Monero coin crypto works over a protocol the name of which is CryptoNote. The CryptoNote protocol was launched in the month of October in the year 2013 by Nicolas van Saberhagen. The person who is behind the CryptoNote protocol is a pseudonym just like Satoshi Nakamoto who is behind the concept of the blockchain. He has revealed this protocol over an online forum the name of which is ‘thankful today’. The original name of Monero was BitMonero which is a combination of 2 words bit and Monero.
The meaning of BIT is digital counting unit and Monero is money in the Spanish language. However, after the passage of few days, the creators agreed to shorten the name as Monero as they find the name too typical to be remembered and might pose as a danger in gaining popularity in becoming a big brand. In the month of September in the year 2014 somebody with ill intentions attacked over the blockchain of Monero and catapulted over the error which was present in the blockchain of Monero which crept in due to CryptoNote protocol. The error allowed the creation of two subchains out of the blockchain of the Monero which at a point refused to comply or recognize each other.
However, on the next day, the creators of Monero coin crypto released a patch to bridge the error and successfully move on with the process of mining Monero. One has till date experienced the rapid growth in the total capitalization and the volume of total transactions happening over its network in the year 2016 which has surged to unprecedented levels. Some people attribute this huge success of Monero coin cryptocurrency to a major market prevalent under the DarkNet by the name of alphabay. The alphabay DarkNet market was finally closed down in the year of 2017 in the month of July by the law enforcement agencies of the United States of America. Finally came the year 2017 pain in the month of January when there was a substantial increment in the privacy features of the Monero transaction by improving upon the Ring signatures and stealth address features of the Monero coin cryptocurrency.
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