Monero is a new cryptocurrency that cherishes privacy. It is based on the CryptoNote protocol. CryptoNote features an entirely new code base and is not a fork of Bitcoin.
Monero uses a cryptographically sound system for facilitating money transfers which aren’t shown on the blockchain. This means that your purchases, receipts and transfers remain private by default.
Taking advantage of Monero’s peer-to-peer consensus network, every transaction within the network is kept cryptographically secure. An individual wallet has a 24-word mnemonic code that is shown only once, and should be written down in order to backup the wallet. Wallet files are encrypted with passphrases that render them useless if stolen.
Thanks to the so-called “ring signatures”, all transactions have a certain optional degree of ambiguity that ensures that they can not easily be traced back to an individual or a computer.
With Monero, you are your own bank. You are the only one in control. Your transactions are kept private from prying eyes.
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