Spotlight on Cryptocoins -- Monero/XMR -- 6th feature "private" coins
Hello Steemians
In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:
Aim of the currency
Technical details
Market position
Forecast
The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles.
In this 6th article of the series, the spotlight will be on Monero.
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Aim of the Currency
What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted?
All that questions and more will be answered in the following paragraph.
Monero is currently the biggest of the so-called private coins and in comparison to most of them also not based on the Bitcoin core code. Monero features, in difference to most of the big other crypto coins only an encrypted blockchain, so sender, receiver, and amounts are not readable for the public. Most other private crypto coins feature also the possibility to send transparently, this is not possible with Monero.
Monero is around since April 2014 making it one of the older cryptocurrencies, it is designed as a PoW (Proof of Work) coin with an infinite amount of coins. Back in 2014, there was no premine, no founders fee is included and no presale has happened.
The privacy aspect of Monero is currently only existing in the encryption of the transaction data, a module called kovri is in alpha stage, with this tool using l2p technology it will also be possible to obfuscate the IP addresses and have increased privacy in terms of location.
Technical Details
Monero, as being one of the big cryptocurrencies, features multiple wallets (also a light version of the wallet) for diverse hardware setups, also hardware wallets and the integration into the ledger hardware wallets is currently in the making.
Since Monero is a PoW Coin, new coins are only created trough block rewards by miners. There is an infinite number of coins going to be created, the block rewards are smoothly decreasing though until they reach 0,6 XMR per block somewhere after 2022.
Monero uses the CryptoNight algorithm for the PoW hashing, which is said to be resistant to ASICs, on the other hand, the rewards checking Whattomine.com are relatively low and I would not consider mining this with a PC currently.
Privacy of transaction is currently done via a threefold approach, sender privacy is secured by using ring structures, recipient privacy by using stealth addresses and the amount is obfuscated using ring confidential transactions. I will not go further into the details of each of this solutions, this would be an article of its own.
Market Position
At the time of writing this article (12/29/2017), Monero is placed 10th in market capitalization, with the total value of $6.015.110.386 USD. The 24h Volume was $179.177.000 which is a high number compared to the last month.
The team around Monero is extremely active and they are delivering updates and new software quite regularly.
Most of the cryptocoins have had a massive boost of price in the last month and Monero profited from this tendency as well.
Looking back one month into the past, we see that the price is now more than 2 times what it was at the end of November. 387$ today versus 170$ on Nov,30 .
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If we are looking back one year into the past we see that Monero was traded for 12 Dollars on January 17, making it an impressive span of 370 Dollars to today's price.
GraphSource
Forecast
Just like all the other private coins Monero for sure has a valid point in trying to keep the privacy of the sender and receiver.
The fact that this is the biggest private coin currently will for sure help to secure the market position that Monero currently has.
The forecast is quite positive, if the development team delivers the module for IP obfuscation Monero can bridge the gap to some other coins in functions and we will see another boost in price.
The quite impressive track record together with the Roadmap is also a strong indicator that this coin will perform quite nicely.
Conclusion
Monero is keeping your transaction details encrypted and therefore completely private, yet IP obfuscation is not yet implemented. This module is called Kovri and is currently in pre-alpha status.
Monero is developed by a huge number of contributors coordinated by a team of experts, the code is completely open source and written mostly in C++.
Last but not least there are also some drawbacks and they should not be unmentioned:
PoW Coin, mining can be seen as a waste of energy.
Privacy of transaction has been also viewed with criticism.
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Haha, it seems in 2017, all the coin start with X had positive feedback. Thanks for your information!
Monero will grow even more along the way
Speculate on the cryptocurrency's future value in an attempt to generate strong returns.
The price of monero's XMR token has experienced significant volatility at times, climbing nearly 70% in the last month and more than 1,300% since it began trading on CoinMarketCap. Since inception, the cryptocurrency has fluctuated between roughly $0.25 (in January 2015) and close to $60 (in May 2017).
I think you are right my friend.
Any one who bought a tron here?
Yes monero will even grow from side to side,,
Thanks for sharing
@originalwprk
Bet on the Satoshi to carry the dollar. Nice save my friend.
Read through the concept of Ring CT that Monero has implemented. Looked pretty interesting. Totally agree with you on this.
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It's amazing the growth of all crypto in the last year, not just Bitcoin. Here's to a profitable 2018!
nice to be share full detail of monero and i also think the monero is the more attractive coin i seen the last time price of monero was 3300 in usd and one thing i also see about monero here are many applications and sites who offer to mine monero just only ur simple computer when i see this system i was really amaized that its so easy to mine monero just login on site and play like as a game....
but some days ago i listen a news they said the monero hacks your computers and work auto maybe u dont open that site @adsactly ...is it possible and right?
nice
It's a good coin but : SmartCash is even better:)
Why do you think so, what makes it better?
Hi adsactly,
Thanks for sharing
thanks for upvote and sharing......
Great info on monero. Thank you for a good post!
