Review on Monero by Olugbenga Ajayi
Monero is a cryptogiant too
The overview
Monero (XMR) is a private, secure, and untraceable cryptocurrency that was launched April 18th, 2014. With Monero, it is said you are in complete control of your funds and privacy no one else can see anyone else's balances or transactions.
Monero was founded in 2014 and did not pick up until 2016 when it's price gained much momentum and spiked for the first time and since then the spike has continued.
Monero is headed by a core development team of 7 developers of which 5 have chosen to remain anonymous while two have come out openly in public. They are – David Latapie and Riccardo Spagni aka “Fluffypony”. The project is open source and crowdfunded.
Users Privacy
Transactions in Monero is back to back secured. Senders and receivers addresses remain anonymous such that their physical addresses, the amount transacted, even the history of previous transactions cannot be traced.
This form of privacy has been questioned by some attributing factors behind Monero's growth to shady deals like money laundering and the likes. But I think otherwise considering the facts that Monero currency is currently used for many purposes close to that of flat Currencies. Could you believe that Monero is even accepted as means of payment to musicians.
Security architecture
Monero has not relent in improving it's privacy. It uses an uncommon crypto ight proof of works(PoW) algorithm.XMR definitely has everything that's needed to be everyone's favorite altcoin. I guess, there's no need to mention the total anonymity of transactions in this private coin and its superior security. Monero has also been doing quite well on the profit-granting front, showing strong gains, as opposed to its competitors Dash and ZCash. Also, XMR has good resilience to the drops in the BTC price that usually exerts a direct impact on the entire cryptocurrency market.
Market analysis
The ccompanys Market analysis reveals a stunning balance.
1. Return on investment is $2396%
2. Current price is $61.76
3. Market rank is #16
4. Market capitalization is $1,085,100,129
5. 24 hour trading volume of $69,264,196
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Pros
- Your currency is yours You have complete control over your transactions. You are responsible for your money. Because your identity is private no one will be able to see what you are spending your money on.
- It is Fungible Another interesting property that it gains, thanks to its privacy, is that it is truly fungible.
- Highly profitable for traders and holder
- Monero uses a free block size mechanism with no “pre-set” size limit.
Cons
- Suspicious privacy
New products
Comments (1)
May 25, 2020
Monero transactions is back to back secured, where sender and receive identify are remain anonymous in that their physical addresses, the amount of the transaction and the past transaction can not be traced. With this and many other features monero is an ideal project.
