Monero is a peer-to-peer digital payments protocol that anonymizes transactions recorded on the ledger. Monero relies on CryptoNight proof-of-work consensus, originally engineered as part of the CryptoNote protocol. Notably, CryptoNote uses “ring signatures” to conceal transacting users’ identities by mixing a digital signature with those of a group of users. As a result, associating a transacting user with a specific ledger entry at a point in time is challenging. Ring signatures rely on a system of “key images” to determine whether a sender is attempting to double-spend a transaction, without revealing the true source of funds. Monero employs a steadily decreasing block-reward, called an “emission,” which decreases to 0.6 XMR per block in 2022.