Monero is an open-source cryptocurrency that emphasizes privacy, anonymity, and decentralization. Where other
cryptocurrencies use a public ledger, Monero uses an obfuscated public ledger. Here, anyone can send
transactions, but outside observers can’t see the sender, recipient, or the amount involved. It uses a Proof of
Work mining algorithm to create coins and award miners for validating the transactions.
The talk about Monero started when a Bitcointalk forum user forked the Bytecoin repository and named it
BitMonero. However, after it was poorly received, Johnny Mnemonic and several other developers took over the
project and changed the name to Monero.
The features that guaranteed financial privacy launched Monero into a rapid growth. Unfortunately, many people
exploited this to buy illegal products from darknet markets. Also, money gained from the global WannaCry
ransomware account was exchanged into Monero.