Private Cryptocurrency Monero Celebrates Fifth Anniversary

Privacy-focused Monero—known for financial transactions hidden by encryption—is a fungible cryptocurrency. Monero amounts by default don’t have a knowable history or origin, so any Monero is exchangeable for any other, like with cash. Individuals and businesses that want to buy and sell with cryptocurrency as they do with cash and other private payment methods often choose Monero.

“Monero gives you control over the privacy of your digital financial transactions,” said binaryFate, member of Monero’s core team. “This privacy is a fundamental human right for individuals and a competitive essential for businesses.”

Just five years ago, on April 18, 2014, at 6:50 am Eastern Time, the first Monero was mined. It was created as a fork of Bytecoin, an early cryptocurrency based on the CryptoNote protocol. In a parallel with Bitcoin, CryptoNote’s creator, Nicolas van Saberhagen, is unknown and mysterious.

From its obscure background, Monero grew with an obsession on private transactions combined with openness in the protocol and source code. The commitment to maximum privacy maintains Monero’s dominant position among private cryptocurrencies. Transactions with Monero are secret by default, and the secrecy is cryptographic and trustless. Yet the source code for Monero and the funding mechanisms for its continual improvement are transparent, enabling selfless commitment by the many programmers, contributors, and enthusiasts supporting it.

Reference: https://www.prnewswire.com/news-releases/private-cryptocurrency-monero-celebrates-fifth-anniversary-300833031.html

Hits: 38

Author: Neo Anderson

Leave a Reply

Your email address will not be published. Required fields are marked *