Kraken will end Monero support in the European Economic Area on October 31st.
XMR information
Monero (XMR) is a digital cryptocurrency created in April 2014. Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and has significant algorithmic differences in obfuscating the blockchain. Monero focuses on privacy, decentralization, and scalability.
One of Monero's key features is its commitment to privacy. Monero uses ring signatures and stealth addresses to obfuscate transaction details such as sender and recipient identities and the amount of each transaction. Ring signatures allow senders to hide their identity from other participants in the group. Stealth addresses are randomly generated, one-time addresses created on behalf of the recipient for each transaction.
These privacy features have given Monero a somewhat controversial reputation as it can be used for transactions on the dark web where users want to remain completely anonymous. However, this does not undermine the potential legal use of the currency. For example, businesses can use Monero to conduct confidential transactions, and individuals can choose Monero for its privacy features.
In conclusion, Monero is an open source cryptocurrency that prioritizes privacy and decentralization. Although it has seen some controversy due to its extensive privacy features, it remains an important part of the cryptocurrency landscape, especially for those who value the privacy of their transactions.
