Monero, like the rest of the crypto market, has suffered a significant loss totaling 11% over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at $102.49, and has suffered a drastic 17% drop over the past 7 trading days.
Monero was designed to be a secure, anonymous and private cryptocurrency. Launched in April 2014, Monero was based off the CryptoNote codebase, different from the codebase used by Bitcoin.
Typical blockchain cryptocurrencies are public ledgers that keep track of all transactions made on the network. This means that with some blockchain forensics, a transaction can usually be traced back to its owner and the total transaction amounts are always visible.
Monero has overcome this privacy issue by implementing ring signature cryptography. This technology mixes a user’s account key with public keys from the Monero blockchain to create a ring of possible signers of the transactions. This way, anybody looking at the transaction from the…