Monero (XMR) Wallet

History of XMR

Monero (XMR) is an open-source, privacy-oriented cryptocurrency that was launched in 2014. Its goal was to provide private and anonymous transactions. It is considered that Monero was created by seven developers, five of whom remain anonymous. There have been rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin.

In the beginning, the project was named BitMonero and actually was a fork of the Bytecoin, another private coin. Initially, the project couldn’t reach success, so the community itself started working on the development of the blockchain and renamed it Monero.

Privacy coins

Privacy coins are cryptocurrencies that preserve anonymity and make asset tracking impossible. They hide transaction details so that the information about the senders and recipients is kept anonymous. Privacy coins are helpful for those who don’t want anyone to track their financial activity. The largest privacy coins by market capitalization are Zcash and Monero.

XMR Privacy

Privacy coins achieve their privacy in different ways. Monero hides the amounts and wallet addresses of senders and receivers. For that Monero uses the concepts of ring signatures and stealth addresses. Ring signatures enable a sender to hide their identity from other participants in a group. Stealth Addresses allow users to publish one address that creates many one-time accounts for each transaction. These technologies make it possible to send money and stay anonymous by default compared to most other blockchains.