Any chance of doing one for Deeponion. Thanks
Mutual support Follow x Follow please<3
This is probably the most popular privacy coin on the market and it shows in the size of its market cap. It does exactly what it was created for; Anonymous Transactions!
I had the opportunity to invest in this coin a couple of months ago when it was hovering around 50$ but unfortunately could not get the funds to invest then, now look at how much it is now despite the current market falling significantly.
I wish Ledger Nano S would hurry up and get the Monero wallet working! Thanks for the info!
Great info! Thanks! Now following.
Thanks for the info... Somehow I am always skipping Monero when exploring crypto, hope it is not too late to change this habit :)
I should add that many artists including Mariah Carey now accept Monero as payment for thier albums. It is a strong coin for the arts community due to its great encryption.
Yes , i have been in that habit too, damn it i skipped bitcoin in 2012 too.
That is a big one - Skipping a Bitcoin in 2012 LoL... Well, it is just impossible to follow everything at the same time and do quality due diligence of upcoming crypto projects... 24h/day it is not enough for even 10% in my opinion...
It's true. I think it's safe to say that the top coins will continue at a pretty steady rate, you have to catch coins that are really low on the list to make huge gains, but it's extremely risky to do that without doing a lot of research on them. They can also be heavily influenced with pump and dumps.
Thank you for the courage! But now its making to be a crypto-watch man! Hahaha.!
Lol, don't worry so did I. I actually skipped everything until December. But hopefully, Cardano and verge would make huge profits and make it all worth it
Lets work the crypto now!
Mutual support Follow x Follow please<3
me too i dont know why jaja
how about tokenpay? have you participated on its ICO?
Thanks for the write up. I have been hearing more and more about monero lately and have been curious and this was a good intro.
nice one! keep it up!
I think monero is a good addition to any crypocurrency portfolio as long as it is seen as the leader in privacy.
Monero is my S**t!!! Too the moon baby...
Zcoin is a good coin, not sure which is best of those coins!
I bought a lot of Monero around the $20 mark. I ended up trading it when it hit around $100. However, I did invest it back into some other great coins I like. Bittersweet moment.
Mind it, Cryptocoins are not private.
couldnt agree more. internet = all privacy gone out of the window woohoo
Monero is. It uses technology called "ring signatures" and "confidential transactions" to hide both the parties and the amount of a transaction on the ledger. The sender and recipient are able to verify that they each sent and received the money, and how much, but even the recipient does not know who it is from without an optional "payment ID" given by the sender.
Monero is a big chunk of my blockfolio, initially it was only 10% but with the recent price rise it became a lot more! The same thing is happening to steem now :D
nice my friend
Excellent article, I got to know Monero when it cost a bit less than $1 and of course, I am a bit disappointed that I did not buy a whole bunch.
It is great to know more about it because I even mined it a bit. But later on switched to other coin mining. Did not know that it had such a big potential. If you have told me about it earlier )))
Great Info!, thank you
MONERO amazing coin to invest in 2018
take a look at tokenpay too. it will be the king of the private coins.
Some of the dark markets have already adopted Monero as their sole currency
This is a great write up... been trying to get info on Monero. Thanks
Upvoted & Followed! Monero is great but I think it will definitely take a backseat in the next coming months to ZENCASH.
https://steemit.com/altcoin/@splatterhaus/zencash-is-the-ultimate-privacy-coin-and-will-see-dramatic-increase-in-price-in-the-next-few-months
I currently own about 0,02 XMR, at about 6,7$ overall price... will keep my fingers to see it have a huuuuge leap! And who knows... Keep my fingers crossed!
Monero using the CryptoNight alg is great, and its literally still CPU mineable - you may not get as much as a GPU but the reward is decent and not basically zero.
I love Monero :D
Amazing and very interessing post thank you for sharing
resteemed and shared in the steemit
Good coin, but already too high for multipliers. Don't see x10 in 6 months.
Glad to come across this, am new here but am always interested in cryptocurrency
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Informasi yang sangat bagus,
Saya sangat menyukai tinjaun anda,,, # @adsactly
thanks for info Monero bang in 2018👍
With tax regulation coming expect big things from privacy coins like monero
Thanks for the detailed post, really insightful. Happy new year & more steem to your engine!!!
Thanks for the info
@jedigeiss thank you for bringing the awareness of the Monero. lot of these things are unknown to me.
i liked in your post dear .....and happy new year
Monero is a good symbol for decentralization and it really worth an investment because It still can rise very high
sbd price going so down can you tell me why?? bittrex showing sbd is low..
Great work. Good overview of what Monero is and where it is headed. Privacy is going to be key in the success of this coin.
Happy new year 🎉
good information very informative
Monero (XMR) is an open-source crypto paradise created in April 2014, focusing on privacy, decentralization and scalability. Unlike many crypto currencies, which are variants of Bitcoin, they are based on the CryptoNote protocol.Monero is a tribal community that attracts the world's best cryptography researchers and engineering talent.
@adsactly
sounds so good and conservertive to be true, why the hidden side then