Monero

Monero (/məˈnɛroʊ/; Abbreviation: XMR) is a blockchain-based cryptocurrency which is private, untraceable, fungible, and decentralized.

The protocol is open source and based on CryptoNote v2, a concept described in a 2013 white paper authored by Nicolas van Saberhagen. Developers used this concept to design Monero, and deployed its mainnet in 2014. The Monero protocol includes various methods to obfuscate transaction details, though users can optionally share view keys for third-party auditing. Transactions are validated through a miner network running RandomX, a proof-of-work algorithm. The algorithm issues new coins to miners and was designed to be resistant against application-specific integrated circuit (ASIC) mining.

Monero's privacy features have attracted cypherpunks and users desiring privacy measures not provided in other cryptocurrencies. A 2022 study in FSI Digital Investigations concluded "For now, Monero is untraceable. However, it is probably only a matter of time and effort before it changes." Due to its perceived untraceability Monero is gaining increased use in illicit activities such as money laundering, darknet markets, ransomware, cryptojacking, and other organized crime.