Monero is a decentralized open-source cryptocurrency, designed to be secure, private, and untraceable. It is based on the CryptoNote protocol, which uses cryptography to obfuscate the sender and receiver of a transaction and make it difficult to trace transactions on the blockchain. Monero was created in April 2014 as an alternative to Bitcoin, the first decentralized cryptocurrency.
The primary goal of Monero is to provide users with a secure, private, and untraceable digital currency. It uses advanced cryptographic techniques to ensure that transactions remain private and secure, and it uses a different approach to consensus than Bitcoin. Monero's consensus algorithm, called Proof of Work (PoW), is designed to be resistant to specialized mining hardware, which makes it more secure and less vulnerable to attack.
Monero employs a unique system called Ring Confidential Transactions (RingCT) to protect users’ privacy. This system uses ring signatures, which are digital signatures that allow a group of users to sign a transaction without revealing their individual identities. Additionally, RingCT obscures the amount of money being sent in a transaction, making it impossible to track the source of funds.
Launched On: 2014-04-18
Proof of Work
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