Monero (XMR) is a private, secure and untraceable cryptocurrency that was launched April 18, 2014 as a fork of ByteCoin. It is an open-source, privacy-oriented digital currency built on a blockchain that is designed to be opaque. With Monero, it is said you are in complete control of your funds and privacy, as no one else can see anyone else's balances or transactions.
Monero works as a privacy-oriented cryptocurrency by using ring signatures and stealth addresses. A ring signature is an anonymous digital signature that does not reveal who signed the transaction. They are generated on the Monero platform through a combination of a sender's account keys and public keys on the blockchain. Stealth addresses are randomly-generated addresses that are created during each transaction for a one-time use, and they hide a transaction's destination address, as well as the receiver's identity. Ring confidential transactions (RingCT) also hides the amount of the transaction; this feature was added in January 2017 as a mandatory feature of all Monero network transactions.
Monero is based on the CryptoNote protocol, and has a dynamic block size and fees, as opposed to Bitcoin.
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