What is Monero (XMR)?

Monero (XMR) is a decentralized cryptocurrency that uses a technique called "ring signatures" to provide anonymity for its users. This means that when a transaction is made, it is not linked to a specific person or entity, making it difficult to trace the transaction's origin. It also uses a technique called "stealth addresses" to further protect the privacy of its users. Monero uses the CryptoNight proof-of-work algorithm to mine new coins, designed to resist specialized mining hardware (ASICs) use. This…