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Monero (XMR) vs Ethereum (ETH) Comparison

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Monero vs Ethereum

The third week of February wasn’t as easy on cryptocurrencies as we would have wanted, but as this month has come to an end, everyone is looking forward to seeing how their favorite tokens and coins are going to perform further in 2018. For now, we are interested in analyzing how well Monero and Ethereum, one of the most popular coins on the market, are doing at the moment when compared to each other.

Technology: Monero vs. Ethereum

Even though we are comparing these two currencies, it should be clear that the technology these two currencies are using is pretty different from one another although both currencies are based on blockchain technology.

Both coins are based on blockchain technology and both coins are created to exist within a decentralized ecosystem with no third parties involved in any of the actions being performed in these currencies. When we take a look at Ethereum, the technological feature we almost immediately link to this platform is smart contract technology. With smart contracts, Ethereum enabled its users and community members to create any type of decentralized applications any developer could possibly imagine, that way allowing all users and developers to make a profit through making these decentralized apps, otherwise known as Dapps.

With smart contract usage, you can prove ownership over any type of real estate or any other value that comes to your mind. That way Ethereum, with putting smart contracts to usage, Ethereum is preventing fraudulent activities, censorship, downtime and the involvement of any third parties. Smart contracts have thus become Ethereum’s top technological feature, drawing many users and investors into ETH community.

Smart contracts go even beyond declaring ownership and supporting the development of decentralized apps: with this handy decentralized feature, you can make deals, seal any type of business with a second party or even process loans as smart contracts are made to be legally bound.

Moreover, instead of using traditional servers where every application would have to be set on personal servers, so in case anything would go wrong with these applications, many other applications would most possibly get affected along with the users. That is why Ethereum has come up with a better way of hosting applications made through smart contracts. With their way, anyone can set up a node to host their applications, where all nodes would work separately one from another and with each application representing a unique ecosystem that can be accessed with a proper permission. This way, Ethereum is presenting a true nature of decentralized platforms.

To sweeten up the deal, Ethereum platform even has all tools necessary for any user with knowledge to create, design, program and issue their own digital asset that can work as a currency within the Ethereum platform.

Ethereum, although seemingly and nearly perfect, did have a couple of fiascos when it comes to failing technology. The first “scandal” occurred with DAO when millions of dollars were stolen, Ethereum Classic was created and Ethereum went to hard fork.

With the latest update from Ethereum developers, we were able to find out as well as ETH users, that this platform has a serious flaw in its hard fork that could easily allow a serious problem to slip through. Apparently, there was a hole in the system that made smart contracts vulnerable. That way, all users who trusted the system could easily get tricked into spending their money twice on the same transaction, while also making smart contracts highly hackable. With having smart contracts vulnerable, hackers had enough room to bind users with false contractual deals.

In order to solve this serious problem, called the Eclipse attack, Ethereum developers have come up with the solution to ignore all commands within operative nodes older than 20 seconds. That way, hackers’ commands would be ignored and all users would be safe to use smart contracts, make purchases and process transactions.

Monero, on the other hand, takes pride in its top-notch security and privacy, claiming that this currency has the highest ranked privacy among all other coins and tokens.

Monero is said to be untraceable and unlinkable, with top security within its system to provide safety for their users while maintaining a decentralized, transparent nature of XMR ecosystem.  Thanks to an awesome “piece” of technology Monero uses, called ring signatures, users’ IDs are completely untraceable. This is the case because the ring signatures are shuffling users’ identities so that the possibility of identification of any user, in particular, is lower to a minimum of all minimums.

To improve the overall security, Monero is also using a protocol that protects all users from having their payments being linked back to their account balance. Although ring signatures are protecting users’ identities, this protocol is providing another layer of security by generating temporary addresses that are actually misleading. So, by creating one-time addresses, this protocol makes users unlinkable to their transactions and their account balances, that way remaining protected while acquiring full privacy. To back up an already bulletproof system that allows maximal privacy, Monero has strong encryptions, which makes your wallet unbreakable and your funds stealth-proof. In the end, as a cherry on top of a cake of ultimate awesomeness, Monero uses analysis resistance which uses a unique protocol that allows multiple temporary addresses to get generated easily while allowing only the receiver of messages to collect these addresses. Any hack attempt would be futile in this case, so Monero can brag about its fully private, untraceable, unlinkable, safe and secure blockchain ecosystem where all users can enjoy the perks of fast and private transactions.

Monero is planning on launching MoneroV, an alternative to Monero coin, which should be released in 10 days from now on March 14th. This change would be the result of Monero’s hard fork, where all users and coin holders should get 10 MoneroV for each coin of Monero they own in the time of then launching.

The Pace of Growth: Monero vs. Ethereum

While many users are more interested in technology and protocols their favorite coins are using, that way picking their coin of choice, some users are more focused on chasing after tokens and coins based on their price and pace of growth.

Although the price can often be depended on the technology a certain currency is using, this is not the case at all times. Monero, although still almost 3 times lower in price than Ethereum, was marked as the only coin on the top 10 list that had an amazing bounce off during the last couple of weeks.

It is thought that the series of the most recent rises for Monero has everything to do with the announced hard fork that is set to occur on March 14th. Since all users and holders will get 10 MoneroV for each Monero unit they own, it is possible that many investors are piling up on Monero to make their gains 10 times higher in the near future. Smart move? Most probably.

After all, that is how XRP topped to the price of 350$ per one unit. In the last 24 hours, XRP, however, fell down against the dollar for -1.90%, which after all isn’t such a tough drop when compared to all the rises this currency had in the past month.

Now, Monero is trading at 344.83$ per one unit after the latest drop in its price.

Ethereum has had a pretty rough couple of weeks but has managed to bounce off although the latest change in price went to trading in the red. In the last 24 hours, ETH had a drop against the dollar at -1.32%, so this currency can now be bought at 853.96$ per one unit. Ethereum is trading in green against BTC in the last 24 hours with 0.66% rise against Bitcoin.

So, which one you prefer the most: Ethereum or Monero?

We will be updating our subscribers as soon as we know more. For the latest on XMR and ETC, sign up below!

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.

Image courtesy of Cameron via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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