Monero

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Monero

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Monero is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination.

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Description

Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Monero uses a Proof of Work mechanism to issue new coins and incentivizes miners to secure the network and validate transactions.

The privacy afforded by Monero has attracted use by people interested in evading law enforcement during events such as the WannaCry Ransomware Attack, or on the dark web buying illegal substances. Despite this, Monero is actively encouraged to those seeking financial privacy, since payments and account balances remain entirely hidden, which is not the standard for most cryptocurrencies.

Additional information

Original author(s)

Nicolas van Saberhagen

Block explorer

http://xmrchain.net/

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