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Monero (XMR) Provides an Alternative to Advertising

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Monero
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Cryptocurrencies have many goals, but most have at least a passing desire for anonymity and privacy. While others may pay passing lip service to this vision, Monero embraced it. Chief among the privacy coins, Monero is a gateway to the ‘dark web’. The complete inability to trace transactions within the blockchain makes it the coin of choice for illicit trades. While this may cause negative perceptions of the coin, it does have another effect. If the privacy is that strong, it means Monero has succeeded at their stated goal. While viewing the transactions from a specific wallet is possible, it requires active consent and a specific viewing key.

Privacy Above All Else

Monero is a completely unique blockchain – built from the ground up for privacy and security. It uses a ring signature system that sends transactions through a group of users. Stealth addresses generate for each transaction and do not necessarily require the send and receiver to know each other. So long as they have the one-time use address, they can be certain that the XMR will reach the proper location.

Furthering this entire process, single units of Monero are not identifiable. Blockchain forensics solve some of the more difficult court cases involved in money laundering. Law enforcement has been able to follow the trail of specific coins to determine who paid which amount and to where. Coins that are positively identified as involved with criminal activities can be blacklisted. Monero’s complete anonymity of coins makes this an impossibility, with the added benefit of creating a fungible currency.

MicroMining

The length of the Bitcoin blockchain is becoming a problem. As more people mine Bitcoin, more transactions occur and it requires a greater amount of computational power. This includes new block generation through the difficulty algorithm. While mining was relatively easy in the early days, it now requires a dedicated setup. The electricity alone is becoming an issue for entire communities. Most new Bitcoin blocks are created by massive mining farms that exist solely to produce the cryptocurrency.

Monero sought to avoid this issue and created a specifically ASIC resistant algorithm. This makes dedicated mining rigs inefficient for the Monero blockchain. In turn, it has become the currency of choice for web applications. Small-scale mining software can be embedded to perform computations in lieu of advertising. Unfortunately, it also means that malware can leverage the Monero blockchain to earn money from infected computers. Still, this has not prevented mainstream businesses from recognizing the long-term potential.

High Profile Adoptions

The ability to mine Monero through web applications has one major adopter – Salon. The news site has struggled against adblocking software in recent years. They have decided to experiment using Coinhive’s Monero mining software as a replacement for advertising. They are understandably being very upfront about the process – it’s opt-in and only intended for users that make the choice consciously.

This is an important distinction and could open the path for other high profile sites to use the same process. Furthermore, non-profit sites like Wikipedia could theoretically embed the Coinhive software – and no longer require donation drives. However, it’s critical for Monero to establish itself as the ad-alternative, and not the coin of choice for malware.

Impervious to the Cryptocrash

The end of 2017 was a banner time for cryptocurrency – a huge spike of new investors lifted the price of almost every coin available. The top cryptocurrencies hit all-time highs and major news media began covering the crypto-sphere regularly. This all ended in January with the sudden crash of the miniature bubble burst soured new investors and resulted in a fairly stagnant start to the new year.

Monero did not have this problem. Their value against BTC has grown steadily since mid-2016. Although volatile, it has been in a continuous uptrend since November of last year. This is completely unmatched by other currencies. In fact, Monero only hit their all-time high BTC value in March. This is a strong indicator of investor confidence and suggests that Monero should do very well in the days to come.

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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 Christina Saint Marche via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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