero utilizes a CryptoNote protocol. The consensus mechanism used on Monero is Proof-of-Work. The Monero version of PoW is based on the RandomX hash function. RandomX is notable for preventing Monero mining with the use of ASIC miners meaning that the XMR mining process is still democratic. Just like in the case with Bitcoin, Proof-of-Work means that validation of transactions and network protection happen as a result of mining, and miners are incentivized by block rewards. Monero coins are fungible as they don’t have any readable history or traces of past transactions. It makes them safer than most other crypto coins as they are non-fungible.
To ensure untraceability and unlinkability on the Monero network the dev team of the coin has implemented several innovative technologies. One of them is ring signatures or Ring Confidential Transactions, a technology implemented in 2017. RCT allows hiding the source, destination, and amount sent in the transaction. Another important feature is Dual-Key Stealth Address Protocol (DKSAP). Each transaction uses a one-time stealth address so there is no chance to link different transactions together. Thanks to the Dandelion++ technology, the IP addresses used by those who send transactions in XMR get concealed by default.
One of the crucial features of the Monero network is that despite obfuscation, the transaction participants can provide third parties with the private view key that allows auditing transactions. So in the case if the payment info should be verified to a side observer, there is a way to do that. Another tool, called a transaction key, can be provided by the sender to prove that coins were sent.
All these privacy and security measures can turn out to be useless if you choose a wallet that doesn’t provide a decent security level. We, in Freewallet, recommend you use one of our products to ensure the safety of your XMR coins.
Wallets Good For XMR Storage
We provide two types of wallets that are good for XMR storage: a dedicated Monero wallet and a multi-currency wallet known as Crypto Wallet. Both of them are easy to use and do not require you to perform any actions between signing up and turning the protection measures on. All the functionality is fully operational as soon as you create the wallet.
Crypto Wallet Features
Crypto Wallet is a multi-currency wallet. It supports storing over 150 crypto assets. Crypto Wallet can be installed as a mobile app (Android and iOS) or accessed online via a web browser. The wallet is created in the blink of an eye — you only have to sign up using your email address, Facebook profile, or Google account. As soon as the PIN code is set you can start using your new Monero wallet. If it is your first storage by Freewallet you will need to confirm the creation of the account via email.
To change the account settings you can click on the user pic or tap on the gear wheel icon. Both of these actions take you to the Settings menu. There you can check or change your personal data, verify your account, see your user ID, set the security measures, check the active sessions list and terminate them if necessary (IP addresses, login dates, country, and device model are available), the app preferences can be changed (including the local fiat currency), and the support center can be accessed to learn FAQ, read the blog, or contact the support team.
Other buttons on the main display are Send, Receive, Buy, and Exchange. The Send menu has multiple subsections: Wallet address, User ID, and email are used as destinations where you can send your XMR or other coins to. These subsections are the parts of the Transfers section. Below there is a Payment section containing a Top-up phone feature (as for now you can top up the phone only in Bitcoin) and Buy Gift card — right in your wallet you can buy gift cards of 800+ brands partnering with us. You can buy these cards with XMR coins or any other coins supported on Crypto Wallet. And finally, at the bottom of the page, there is an Exchange section that is used to send coins from one of your addresses to another. And finally, at the bottom of the page, there is an Exchange section that is used to send coins from one of your addresses to another. In the Receive tab, you can deposit more coins to your wallet. Just choose Monero, save the address, and send money to this address.
It is possible to top up your XMR balance by card or via Moonpay or Simplex. To do this, you should tap on the Buy button on the main display. The Exchange Coins button allows converting XMR to other cryptocurrencies. We will provide you with advice on how you can store your Monero on Freewallet safely in the respective chapter below.
A Dedicated Monero Wallet Features
A dedicated Monero wallet is a mobile app available both for Android-based and iOS-based devices. You can create a dedicated wallet as easily as Crypto Wallet.
The wallet design is minimalist and intuitive. At the top part of the main screen, there are your user pic and two buttons: a lightning icon on the left of the userpic and a gear-wheel icon on the right of the userpic. A lightning icon leads to the Rates tab where you can quickly check the current XMR price against USD, see the recent price change, the chart, and the XMR price stats for the last 24 hours, last 7 days, and last 30 days. The page gives an insight on the maximum and minimum price for a specified period and the change (in percent). A gear wheel icon (as well as the user pic) leads you to the Settings section, the same as in Crypto Wallet.
At the center of the main screen, there are three buttons. Receive button takes you to a Smart Pay In page. In the My Address tab, you can copy your wallet address or generate a new one (the QR version is immediately available). At the bottom of this tab, there is a link that can be used to top up the XMR wallet with other currencies. The Smart Address tab is used to top up the Monero wallet with dozens of cryptocurrencies. Send and Scan QR buttons are used for sending transactions and reading QR-codes respectively. All transactions within the Freewallet ecosystem are free. In the following chapter, we will tell you how you can store your Monero safely.
How You Can Store Monero Safely via Freewallet?
Finally, we will tell you how you can store Monero safely. All the recommendations are good for both Crypto Wallet and a dedicated wallet. Most of the security measures can be enabled in the Security tab of the Settings menu. PIN code is requested every time you return to the app. The main security measure is 2-factor authentication. It critically decreases the chance of being hacked as hackers won’t be able to enter your account or withdraw money without access to your mobile device. The active sessions monitor ensures no one is using your account secretly. Other protection measures include email confirmations (to enter an account or withdraw the money you will be required to tap on the link sent to your email address) and a 24 hour or 7 days withdrawal limit (so the intruder won’t be able to withdraw much money). In the App Preferences section (Settings) you can turn on the balance alert. When enabled this feature sends you an alert every time the balance on your wallet changes. Most of the user funds are stored offline. The desktop version of Crypto Wallet has the same protection features as the mobile version.
Please do not underestimate the threats associated with the activity of cybercriminals. Coins can be stolen easily if you don’t take care of their protection. Thankfully, with Freewallet products, you have all the opportunity to safeguard your funds and now you know how you can store Monero safely.
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