is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
Unlike many other cryptocurrencies that are derived from Bitcoin , Monero is based on the CryptoNight protocol, a derivative of the CryptoNote algorithm and possesses significant algorithmic differences on blockchain obfuscation . The modular architecture of Monero's code was praised by Wladimir J. van der Laan, a maintainer of Bitcoin Core .