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.
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.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…