Monero (XMR)

Monero originally launched in April 2014 as BitMonero, which was a fork of a cryptocurrency called bytecoin. BitMonero changed its name to Monero five days after launch.

Monero

Official Website: https://getmonero.org/

Key Facts

  • An open source cryptocurrency which concentrates on privacy, decentralisation and scalability.
  • Became popular in 2016 as it was adopted by Alphabay (a darknet market) due to its privacy features.
  • Monero is based on CryptoNote, an application layer protocol which evolves ideas behind bitcoin.
  • Monero makes it ambiguous which funds have been spent (through ring signatures) and unlikely that transactions can be traced to a specific user.
  • Monero is a pure proof of work blockchain, where CPU’s can be used for mining (to avoid centralisation in the mining process).
  • Monero has no hard coded maximum block size to prevent scaling.
  • A block size penalty award has been built in to avoid excessive block size increases.
  • Slightly more complex coin emission than other cryptocurrencies, but will level out at a minimum 157,788 XMR per annum with less than 1% annual inflation tending toward 0%.

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