Monero (XMR)

Monero (XMR) is a privacy-focused cryptocurrency made by Riccardo Spagni (AKA FluffyPony), David Lotapie and 5 other anonymous developers in April 2014. It is a decentralized open-source blockchain network that makes all transaction details on the blockchain opaque, making transaction details untraceable and private.

In a world where we have no idea who is using our data and for what purpose, it is important to keep the privacy of our finances at the forefront of our mind. Monero intends to help keep finances and payments private as this will become paramount as our right to privacy continues to erode. 

Forked from Bytecoin in 2014, Monero seeks to create a fully anonymous cryptocurrency in which users can send value to each other without the ability to be traced as it disguises identities and transaction amounts to the public. Monero uses a suite of privacy technology to achieve the high level of privacy they have currently reached. 

The first privacy technology they use are Ring Signatures which help to conceal the identity of the sender from other parties in the group (or the “ring”). Using Ring Signatures helps to hide the user’s identity because parties in the ring do not know who signed the original transaction. The second privacy feature that Monero have implemented are Stealth Addresses which are one-time-use addresses created for each transaction on behalf of the recipient. Therefore, Stealth Addresses help to conceal the receiver’s identity. The last privacy technology used by Monero, only implemented in January 2017, is RingCTs (Ring Confidential Transactions). RingCTs help to hide the transaction amount in the details. These three privacy features combined help to bring anonymity to the cryptocurrency industry and wider world.

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