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Monero

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Monero
Monero Logo
ISO 4217
Unit
PluralMonero, moneroj
Symbolɱ‎
Demographics
Date of introduction18 April 2014; 10 years ago (2014-04-18)
User(s)Worldwide

Monero (XMR) 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.[2][3] Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation.

In September 2014, Monero recovered from an unusual and novel attack executed against the cryptocurrency network.[4]

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[5] (closed July 2017 by law enforcement).[6]

On 10 January 2017, the privacy of Monero transactions strengthened further with the optional use of Ring Confidential Transactions (aka RingCT), starting at block #1220516.[7] A ring signature algorithm introduced an additional layer of confidentiality by not displaying the amounts implicated in a transaction to someone who did not directly take part in it.[3] RingCT is derived from Bitcoin Core developer Gregory Maxwell's algorithm for Confidential Transactions[8], but adapted for use with ring signatures.[9] On 15 September 2017, RingCT use was made mandatory, starting at block #1400000.

See also

References

  1. ^ "Monero (XMR) Price Chart, Market Cap, Index and News". Investing.com. Retrieved 9 August 2017.
  2. ^ Latapie, David. "What's so special about Monero". Getmonero.org. Retrieved 19 March 2015.
  3. ^ a b Gallagher, Sean (4 August 2017). "Researchers say WannaCry operator moved bitcoins to "untraceable" Monero". Ars Technica.
  4. ^ Macheta, Jan; Noether, Surae; Noether, Sarang; Smooth, Javier (12 September 2014). "MRL-0002: Counterfeiting via Merkle Tree Exploits within Virtual Currencies Employing the CryptoNote Protocol" (PDF). Monero Research Labs.
  5. ^ Greenberg, Andy (25 January 2017). "Monero, the Drug Dealer's Cryptocurrency of Choice, Is on Fire". Wired.
  6. ^ Popper, Nathaniel; Ruiz, Rebecca R. (20 July 2017). "2 Leading Online Black Markets Are Shut Down by Authorities". The New York Times.
  7. ^ Noether, Shen; Adam Mackenzie; Shen Noether* , AMonero Core Team (February 2016). "MRL-0005: Ring Confidential Transactions" (PDF). Monero Research Labs.
  8. ^ Maxwell, Gregory. "Confidential Transaction, the Initial Investigation".
  9. ^ "Ring Confidential Transactions". Ledger Journal, University of Pittsburgh. 2016.
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