Monero - Hiding Blockchain Transaction Data
Monero is cryptocurrency used to send and receive digital payments. Its ticker symbol is XMR. Like other cryptocurrencies it operates on the blockchain, which is a record and ledger of all transactions in the cryptocurrency. The blockchain used by cryptocurrencies is typically but not always public. This means that some data about transactions is recorded publicly. Monero seeks to address this issue by using a protocol called CryptoNote.
When making payments, the amounts, origins and destinations of transactions are hidden, making the transactions private. Monero uses a key image for each transaction output to ensure that double-spending does not happen. It uses what is termed Pedersen commitments to ensure that transaction amounts are valid.
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