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Monero is a digital currency that offers its users total privacy and anonymity. Menero can be transferred instantaneously, free of charge and without the intervention of any governmental or financial entity. But more importantly, this virtual coin can be transferred without the need to disclose the data of the sending or receiving.
This digital coin appeared back in April 2014 as a bifurcation of Bytecoin. It is also considered the first cryptocurrency that implemented and uses a protocol known as CryptoNote instead of the one used by Bitcoin and the majority of digital currencies on the market.
Just as in the case of Bitcoin, Monero is a proposal to decentralize the ordinary financial system. This coin also proposes the elimination of third parties and ensuring that established and public rules comply with it. It is necessary to emphasize that the team of Monero and CryptoNote has worked hard in the decentralization of the network.
They work hard so the mining of this coin can be as accessible as possible to the average user and that most people can do it without the need for very expensive equipment or very high investments.
The creation algorithm that Monero and CryptoNight use is called ASIC-proof. As previously mentioned, this prevents that developers create specific hardware to mine this digital coin. This means that anyone can do Monero mining without the need for an specific hardware.
As we previously mentioned, the technology and cryptography on which this coin has been built is CryptoNote. This protocol has been, and continues to be, the subject of exhaustive analyses and reviews by numerous auditors and research teams.
At the same time, this system allows you to keep an accounting record. In other words, there is no way to create new carriers without calling any attention. This is something that can happen in other systems that base their privacy on the lack of registration, also known as zero-knowledge proof tests.
In conclusion, with Monero no one has a way to figure out or discover the origin, the recipient or the quantity processed of a transaction. These transactions in the blockchain of Monero are private and basically untraceable.