Monero is a cryptocurrency and decentralized blockchain ecosystem powered by the RandomX protocol. The Monero cryptocurrency uses a one-time ring signature algorithm to perform anonymous transactions. The developers took the name of the digital currency Monero from the international language Esperanto. Translated into Russian, this word means a coin. Its official ticker is XMR. Cryptocurrency Monero is a fork of the Bytecoin blockchain project. Since at the time of its launch, 80% of Bytecoin had already been distributed, the team launched the XMR coin reissue.
The Whitepaper was published in 2012 by a group of anonymous blockchain architects under the pseudonym Nicolas van Saberhagen. The basis of the CryptoNote protocol was developed 10 years earlier by cryptographers Ron Rivest, Adi Shamir and Yael Tauman.
The first CryptoNote-based crypto network called Bytecoin was launched on US Independence Day - July 4, 2012. Bytecoin operates the EdDSA ring signature system, it was created by Professor Daniel Bernstein from the Technical University of Eindhoven. To increase the anonymity of transactions, an obfuscation method based on the generation of one-time keys is used. Two years later, the lion's share of Bytecoin tokens had already been mined and distributed, jeopardizing the existence of the network. Then the entrepreneurs Ricardo Spagni and David Latapi, together with a group of developers, released a Monero fork that changed the emission structure and the cryptocurrency mining process.
A few months later, the coin network was subjected to a massive hacker attack. The attackers were not successful, but thanks to this event, the flaws in the system core became apparent. The project team began to fix the vulnerabilities, in connection with this, the release of the MyMonero crypto wallet was postponed for almost 3 years. Developers are trying to stop the intervention of ASIC miners at all costs, so the Monero algorithm has already been changed twice.