In the following article, we will explain in four points why we strongly believe that Monero (XMR) will dominate the crypto space. However, it is important to note that this article only reflects my personal opinions.
1) Privacy and Anonymity
Almost all cryptocurrencies are quasi-anonymous, which simply means that a wallet address is not linked directly to an individual, but all balances and transactions are publicly viewable. However, this quasi-anonymity completely disappears the moment you pay for something whilst being physically present.
For instance, if you pay for your pizza, the cashier will get to know that the bitcoin (or other any other coin) address you paid from is yours. They also get to know your balance and can easily track all your transactions. And that is perhaps something you don’t want.
Some cryptocurrencies will provide you with the option of making transactions anonymously. A good example is Dash (DSH), which has an option of sending coins via purported PrivateSend, which is essentially an incorporated coin mixer.
Such privacy-by-option approach may not be a very feasible option though because using it already makes your transaction suspicious.
On the other hand, Monero makes your balances and transactions private by default; all thanks to the technology that has solidified the foundation of Monero’s privacy – ring signatures. It ensures that the receiver, sender, and the amount being sent are untraceable and the transactions undetectable by default. In fact, to be more accurate, Monero utilizes three different privacy technologies: ring confidential transactions, ring signatures, and stealth addresses.
Well, to be honest, fungibility is a major concern of users “transparent” cryptocurrencies such as bitcoin. Imagine you are paid with bitcoins that were linked to some unlawful activity. With the public display of bitcoin ledger, everyone will definitely know that your bitcoins originated from an illegal activity and may end up refusing to accept them, therefore significantly reducing their value. Since its impossible to trace all Monero transactions, you can be confident that there are never going to be “bad coins” and “good coins”. If you own a Monero it will always have the same value just like everyone else’s.
Monero doesn’t have any maximum block size hardcoded, which simply means unlike bitcoin, there will be no scalability problem. Even though there is a block size limit depending on the median size of preceding 100 blocks, it will automatically adapt over time.
To date, Monero is still mined on CPUs and even GPUs thanks to the ASIC- resistant CryptoNight attestation of work algorithm. Its mining is evenly distributed over a huge number of miners and the network will not be managed by enormous ASIC farms.
There is no doubt that Monero is among that most well-established cryptocurrencies. The coin was released in 2014 and has since then managed to build large community sustaining the project and even numerous users. Monero has over the last few years demonstrated that it is not just a casual easy-money pump & dump coin but a recognized cryptocurrency with a market cap of over $4.6 billion.
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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.
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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…