We’re proud to announce that Monero (XMR) is now available through the Faast API! We’ll explain why this popular “privacy coin” represents such an important leap forward for crypto enthusiasts and fintech in general, and how you can easily add XMR to your portfolio using Faast.
It is often said that bitcoin is like digital cash. Well, when you spend cash at a store, the cashier doesn’t get to see how much cash is in your wallet, and doesn’t receive a record of everyone you’ve ever exchanged cash with.
The very idea sounds ludicrous, but that is essentially what a public ledger allows you to do— if you understand how to read it.
Many crypto enthusiasts are attracted to cryptocurrency because they are also strong believers in the importance of privacy. On the surface, yes, many cryptocurrencies are “private” because they operate on their own networks, outside the banking system. But the reality is that when transactions are stored forever on an immutable ledger which anyone can view, calling it private is a bit of an overstatement.
This is the problem Monero wanted to solve. It does this by making use of clever technologies like ring signatures (to protect the sender), stealth addresses and ring confidential transactions, which shield the amount being transacted. Only the sender and receiver can confirm the whole details of a given transaction. It is important to note the Monero runs on its own unique blockchain.
In this way, Monero offers a high degree of confidentiality, and has established itself as one of the most popular privacy coins in the crypto world.
One of the key features that differentiates XMR from other cryptocurrencies focused on privacy is that all transactions on the Monero network are private by default. This is different than ZCash (ZEC) for instance, where transactions can be public or private through the means of “z addresses”.
XMR is currently available to trade through Faast using our API.
With the API in place, you’ll be able to let your visitors swap XMR on your website and set your own commission rate.
Using Faast with a Monero Wallet
Adding XMR to your portfolio with Faast works just the same as it does with any other cryptocurrency. Just go to https://faa.st/app/swap and enter your sending and receiving addresses into the user interface to send and receive XMR. (Make sure you are using an XMR compatible wallet address).
At this time, there are some geographic restrictions in place for XMR on Faast.
XMR is not currently available on Faast for Ledger and Trezor hardware wallets, though it is on the agenda for the near future.
Please stay tuned for updates regarding expanded XMR integration with Faast.
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