Quick Overview: Monero (XRM)
Monero: what is it?
Monero is an open source cryptographic currency that uses the Cryptonote protocol. Launched in 2014 and initially called BitMonero, its main goals are privacy and decentralization. Its level of anonymity is very high compared to other cryptocurrencies like Bitcoin.
A fork of Bytecoin
Monero is actually a fork of Bytecoin, the first virtual currency to use Cryptonote technology. It was created to offer a fairer version for its users, the objective being to optimize the code and the resources allocated by the nodes.
Cryptonote protocol
Monero’s real strength is its execution protocol: the Cryptonote. Unlike Bitcoin, double spending is impossible and thanks to its ring signature system, it guarantees total anonymity to its users. The sender of the funds is thus protected: as soon as their transaction is sent, it is immediately mixed up with several other pending transactions. Beneficiaries are also protected thanks to the "stealth addresses" which are generated as soon as a person receives funds, to hide their trace.
Monero tokens
The algorithm used by the Monero protocol allows the creation of 18.4 million pieces over 8 years. It is not possible to buy Monero tokens directly, it will be necessary to convert bitcoins.
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