Monero (XMR) is an open source cryptocurrency which offers increased decentralization and privacy to other cryptocurrencies. XMR is basically an upgrade on the core Bitcoin tenets of privacy and security. Transactions carried out on the Monero blockchain are completely private and untraceable thanks to the implementation of ring signatures and stealth addresses.

Monero is based on the CryptoNote protocol and was launched in April 2014 by an anonymous Bitcointalk forum user. Originally known as BitMonero, the name was soon changed by community consensus. Monero experienced an attack in September 2014, but a patch was quickly released to address the exploit.

Monero works to hide the identity of the sender and the recipient, as well as the amount of every transaction made on their network. Ring signatures mix the user’s transaction value among other transactions, making it impossible to identify the source or target of each transaction. XMR’s privacy strengths make it a target for illicit use by those seeking to evade authorities, and was accepted as payment on AlphaBay before the site’s closure by police.

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