Monero’s coin is called XMR, in case you didn’t know. The currency’s value has flat-lined over the last week which is not so surprising if you take into account that even Bitcoin has become stable (which is a plus for traditional investors) so it’s not bad news.
This comes off the back of Monero’s new network update, called “Bulletproofs” which was deployed about a week ago.
XMR has been untypically stable over the last couple of days. As we write this article the XMR/USD rate is at $103.64, so it’s at its peak, Over the last week it’s been fluctuating between 102.22 and 109.30 which means it’s behaving as a stable currency that is also rising in value. That is very rare in the current market.
Monero‘s value in terms of market capitalization is 1.7 billion. That means it’s tenth in terms of market capitalization, which is no mean feat for a coin that doesn’t get the limelight that Bitcoin, Tron, XRP or Litecoin get all the time.
Last Monday the token’s trade volume went over $14 million, mainly carried out at Bithumb, the Sout Korean exchange, which is no surprise as this is a country in which there is a lot of enthusiasm for the cryptosphere.
Monero (XMR) Transaction Costs
Monero’s most recent hard fork happened on Oct 18, one week ago. This update has given Monero’s blockchain a huge advantage in terms of cost as transactions fees have become lower, almost insignificant. As we write this, Monero’s users are paying 2 cents per transaction, which is 97% lower as compared before Bulletproofs was implemented.
This savings in cost are due to the shrinking of cryptographic proofs and data requirements required to perform every single transaction.
Congratulations to the Monero community from the Bitliber team. pic.twitter.com/eQzX7m8Orr
— Bitliber (@_bitliber_) October 27, 2018
The new fork is officially called Monero 0.13 Beryllium Bullet and it’s not only quicker and cheaper. It’s also safer. If you’re the kind of guy who likes rather useless but interesting data, the new fork was implemented from block 1685555 and the Bulletproofs technology starts from block number 1686275.
The new Monero’s blockchain improves its credibility and it makes it the main project in the world that aims to protect users’ privacy in the market as they work against the trend towards centralization that’s been so criticized in so many other blockchain networks. It’s because the new protocol is designed not to allow ASIC miners to take control over the whole network (as it’s feared it could happen with Bitcoin, which is more than 50% mined in China).
Miners are already reporting that the new protocol makes mining quicker, easier and safer. This gives smaller, more average enthusiasts, the chance to become miners and get some profits from this activity.
So Monero is moving forward and making things easier at a time in which other projects such as Ethereum are making things harder and more expensive for their own communities. This shows the project’s leadership has perspective and knows where it wants to go. They have learned how to adapt to the market instead of expecting the market to adapt to them (think Ethereum, Bitcoin).
Monero may not be getting the limelight. But don’t ignore it. If they keep moving forward this way, they could outdo many famous blockchains.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Myriams-Fotos/Pixabay
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
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In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
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