Unlike many cryptocurrencies that were designed and planned based on the bitcoin template, Monero is an open-source cryptocurrency based on CryptoNote protocol. It is designed on blockchain technology and is decentralized, meaning it is secure and operated by a network of users. It was forked from Bytecoin in April 2014 and focuses on privacy, decentralization and scalability that runs on different operating systems including Windows, Mac, Linux, Android, and FreeBSD.Monero was originally released with the name BitMonero, the name from ‘Bit’ (as in Bitcoin) and ‘Monero’ (coin in Esperanto). It was then changed to Monero.
Monero experienced its first rapid growth in transaction volume and market capitalization in 2016. In early 2017, the privacy of Monero transactions were strengthened by its adoption of Bitcoin Core’s algorithm Confidential Transactions which helped to hide amounts being transactedMonero is a secure and untraceable cryptocurrency. With Monero you are your own bank, you are in charge of your fund and every transaction carried out is protected from the prying eyes of scammers.
According to it developers, Monero is fungible, and highly unlikely to be blacklisted by exchanges or vendors.