Similar to Litecoin, Bitcoin, and Ethereum, Monero is an open source blockchain launched in 2014.
Monero’s native token, XMR, is an open-source, privacy-oriented cryptocurrency.
The blockchain is
primarily referred to as an “opaque blockchain,” which simply means that every transaction conducted on Monero is anonymous and unidentifiable in nature.
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What is Monero (XMR)?
The idea of Monero was first introduced in a white paper for a cryptocurrency protocol by CryptoNote.
Monero is an open-source blockchain that was launched with the anonymity factor of decentralization in mind. Monero has been described as a privacy-oriented blockchain with the aim of valuing privacy above all.
Monero focuses on providing total anonymity to its users by allowing them to make anonymous transactions by making every transaction private and untraceable.
Monero (XMR) and privacy
While other blockchains like Ethereum allow users to view the amount of cryptocurrencies sent to others via websites like Etherscan, Monero is built differently and is known to have used different technologies to improve privacy, including strong cryptography, to make its transactions untraceable and anonymous.
Unlike other blockchains, the amount of cryptocurrencies sent and received, as well as sender and recipient details, are hidden from the public eye, which makes Monero a unique blockchain among its privacy coin competitors.
Monero strives to provide fast crypto transactions without fear of censorship and public scrutiny. Monero prioritizes privacy by deploying a feature called stealth addresses that requires each sender to create a one-time address for each transaction.
In addition to this, the blockchain also uses ring signatures, which negates the possibility of transactions being linked to their original senders.
Monero uses a mechanism dubbed RingCT, which encrypts transactions and makes them untraceable by third-party viewers or applications.
XMR Units
The blockchain’s native cryptographic token, XMR, is used by its users to trade and access additional services on the Monero blockchain.
