What is the CryptoNote protocol?

Could you elaborate on the CryptoNote protocol, please? I'm curious to understand its significance in the cryptocurrency world. As I understand, it's a privacy-focused protocol, but I'd like to know more about its underlying mechanisms. Specifically, how does it achieve anonymity for transactions? Are there any unique features or advantages that CryptoNote offers compared to other privacy-enhancing protocols? I'm also interested in knowing if CryptoNote has been widely adopted or if it's still considered an emerging technology. Your insights would be greatly appreciated.