Review on Monero by Moshe Bal

Name: Monero
Item: Monero
Rating: 4

June 17, 2019

The review of Monero coin

As Monero is a privacy-oriented cryptocurrency like many others, one could speculate that implementation of an upgrade like Lightning network is to be expected, but before it comes to that, the development team needs to do some key updates. 
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Still, it looks like the team will be currently focusing mostly on the possibility of atomic swaps technology being added to the network, but unfortunately the Monero cryptocurrency will never support smart contracts since they disclose private information and just go against the ideals of the network. 
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Monero is an open source blockchain platform that focuses on privacy and transactions being untraceable. This provides security and confidence for users on the network when it comes to the trading of their funds. 
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The maximum supply of XMR is limited at 21 million, just like Bitcoin’s max supply, but there are regulations involved that will activate at a certain milestone. When the supply reaches around 18 million the halving of block rewards will stop at 0.3 XMR coins issued per minute. 
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This is to keep the incentive for miners to remain active on the network as well as maintaining Monero’s value on the market. It is also one of the first networks to use bulletproof technology that reduces the transaction fees on the network. 
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If within 6-12 months it doesn’t show any issues, it will be added as a Bitcoin-Improvement-Proposal (BIP) and voted on by the Bitcoin network for implementation. 
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Pros

Monero offers the unique ability for users to not be tracked when they are making a transaction.
Transactions are not possible to be linked to a person and it is possible to choose who can see your transactions and only them
The algorithm changes every 6 months preventing the creation of ASICs
Transtaction speed is near instantaneous.

Cons

The monero mining large portion of the hashrate (about 43%) belongs to just three pools
No real voting system – suggestions can be posted on the official forums, but the developers make the decisions themselves
Limited hardware wallet support – Ledger Nano S can support Monero, but needs to be forced, which is not recommended