Last Update: 2015-01-14 03:36 UTC
Monero (XMR) is a decentralised open-source cryptocurrency forked from Bytecoin in April 2014. The coin's fundamental feature is privacy - it aims to be a digital medium of exchange with untraceable payments, unlinkable transactions and resistance to blockchain analysis. This is achieved thanks to a proof-of-work algorithm called CryptoNight, developed by the CryptoNote project. CryptoNote uses so-called "ring signatures", a sophisticated scheme that demands several different public keys from a group of users for verification. As such, the exact person behind a Monero transaction is not known; this results in considerable increase of privacy compared to Bitcoin and its forks. Original announcement.