ADSactly - Spotlight on Cryptocoins -- Monero/XMR -- 6th feature "private" coins

in crypto •  7 years ago 

Spotlight on Cryptocoins -- Monero/XMR -- 6th feature "private" coins

Hello Steemians

In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:

  • Aim of the currency

  • Technical details

  • Market position

  • Forecast

The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles.

In this 6th article of the series, the spotlight will be on Monero.




PictureSource

Aim of the Currency

What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted?

All that questions and more will be answered in the following paragraph.

Monero is currently the biggest of the so-called private coins and in comparison to most of them also not based on the Bitcoin core code. Monero features, in difference to most of the big other crypto coins only an encrypted blockchain, so sender, receiver, and amounts are not readable for the public. Most other private crypto coins feature also the possibility to send transparently, this is not possible with Monero.

Monero is around since April 2014 making it one of the older cryptocurrencies, it is designed as a PoW (Proof of Work) coin with an infinite amount of coins. Back in 2014, there was no premine, no founders fee is included and no presale has happened.

The privacy aspect of Monero is currently only existing in the encryption of the transaction data, a module called kovri is in alpha stage, with this tool using l2p technology it will also be possible to obfuscate the IP addresses and have increased privacy in terms of location.

Technical Details

Monero, as being one of the big cryptocurrencies, features multiple wallets (also a light version of the wallet) for diverse hardware setups, also hardware wallets and the integration into the ledger hardware wallets is currently in the making.

Since Monero is a PoW Coin, new coins are only created trough block rewards by miners. There is an infinite number of coins going to be created, the block rewards are smoothly decreasing though until they reach 0,6 XMR per block somewhere after 2022.
Monero uses the CryptoNight algorithm for the PoW hashing, which is said to be resistant to ASICs, on the other hand, the rewards checking Whattomine.com are relatively low and I would not consider mining this with a PC currently.

Privacy of transaction is currently done via a threefold approach, sender privacy is secured by using ring structures, recipient privacy by using stealth addresses and the amount is obfuscated using ring confidential transactions. I will not go further into the details of each of this solutions, this would be an article of its own.

Market Position

At the time of writing this article (12/29/2017), Monero is placed 10th in market capitalization, with the total value of $6.015.110.386 USD. The 24h Volume was $179.177.000 which is a high number compared to the last month.

The team around Monero is extremely active and they are delivering updates and new software quite regularly.
Most of the cryptocoins have had a massive boost of price in the last month and Monero profited from this tendency as well.
Looking back one month into the past, we see that the price is now more than 2 times what it was at the end of November. 387$ today versus 170$ on Nov,30 .


GraphSource


If we are looking back one year into the past we see that Monero was traded for 12 Dollars on January 17, making it an impressive span of 370 Dollars to today's price.


GraphSource

Forecast

Just like all the other private coins Monero for sure has a valid point in trying to keep the privacy of the sender and receiver.
The fact that this is the biggest private coin currently will for sure help to secure the market position that Monero currently has.
The forecast is quite positive, if the development team delivers the module for IP obfuscation Monero can bridge the gap to some other coins in functions and we will see another boost in price.
The quite impressive track record together with the Roadmap is also a strong indicator that this coin will perform quite nicely.

Conclusion

Monero is keeping your transaction details encrypted and therefore completely private, yet IP obfuscation is not yet implemented. This module is called Kovri and is currently in pre-alpha status.
Monero is developed by a huge number of contributors coordinated by a team of experts, the code is completely open source and written mostly in C++.

Last but not least there are also some drawbacks and they should not be unmentioned:

  • PoW Coin, mining can be seen as a waste of energy.

  • Privacy of transaction has been also viewed with criticism.

Authored by: @jedigeiss







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Haha, it seems in 2017, all the coin start with X had positive feedback. Thanks for your information!

Monero will grow even more along the way

Speculate on the cryptocurrency's future value in an attempt to generate strong returns.
The price of monero's XMR token has experienced significant volatility at times, climbing nearly 70% in the last month and more than 1,300% since it began trading on CoinMarketCap. Since inception, the cryptocurrency has fluctuated between roughly $0.25 (in January 2015) and close to $60 (in May 2017).
I think you are right my friend.

Any one who bought a tron here?

Yes monero will even grow from side to side,,
Thanks for sharing
@originalwprk

Bet on the Satoshi to carry the dollar. Nice save my friend.

Read through the concept of Ring CT that Monero has implemented. Looked pretty interesting. Totally agree with you on this.

Hello, I set up my blog on steemit. I like to take a selfie, travel, contact me, enter my blog and see what's new https://steemit.com/life/@beyonndkiller/asia-s-latest-selfie-sexy-goddess-daily-life4

It's amazing the growth of all crypto in the last year, not just Bitcoin. Here's to a profitable 2018!

  ·  7 years ago (edited)

nice to be share full detail of monero and i also think the monero is the more attractive coin i seen the last time price of monero was 3300 in usd and one thing i also see about monero here are many applications and sites who offer to mine monero just only ur simple computer when i see this system i was really amaized that its so easy to mine monero just login on site and play like as a game....

but some days ago i listen a news they said the monero hacks your computers and work auto maybe u dont open that site @adsactly ...is it possible and right?

nice

  ·  7 years ago (edited)

It's a good coin but : SmartCash is even better:)

Why do you think so, what makes it better?

