For those who are new, Monero (XMR) is a privacy-focused cryptocurrency which is not based on Bitcoin’s code.
Monero focuses on being a fungible and untraceable digital medium of exchange. Intrinsically, MXR facilitates a higher degree of privacy when compared to Bitcoin or any of its peer forks—launched on April 18, 2014. It was pre-announced, and there were no Premine/ICO/etc.
Exclusives features of Monero are untraceable payments, unlinkable transactions, blockchain analysis resistance, and adaptive parameters.
The schemes used in the Monero Protocol are proven by academic research. Thus, the functionality of the blockchain has been meticulously monitored by the Monero Research Lab.
The CryptoNote Whitepaper is a valuable reference that proves the unlink-ability and Untraceability claims of XMR.
Those looking to criticize the privacy capabilities of MXR can well refer to a note on chain reactions in traceability in Cryptonote 2.0—counterfeiting via Merkle Tree Exploits with Virtual Currencies Employing the CryptoNote Protocol. Monero is not Mysterious. Improving Obfuscation in the Cryptonote Protocol. Ring Signature Confidential Transactions.
Sapgni, in the past, stated, “I don’t care about the price increase that shouldn’t be the thing that makes people interested. In terms of transactional growth, in new contributors, in transactions per day, those have far more meaning.”
Monero price has been trending at $454 at the time of writing. Atomic Swaps and Network upgrades have been the reason for the price improvement of XMR. The bull market cycle is fueled by DeFi and NFTs.
The use case facilitated by MXR is unsavory to some. Still, it is interesting to see that Monero has made adjustments fairly well in sustaining privacy in the most reputable way. They have an open structure when it comes to integrating changes to the code base. Reportedly, any contribution to the development process which is not “dumb or obviously bad” is included in the codebase.
The decisions made in the network are not based on stakeholders interested in short or long-term profit. Reportedly, the open structure makes it possible for people to pitch up and people work on it.
Ricardo FluffyPony Spagni in the past stated, Just because something is worth a billion dollars does not mean it isn’t bad or based on a complete lie.
It is undeniable that MXR stays true to the idea that: “Decentralization and anonymity are important in the financial world because of the inevitable conflicts of interest between any centralization authority and users.”
Get the latest Crypto & Blockchain News in your inbox.