Longcaller

Monero

Monero is an anonymous cryptocurrency.

Monero is not a fork of Bitcoin, i. e. it does not use Bitcoin’s code. Instead, it is based on CryptoNote, a protocol for private cryptocurrencies. It implements various privacy-focused features, such as one-time wallets and untraceable payments. That is, no one except the sender and receiver would know anything about the transaction.

CryptoNote also ensures that difficulty and block size varies based on average of previous blocks. Theoretically, Monero can have an unlimited number of transactions.

Monero has unique inflation strategy. Before the end of May 2022, the block reward is exponentially decreasing, just like in Bitcoin. After that, the block reward will be the same forever, of about 0.3 XMR per minute.

Monero Core team is working on project Kovri. Even though the Monero transactions are private, it is possible to find out that you’re using Monero. It can be done by monitoring your internet traffic. Project Kovri prevents that by encrypting Monero traffic and routing it through I2P (Invisible Internet Project) nodes, providing even more privacy.

Timeline

  • April 9, 2014: Launched on Bitcointalk as Bitmonero bitcointalk.org
  • April 18, 2014: Start of the network bitcointalk.org
  • April 23, 2014: Renamed to Monero bitcointalk.org
  • September 12, 2014: Monero Research Lab Paper 1 was published lab.getmonero.org
  • November 24, 2014: Release of Monero Web Wallet twitter.com
  • January 1, 2016: Release of version 0.9.0. Among other changes, increased block time to 2 minutes and added OpenAlias support. OpenAlias is a protocol to set aliases for public addresses. getmonero.org
  • September 19, 2016: Release of version 0.10.0. Support for the hard fork to enable RingCT (Ring Confidential Transactions). RingCT allows to hide the number of coins sent in each transaction. getmonero.org
  • December 22, 2016: Beta release of GUI Wallet getmonero.org
  • September 07, 2017: Release of version 0.11.0. Support for the hard fork to increase the minimum ring signature size to 5. getmonero.org