Bitcoin paved the way for electronic peer to peer currency. It was the first digital
currency to successfully implement a distributed ledger of transactions based on
cryptographic proof over trust. Use of digital currency has since grown at an
exponential rate with users valuing privacy, anonymity, ease of use and low fees
to transfer currency anywhere in the world in a fraction of the time of traditional
Bitcoin however, due to the rapid scale and unforeseen issues, has suffered
drawbacks in many of these areas that users of the currency value. Fees became
too expensive, transaction times too long and flaws were found in the anonymity
of the protocol.
To its aid, came a wealth of altcoins that intended on fixing some of these issues.
New coins could move faster and without need to deal with legacy decisions.
Most notable of these new currencies was Monero.
A truly anonymous protocol.