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Monero (XMR) is a cryptocurrency that focuses on anonymity. It was launched in 2014. It’s an open-source protocol that uses the CryptoNote application layer as its foundation. It employs an obfuscated public ledger, which allows anybody to send or broadcast transactions while keeping the source, amount, and destination hidden from outside observers. To issue new currencies and incentivise miners to protect the network and validate transactions, a proof of work technique utilising the hash function RandomX is employed.

Monero achieves anonymity and fungibility by utilising a variety of privacy-enhancing methods. It has attracted users who are looking for privacy features that aren’t available in other cryptocurrencies. It has, nevertheless, garnered notoriety as a result of its illegal use on darknet markets.

In 2014, Bitcointalk forum member thankful for today forked Bytecoin’s source into BitMonero, which is a combination of bit (as in Bitcoin) and monero (as in Monero) (literally meaning “coin” in Esperanto). BitMonero’s release was met with scepticism by the community that had first endorsed it. Thankful for today just vanished from the development landscape when plans to correct and enhance Bytecoin with modifications to block time, tail emission, and block reward were disregarded. A group of users lead by Johnny Mnemonic determined that the project should be taken over by the community, which they accomplished five days later, changing the name to Monero in the process.

Monero saw considerably faster growth in market capitalization and transaction volume in 2016 than any other cryptocurrency, owing to its privacy characteristics. Its adoption in darknet markets, where users used it to buy different unlawful or otherwise prohibited products, fueled this rise. Monero has been used by persons holding other cryptocurrencies, such as Bitcoin, to sever the link between transactions since its introduction. The other cryptocurrency is converted to Monero first, then converted back and transferred to an address unconnected to those used previously.

The inclusion of Bitcoin Core developer Gregory Maxwell’s method Confidential Transactions, which hides the amounts being transacted, in combination with an upgraded version of Ring Signatures, significantly reinforced the privacy of Monero transactions on January 10, 2017.

Following the Unite the Right demonstration in 2017, several online payment systems blocked white supremacists’ access, thus some of them, notably Christopher Cantwell and Andrew Auernheimer (“weev”), began utilising and promoting Monero.

The perpetrators of the worldwide ransomware attack WannaCry in May 2017 exchanged their funds for Monero. The Shadow Brokers, the organisation that exposed the WannaCry malware, began taking Monero payments in June 2017.

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