• Monero was launched in April 2014
• Monero was founded by group of 7 anonymous core developers
• Riccardo Spagni is the only one who has revealed his true identity on the company website. He is the face of the company.
• Monero All time high price is $469.20
• Monero works on Proof of Work consensus
Monero is an open source payment system driven by its community. It was launched in April, 2014 by a group of 7 anonymous core developers. Monero has the potential to allow people to transact almost instantly across the planet without the need of permission from any authority.
Monero uses the ring-CT algorithm for encryption providing privacy and also resistance to ASIC miners. Unlike Bitcoin, where the public address records all the transactions ever made to or from the address which can easily be used to see how rich a person is, making him vulnerable to outside theft, Monero provides privacy to its users. Monero hides the public address of the sender and receiver in place of a ‘stealth addresses’.
Monero coins can’t be traced back to the blockchain due to complete privacy of transactions with fungiblity. It uses an alternate hashing algorithm to Bitcoin called CryptoNight.
The Hashing Algorithm of XMR is ASIC resistant. CryptoNight uses a lot of advanced features to make the production of ASIC chips suitable for mining Monero unprofitable.