In the weeks following its release, Monero faced an attack on the cryptocurrency network, but was restored after the attack. In 2017, Monero's privacy was further enhanced with the introduction of Ring Confidential Transactions (RingCT) algorithm from Bitcoin Core developer Gregory Maxwell. This allowed for increased privacy in transactions. Monero's latest hard fork in October 2018 changed the consensus mechanism algorithm to CrypotoNight V8, introducing the BulletProff protocol to reduce transaction fees without affecting transaction anonymity.
Monero is an open-source, pure proof-of-work cryptocurrency that can run on Windows, Mac, Linux, and FreeBSD. It has a main issuance curve that will release approximately 18.4 million coins over about 8 years. Its CryptoNight proof-of-work algorithm lowers the advantage of GPUs over CPUs for mining, aiming to be ASIC-resistant to prevent centralized control of mining power.
Monero's focus on privacy has made it one of the most private cryptocurrencies, with features like ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT). It also plans to integrate Kovri, a C++ implementation of I2P, to further enhance network privacy.
Monero's privacy features and dynamic block size without a predetermined limit have provided significant advantages. However, the centralized control of mining power and the lack of hardware wallet support, as well as its relative difficulty in adoption, have posed challenges for Monero.
The distribution of Monero tokens is considered fair, with no pre-mine or pre-sale, and all block rewards go to miners. The initial phase will see a rapid distribution of coins, followed by a deceleration phase to maintain a minimal and slowing coin supply. The total supply of Monero has no upper limit, with a micro-inflation rate to ensure sustainable incentives for the network.
In terms of storage, the simplest way to store Monero is through mymonero.com, by creating a new account with a private login key which should be kept secure.
