Monero is a cryptocurrency that was created in 2014, is open source and aims to provide a high level of privacy and scalability in a decentralized environment.
Monero is not based on the Bitcoin source code, and instead is based on the CryptoNote protocol. Block creation times of Monero is a maximum of 60 seconds and uses a proof of work function for mining of new blocks. The initial release of coins will amount to around 18 million by 2022. Privacy is achieved for the currency by using a one-time ring signature and a heavy amount of mixing. transaction routes will pass through different blocks thus making the source hard to trace. Due to Monero not being based on Bitcoin, it does have some limitations, mainly due to the lack of support and transactions options.
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