Monero (XMR) is an open source cryptocurrency created in April 2014, which focuses on privacy, decentralization, and scalability. Unlike many cryptocurrencies derived from Bitcoin, Monero is based on the CryptoNote protocol and has significant algorithmic differences in blockchain obfuscation. Monero's modular code structure was appreciated by Wladimir J. van der Laan, one of Bitcoin's core maintainers. Monero is committed to being a replaceable untraceable electronic currency. Compared to Bitcoin and its forks, Monero has a higher degree of anonymity.
Monero was launched on April 18, 2014 and was originally called BitMonero, meaning Bit (such as Bitcoin) and Monero (literally "Coins" in "Esperanto"). After five days, the community chose to reduce the name to Monero. It is the first branch of Bytecoin based on the CryptoNote currency, but there are two main differences. First, the target block time was reduced from 120 seconds to 60 seconds; second, the release speed was reduced by 50% (later Monero recovered to a 120 second dwell time while maintaining the release time, doubling the block reward for each new block). In addition, Monero developers discovered a lot of low-quality code and subsequently cleaned and refactored it.
A few weeks after its release, an optimized GPU miner for CryptoNight's proof-of-work function was developed.
On September 4, 2014, Monero was recovered after an unusual and novel attack on the cryptocurrency network.
On January 10, 2017, the privacy of Monero transactions was further enhanced from Block # 1220516 by using the Ring Confidential Transactions algorithm of Bitcoin Core developer Gregory Maxwell. The ring signature algorithm does not reveal the amount involved in the transaction to those who are not directly involved in the transaction, thereby increasing confidentiality. RingCT is enabled by default in the trade fair, but non-RingCT transactions can still be sent until the next hard fork in September 2017. As of early February, more than 95% of non-speculative transactions used the optional RingCT feature.
On March 18, 2018, Coincheck announced that it will delist three anonymous cryptocurrencies, XMR, DASH and ZEC. In addition, many South Korean and Japanese exchanges have also delisted currencies such as XMR, ZEC, DASH, etc., which have the function of anonymous transmission and trading. It is speculated that it may be related to the requirements of government regulatory agencies.
On October 18, 2018, Monero's latest hard fork changed the consensus mechanism algorithm to CrypotoNight V8. This hard fork also introduces BulletProff bulletproof protocol. It can effectively reduce the transaction fees of miners without affecting the hiding of transactions.