What is Monero (XMR)

Tribe of Hustlers
2 min readMar 15, 2022

Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.

The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.

Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.

Who Are the Founders of Monero?

Seven developers were initially involved in creating Monero — five of whom decided to remain anonymous. There have been rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin.

XMR’s origins can be traced back to Bytecoin, a privacy-focused and decentralized cryptocurrency that was launched in 2012. Two years later, a member of the Bitcointalk forum — only known as thankful_for_today — forked BCN’s codebase, and Monero was born. They had suggested “controversial changes” to Bytecoin that others in the community disagreed with and decided to take matters into their own hands.

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