Monero (XMR) is a privacy-focused cryptocurrency that is not based on Bitcoin’s code.
Monero aims to be a fungible and untraceable digital medium of exchange. It intrinsically has a higher degree of privacy than Bitcoin or any of its various forks. It was launched on April 18, 2014 (Preannounced and no premine/ICO/etc.)
PoW Algorithm: RandomX
Max Supply: Infinite (see note below)
Block Reward: Smoothly varying
Block Time: 120 seconds
Difficulty: Retargets at every block
What is CryptoNote?
CryptoNote is the technology that allows creation of privacy-centric cryptocurrencies. The level of anonymity provided by CryptoNote isn’t possible with Bitcoin code base by design. Bytecoin (BCN) was the CryptoNote reference implementation, and XMR is based on BCN’s code.
How does this compare to other anonymous solutions?
- Comparison with ZeroCoin and ZKP-based approaches.
- Comparison with CoinJoin-based approaches.
Monero (XMR) Mining: Those who have no idea about mining can easily start mining by watching this video.