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Monero (/məˈnɛroʊ/; Abbreviation: XMR) is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading Monero, transaction amounts, address balances, or transaction histories.[2]
The protocol is open source and based on CryptoNote v2, a concept described in a 2013 white paper authored by Nicolas van Saberhagen. Developers used this concept to design Monero, and deployed its mainnet in 2014. The Monero protocol includes various methods to obfuscate transaction details, though users can optionally share view keys for third-party auditing.[3] Transactions are validated through a miner network running RandomX, a proof-of-work algorithm. The algorithm issues new coins to miners and was designed to be resistant against application-specific integrated circuit (ASIC) mining.
Litecoin (LTC) is an alternative cryptocurrency created in October 2011 by Charles "Charlie" Lee, a former Google engineer. It was adapted from Bitcoin's open-source code but several modifications were made. Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects, such as its faster block generation rate and the use of Scrypt (pronounced ess-scrypt) as a hashing algorithm.
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