Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralisation and scalability. Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation. Monero’s modular code architecture has been praised by Wladimir J. van der Laan, a Bitcoin Core maintainer. Monero experienced rapid growth in market capitalization (from US$5M to US$185M) and transaction volume during the year 2016, partly due to adoption by major darknet market AlphaBay at the end of summer 2016. As of April 2017, Monero was the 6th most traded cryptocurrency, with a market-cap of over $600,000,000.
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