What is Monero?
Monero is a secure, peer to peer payment method that utilizes blockchain technology. Unlike other blockchain based form of payment, Monero transactions are anonymous and user details private. Current metrics show that privacy is the number one concern when doing business online. Monero takes care of anonymity and privacy concerns by making all form of fund transfer within its network untraceable using their special ring signatures feature.
Monero uses a Proof of Work protocol with transactions encrypted using CryptNight. XMR coins a recreated every 2 minutes after which the mining difficulty level is readjusted automatically.
Monero is also unique because every account can be recovered through a 25 word master seed in case they are compromised. Additionally, another security layer is introduced because all Monero account files can be encrypted using password.
Founder: Nicolas van Saberhagen still anonymous
Release Date: April 18, 2014