Monero (XMR) is a privacy-focused cryptocurrency that was launched in April 2014 as a fork of the Bytecoin blockchain.
It is designed to provide enhanced privacy and anonymity for its users, making transactions untraceable and unlinkable.
Monero is developed and maintained by a community of volunteers, promoting a high degree of decentralization in its governance and development.
Privacy and anonymity first
Monero uses advanced cryptographic techniques, such as ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT), to obfuscate transaction details. This ensures that the sender, receiver, and transaction amount are private and cannot be easily traced on the blockchain.
Ring signatures combine the public keys of multiple users to create a single, anonymous signature. This makes it difficult to determine which specific user initiated the transaction.
RingCT hides the transaction amount, ensuring that the value of a transaction is private.
When a recipient generates a stealth address, it masks their actual receiving address. Only the recipient can decode the stealth address and access the funds sent to it.
Moreover, Monero’s mining algorithm, CryptoNight, was designed to be ASIC-resistant. This is intended to ensure that mining remains accessible to a wide range of users and prevents centralization of mining power.
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Source: https://coinidol.com/monero-xmr-token/
