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.
Image courtesy of Christina Saint Marche via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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