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Launched in 2014 as a fork off of the Bytecoin (BCN) network, Monero is another promising decentralized currency. It is meant to deliver maximum privacy and accountability (via a proof-of-work system) as well as scalability, 3 words you’ll hear a lot in the cryptography buzz word world when talking about future demand. Monero uses “ring signatures“, something like a clustering or neural algorithm for its addressing system. This obscures identities and keys as you do not know what path it will take at each node (of which there are millions or billions or more, like synapses), something a bit different than the usual cryptography – possibly vulnerable to exploitation according to some. Time will tell, as technology, particularly security, is always evolving.
Otherwise, Monero is growing in value. This could be due to its utility for black market trades, but every coin is seeing much more attention these days. The platform has a clever algorithm that enables very efficient CPU mining, to prevent ASIC and GPU data mining hardware from cleaning out all of the block rewards. This means participation and node count can be maximal and not entirely skewed toward people who can afford the most expensive hardware as with most other Proof-of-Work coins, so more people can earn better mining rewards. Monero’s had a consistent climb since September of last year and shows no signs of stopping as the world moves toward mass adoption of blockchain platforms. Let’s just hope this particular one doesn’t end in a data heist.
My note is Monero does not have much utility yet (“use-cases”). This could be the decider in the competition world.
// Written May 31, ’17. Price at the time: $39.95 / XMR
// Edited June 18, ’17. Price at the time: $50 / XMR