Monero is not your ordinary altcoin. Yes, it is one of the most capitalize coin in the space and is in fact in the top 10 in the liquidity list. The coin creators are desirous of ensuring that all of Monero’s, ticker symbol XMR, related transactions are private and untraceable.
Of course, this goes against the philosophy of blockchain which promotes transparency and openness because of the community source code.
By incorporating several features as ring signatures which safeguard the privacy of the sender, confidential transactions—which is part of the reason why Charlie Lee fell in love with Monero—protects the privacy of the recipient and Ring confidential transactions that make it possible for the sender and receiver to know the details of the transactions as amounts and others, Monero remains an on-demand coin for privacy advocates who worry that the world is increasingly becoming “open” eroding privacy with it.
More about “Bullet” Proofs
The research team behind Monero is always trying to improve just like other open source projects. To do this they must reach a consensus on what to upgrade to and what not to implement. Yesterday, the community decided to hard fork implementing bulletproofs in the process. But it was more than that. The network needs to scale and this upgrade looks to reduce block size limit from 13.5 kb to a mere 2.5 kb which is proof of work system which Monero make use of mean reduction of transaction or network fees.
To achieve this feat, “Bullet” proofs expand logarithmically depending on the range and output of the message means less data and more privacy. By extension this translates to less pay attracting more users and because of this new upgrade, the network can scale linearly and because Monero uses dynamic blocks, the network will achieve more of what users desired from Bitcoin but only that this time there is the privacy touch. Remember, the number of rings will increase from seven to 11.
Their fight against Bitmain’s ASICs Miners
But, this is not the only improvement Monero team has been working on. It’s public knowledge that Monero is against the conquests of Bitmain and their vision of centralizing mineable coins. To counter the evolving designs of Application specific integrated Circuit (ASIC) miners, they regularly hard fork and have been successful from Bitmain and ASIC dominance.
“In order to create a more egalitarian mining network and foster decentralization, the original CryptoNote developers created the CryptoNight Proof of Work function to “close the gap between CPU (majority) and GPU/FPGA/ASIC (minority) miners.”
All in all, these continuous improvements will help cement Monero as a go-to privacy-centric coin attracting more capital even as the US Secret Service raise their concern about similar coins. Regardless of the opposition, Monero and their mission seem to bode well with privacy seekers therefore at current prices, $104, there is room for XMR to expand.