Originally Monero was started as BitMonero; back on April 9th, 2014. The idea around BitMonero was proposed by a unknown person, who went by the moniker ‘Nicolas van Saberhagen’. BitMonero was founded and originally coded by a Bitcointalk user ‘thankful_for_today. Eventually the community ended up forking BitMonero, and changing the name in the process to Monero, which is now managed by the Monero Core Team and other contributors. There is no pre-mine, no instamine, and no portion of block rewards go to developers. This was done to help decentralize the network. Monero’s algorithm also helps in further decentralizing, by being possible to mine Monero on endless computer configurations, making it possible to mine even on low-end systems. Monero is currently ASIC resistant, and will aim to continue this way if the community chooses. You can currently mine with CPU’s and GPU’s.

 

Monero aims for privacy by default, with Monero the entire chain is anonymous. Minimum ring sizes are set for Monero, ensuring every transaction is private. Monero utilizes RingCT’s to help anonymize transactions. RingCT’s consist of two protocols, the first being Ring Signatures which is a way of having many people sign a transaction, to obfuscate the origin of the transaction. The second is Confidential Transactions, which are a way of hiding the transaction amounts, keeping every transaction fully confidential for both parties. Monero also is utilizing i2p to further anonymize traffic between nodes on the network. This helps ensure nothing can be traced by IP address.

 

The future of Monero is pretty clear. The people designing Monero state, they put privacy & security first; with ease & use second. Monero has finally started to see mobile integration, and hardware wallets are around the corner. For privacy coins this is huge, as many had previously believed the very features Monero was loved for, might hinder it when it comes time for adoption of thin clients. Luckily it wasn’t as hard as believed, and is happening! Keep a lookout for Monero to be added to TREZOR hardware wallets!