Monero Digital Coin is an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralization and scalability that runs on Windows, Mac, Linux, Android, and FreeBSD. Monero was originally launched under the name BitMonero, which is a compound of Bit (as in Bitcoin) and Monero (literally meaning “coin” in Esperanto). Five days later, the community opted for the name to be shortened to just Monero.
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Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation.
So what is it about Monero that makes it so hot and in-demand. What are the unique properties that the CryptoNote algorithm gives it? Let’s check it out.
Monero currency is yours
You have complete control over your Monero transactions. You are responsible for your money. Because your identity is private no one will be able to see what you are spending your money on.
Monero is Fungible
Another interesting Monero property that it gains, thanks to its privacy, is that it is truly fungible. What is fungibility? Investopedia defines fungibility as follows:
“Fungibility is a good or asset’s interchangeability with other individual goods or assets of the same type.”
So, what is fungible and what is non-fungible.
On September 2014, Monero recovered from an unusual and novel attack executed against the cryptocurrency network.
Monero experienced rapid growth in market capitalization and transaction volume during the year 2016, partly due to adoption in 2016 by major darknet market AlphaBay, which closed in July 2017 by law enforcement.
On January 10, 2017, the privacy of Monero transactions were further strengthened by the adoption of Bitcoin Core developer Gregory Maxwell’s algorithm Confidential Transactions, hiding the amounts being transacted, in combination with an improved version of Ring Signatures.