Monero is a very unique cryptocurrency, in that it is an incredibly secure, private and untraceable currency. Although it is available to everyone, you are completely in control, and responsible for your funds. All of your transactions and accounts are kept private from anyone else.
Its algorithm is based on alternative crypto currency, that is based on Proof of Work, and has a block reward that varies smoothly. It uses a Ring Signature system, which has been designed to protect your privacy, and allows users to make untraceable transactions. It does this by making it very ambiguous as to which funds have been spent, meaning a transaction is unlikely to be linked to any particular user.