Monero: Cryptocurrency for True Anonymity
Monero was recently in top gainers in the cryptocurrency world, almost doubling from $50 to $100 within the last couple of hours and then settling at around $80. The current surge can be attributed to two major developments in the last month. First, Monero is rumoured to be listed on Bithumb, South Korea’s largest bitcoin exchange starting August 23. Second, contributions from the Monero development team in the technical whitepaper, titled “RingCT 2.0: A Compact Linkable Ring Signature Based Protocol for Blockchain Cryptocurrency Monero” by Sun et al which is set to be presented at ESORICS 2017.
The developers are also expected to launch a “light” android client in the following weeks (Current monero wallet requires downloading the entire Blockchain which is over 12 GBs).
Monero(XMR) has been around for over 3 years and is one of the few cryptocurrencies that offers complete anonymity and fungibility by employing battle-tested security technologies like Ring Signatures and Stealth Addressing. Fungibility is important because it prevents bad actors (hackers, intrusive corporations and governments) from being able to track your wealth and access your private information. The most recent example of Monero coming out ahead of law enforcement was last month when the deepweb website AlphaBay was seized by the FBI. After taking control of its servers, law enforcement officers began tracking all the Bitcoin and Ethereum addresses that transacted with the website but the mNonero addresses remained untraceable because of stealth addressing.
Monero has been a good store of value over the past few months going between $30 – $50, where most other cryptocurrencies have seen massive volatility and for this reason coupled with extreme security benefits, it is expect to keep growing in market capitalization making it one of the best investment opportunities of this crypto gold rush.
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