Monero (XMR) enables private and anonymous transactions and is one of the most widely used darknet currencies in the world.
Bitcoin transactions are considered pseudo-anonymous since the Bitcoin blockchain is transparent - anyone who knows your address can view details of all the transactions you have ever made. That's where privacy coins like Monero come in.
Monero (XMR) enables private and anonymous transactions and is one of the most widely used darknet currencies in the world. It obscures senders and recipients. Unlike Bitcoin, XMR is completely fungible.
It is rumored that one of the co-inventors of XMR was Bitcoin-inventor Satoshi Nakamoto.
The sender, receiver, and amount of every single Monero transaction are hidden through the use of 3 important technologies:
- Stealth Addresses
- Ring Signatures
Stealth Addresses are automatic one-time addresses for every transaction.
Ring Signatures are a group of cryptographic signatures with at least 1 real participant. There is no way to tell which in the group is the real one as they all appear valid.
RingCT (Ring Confidential Transactions) is a way to hide the amount sent in a Monero transaction.