Monero, a fork of Bytecoin, is a secure, private, and untraceable currency, built on the Cryptonote protocol using Ring Signatures. Proof of Work mechanism called CryptoNight issues new coins which incentivize miners to secure the network and validate transactions. Originally launched in April 2014 as BitMonero, Monero (symbol XMR), means money in Esperanto.
The public and hidden Monero ledger allows anyone to send and receive transactions privately. This means no outside observer would know the sender, amount, or destination.
Monero and it’s community stand by three key values: (1) Security, (2) Privacy and (3) Decentralization
The Monero website elaborates further:Security Users must be able to trust Monero with their transactions, without risk of error or attack. Privacy Monero takes privacy seriously. Monero needs to be able to protect users in a court of law and, in extreme cases, from the death penalty. Decentralization Monero is committed to providing the maximum amount of decentralization.
In this Monero guide, we cover everything you need to know, including:How Does Monero Work?
Monero is based on an application level cryptographic protocol focused on privacy called Ring Signatures.
Ring Signatures were originally proposed at a 2001 Cryptography conference in Queensland, Australia. The authors of Ring Signatures include Ron Rivest, Adi Shamir, and Yael Tauman. Ring Signatures are the core mechanism behind how Monero transactions are structured after being broadcasted from the wallet.
The core use case behind Monero is how transactions are not linkable or traceable because of stealth addresses. This protects sender and receivers while also allowing selective observation of transactions through a public/private view key construct in addition to normal private/public keys (more on this later).
Monero has a variable block limit which allows flexibility in data man...