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Definition: Monero


A cryptocurrency noted for its privacy. Introduced in 2014, Monero (XRM) completely hides the parties' identities. Although Bitcoin and other cryptos hide identities with cryptographic keys, transactions can be traced if the keys are identified. Monero, which means "coin" in Esperanto, uses multiple digital signatures ("ring signatures") that hide the origin of the sender and one-time "stealth addresses" for the recipient. Even transaction amounts are hidden.

In 2019, the new RandomX proof of work algorithm ensures that ordinary computers can be used for mining Monero. Because of Monero's extreme privacy, it has been banned in certain countries, and the IRS has sought ways to trace Monero transactions. See cryptocurrency.