Monero
Privacy-focused cryptocurrency / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Monero (cryptocurrency)?
Summarize this article for a 10 year old
Monero (/məˈnɛroʊ/; Abbreviation: XMR) is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading Monero, transaction amounts, address balances, or transaction histories.[2]
Denominations | |
---|---|
Plural | moneroj |
Code | XMR |
Precision | 10−12 |
Subunits | |
1⁄1000 | millinero |
1⁄1000000 | micronero |
1⁄1000000000 | nanonero |
1⁄1000000000000 | piconero[1] |
Development | |
Original author(s) | Nicolas van Saberhagen |
White paper | "CryptoNote v 2.0" |
Initial release | 18 April 2014 (10 years ago) (2014-04-18) |
Latest release | 0.18.3.3 / 2 April 2024 (22 days ago) (2024-04-02) |
Code repository | github |
Development status | Active |
Operating system | Linux, Windows, macOS, Android, FreeBSD |
Source model | FOSS |
License | MIT License |
Ledger | |
Timestamping scheme | Proof-of-work |
Hash function | RandomX |
Block reward | XMR 0.6 |
Block time | 2 minutes |
Supply limit | Unlimited |
Website | |
Website | getmonero |
The protocol is open source and based on CryptoNote, a concept described in a 2013 white paper authored by Nicolas van Saberhagen. Developers used this concept to design Monero, and deployed its mainnet in 2014. The Monero protocol includes various methods to obfuscate transaction details, though users can optionally share view keys for third-party auditing.[3] Transactions are validated through a miner network running RandomX, a proof-of-work algorithm. The algorithm issues new coins to miners and was designed to be resistant to application-specific integrated circuit (ASIC) mining.
Monero's privacy features have attracted cypherpunks and users desiring privacy measures not provided in other cryptocurrencies. It is used in illicit activities such as money laundering, darknet markets, ransomware, cryptojacking, and other organized crime. The United States Internal Revenue Service (IRS) has posted bounties for contractors that can develop Monero-tracing technologies.[4]