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What is Monero?

Learn more about the #1 privacy-enhancing cryptocurrency.

Learn more about the #1 privacy enhancing cryptocurrency.
What is Monero?

In short, Monero is the private Bitcoin. Most popular cryptocurrencies known today are Bitcoin forks, meaning that the codebase of Bitcoin was split away from its original code, and a new set of rules introduced for the newly created cryptocurrency to follow. BSV, Litecoin, Bitcoin Cash were created this way. The Monero protocol however, is based on an original codebase.

Monero is the leading cryptocurrency focused on private and censorship-resistant transactions.

The majority of existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains. Transactions can be verified and/or traced by anyone in the world. This means that the sending and receiving addresses of these transactions could potentially be linked to real-world identities.

Monero, on the other hand, uses various privacy-enhancing technologies to ensure the anonymity of its users.

Monero transactions are confidential and untraceable.

Unlike selectively transparent alternatives (e.g. Zcash), Monero is the only cryptocurrency where every user is anonymous by default. The sender, receiver, and amount of every single transaction are hidden through the use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT. Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.

Monero is electronic cash that allows fast, inexpensive payments to and from anywhere in the world.

With Monero, there are no wire transfer or check clearing fees, no multi-day holding periods, and no fraudulent chargebacks. Because Monero is decentralized, it is not constrained by any particular legal jurisdiction and provides safety from capital control.

Monero is a grassroots community attracting the world's best cryptocurrency researchers and engineering talent.

The Monero Project is at the forefront of cryptocurrency privacy and security. Its Research Lab and Development Team are constantly working on new, innovative technologies. Since its launch, the project has received contributions from over 500 developers located all around the world.

This article has been adapted from the site. On continuation, Dr. Kim of Sweetwater Digital Consulting explains the fundamentals of Monero. Enjoy the video and let us know your thoughts below.

#Monero #PrivateCrypto #ConfidentialTxs #RingCTs #SoundMoney


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