Here, past transaction outputs are picked from the blockchain and act as decoys, meaning that outside observers can’t tell who signed it.

Obfuscation is achieved through the use of ring signatures. By default, details about senders, recipients and the amount of crypto being transferred are obscured - and Monero advocates says this offers an upper hand over rival privacy coins such as Zcash, which are “selectively transparent.” Whereas each Bitcoin in circulation has its own serial number, meaning that cryptocurrency usage can be monitored, XMR is completely fungible. Privacy is achieved through a few distinctive features. One of the project’s biggest aims is achieving the greatest level of decentralization possible, meaning that a user doesn’t need to trust anyone else on the network. There are several things that make Monero unique.

It’s believed that hundreds of developers have contributed to XMR over the years. They had suggested “controversial changes” to Bytecoin that others in the community disagreed with and decided to take matters into their own hands. Two years later, a member of the Bitcointalk forum - only known as thankful fortoday - forked BCN’s codebase, and Monero was born. XMR’s origins can be traced back to Bytecoin, a privacy-focused and decentralized cryptocurrency that was launched in 2012. There have been rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin. Seven developers were initially involved in creating Monero - five of whom decided to remain anonymous. Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship. It aims to provide protection to all users - irrespective of how technologically competent they are. The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity.

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