What is Monero (XMR)?
Monero is a private, secure, and untraceable digital currency based on proof-of-work that utilizes symmetric cryptography in order to achieve fungibility with complete anonymity.
How is Monero Private?
Transactions on the Monero blockchain are encrypted via a symmetric-key algorithm which produces identical cryptographic keys for encryption of plaintext and decryption of ciphertext. In regards to Monero, non-sensitive information such as the TXID remain unencrypted as plaintext. While sensitive information like the amount sent, amount received and addresses involved in the transaction are encrypted as ciphertext. This means that the public view of a Monero transaction or address is encrypted and will require the public view key to see the full transaction.
What are Monero Keys?
There is a public and private set of keys for Monero wallets. The public view key and public spend key are used to generate the public address a party will use to send funds to you. The private view key allows you to view incoming transactions to your wallet address. This is typically used to maintain offline or cold wallets to ensure you’ve received payment. And the private spend key is required to sign Monero transactions from your wallet. The private send key is also a mnemonic seed, or recovery phrase, which can be used to recover all other keys.
Payment IDs
The payment ID is a secondary identifier often used by merchants receiving multiple transactions to a single wallet.
Note: When depositing Monero to ShapeShift the payment ID must be included for a successful exchange.
Where is Monero Stored?
Web Wallet
Monero GUI (Graphical User Interface) + CLI (Command Line)
Paper Wallets (Cold Storage)
- Instructions on how to set up a paper wallet can be found here.
Exchanges
Note: The most secure way to store your Monero is a paper wallet. The least secure way to store your Monero is a web wallet.
Incorrect Balance in Your Wallet?
Due to the recent fork on April 6, 2018 some Monero wallets remain synced to the old blockchain. A complete guide for syncing GUI and CLI wallets to the new blockchain can be found here.
Web Wallet
- Refresh the page or wait for Javascrypt to update the page in order for the proper balance to be shown.
Monero GUI (Graphical User Interface)
- Click <Start daemon> on the startup page.
Monero CLI (Command Line)
- Mac/Linux <./monero-wallet-cli --daemon-host ADDRESS.OF.HOST:18081>
- Windows <monero-wallet-cli.exe --daemon-host ADDRESS.OF.HOST:18081>
Paper Wallets (Cold Storage)
- Use your private view-key to check the balance of your Monero address on the blockchain of your choice. We recommend xmrchain and moneroblocks.
Exchanges
- Exchanges often require a certain number of confirmations before the correct balance is shown. Please ensure you have met the confirmation requirements prior to contacting their support team.
Note: Daemon can take up to 24 hours to sync.
A Complex Coin
While Monero can be difficult to understand due to its private nature, it is a highly regarded coin. If you are interested in this digital asset, be sure that you understand the basics before starting your ShapeShift exchange.