Hi adsactly,
Thanks for sharing

thanks for upvote and sharing......

Any chance of doing one for Deeponion. Thanks

Mutual support Follow x Follow please<3

This is probably the most popular privacy coin on the market and it shows in the size of its market cap. It does exactly what it was created for; Anonymous Transactions!

I had the opportunity to invest in this coin a couple of months ago when it was hovering around 50$ but unfortunately could not get the funds to invest then, now look at how much it is now despite the current market falling significantly.

I wish Ledger Nano S would hurry up and get the Monero wallet working! Thanks for the info!

  ·  7 years ago (edited)

Great info! Thanks! Now following.

Thanks for the info... Somehow I am always skipping Monero when exploring crypto, hope it is not too late to change this habit :)

I should add that many artists including Mariah Carey now accept Monero as payment for thier albums. It is a strong coin for the arts community due to its great encryption.

Yes , i have been in that habit too, damn it i skipped bitcoin in 2012 too.

That is a big one - Skipping a Bitcoin in 2012 LoL... Well, it is just impossible to follow everything at the same time and do quality due diligence of upcoming crypto projects... 24h/day it is not enough for even 10% in my opinion...

It's true. I think it's safe to say that the top coins will continue at a pretty steady rate, you have to catch coins that are really low on the list to make huge gains, but it's extremely risky to do that without doing a lot of research on them. They can also be heavily influenced with pump and dumps.

Thank you for the courage! But now its making to be a crypto-watch man! Hahaha.!

Lol, don't worry so did I. I actually skipped everything until December. But hopefully, Cardano and verge would make huge profits and make it all worth it

Lets work the crypto now!

Mutual support Follow x Follow please<3

me too i dont know why jaja

how about tokenpay? have you participated on its ICO?

Thanks for the write up. I have been hearing more and more about monero lately and have been curious and this was a good intro.

nice one! keep it up!

I think monero is a good addition to any crypocurrency portfolio as long as it is seen as the leader in privacy.

Monero is my S**t!!! Too the moon baby...

Zcoin is a good coin, not sure which is best of those coins!

I bought a lot of Monero around the $20 mark. I ended up trading it when it hit around $100. However, I did invest it back into some other great coins I like. Bittersweet moment.

Mind it, Cryptocoins are not private.

couldnt agree more. internet = all privacy gone out of the window woohoo

Monero is. It uses technology called "ring signatures" and "confidential transactions" to hide both the parties and the amount of a transaction on the ledger. The sender and recipient are able to verify that they each sent and received the money, and how much, but even the recipient does not know who it is from without an optional "payment ID" given by the sender.

Monero is a big chunk of my blockfolio, initially it was only 10% but with the recent price rise it became a lot more! The same thing is happening to steem now :D

nice my friend

Excellent article, I got to know Monero when it cost a bit less than $1 and of course, I am a bit disappointed that I did not buy a whole bunch.

It is great to know more about it because I even mined it a bit. But later on switched to other coin mining. Did not know that it had such a big potential. If you have told me about it earlier )))

Great Info!, thank you

MONERO amazing coin to invest in 2018

take a look at tokenpay too. it will be the king of the private coins.

Some of the dark markets have already adopted Monero as their sole currency

This is a great write up... been trying to get info on Monero. Thanks

Upvoted & Followed! Monero is great but I think it will definitely take a backseat in the next coming months to ZENCASH.

https://steemit.com/altcoin/@splatterhaus/zencash-is-the-ultimate-privacy-coin-and-will-see-dramatic-increase-in-price-in-the-next-few-months

I currently own about 0,02 XMR, at about 6,7$ overall price... will keep my fingers to see it have a huuuuge leap! And who knows... Keep my fingers crossed!

Monero using the CryptoNight alg is great, and its literally still CPU mineable - you may not get as much as a GPU but the reward is decent and not basically zero.

I love Monero :D

Amazing and very interessing post thank you for sharing
resteemed and shared in the steemit

Forget about Monero, Verge is about to reign as the king of privacy coins! #wraithprotocol

Verge has fantastic upward mobility, but crowning them king is a bit premature. They have missed deadlines and need better PR/marketing/dev. Also, it gets tiresome hearing the #verge community talk about Lambo's and going to the moon. Hope they come with less bark and more bite or it will be one of the 90% that fail

Yeah, what color of Lambo you think is the best? In case XVG hit an all-time high of $50 per coin. I'm thinking of Red or Orange. What do you think?

Good coin, but already too high for multipliers. Don't see x10 in 6 months.

Glad to come across this, am new here but am always interested in cryptocurrency

Informasi yang sangat bagus,
Saya sangat menyukai tinjaun anda,,, # @adsactly

thanks for info Monero bang in 2018👍

With tax regulation coming expect big things from privacy coins like monero

Verge is more private than Monero, not to mention it's currently cheap. Buy now or cry later.

Thanks for the detailed post, really insightful. Happy new year & more steem to your engine!!!

Thanks for the info

@jedigeiss thank you for bringing the awareness of the Monero. lot of these things are unknown to me.

i liked in your post dear .....and happy new year

Monero is a good symbol for decentralization and it really worth an investment because It still can rise very high

sbd price going so down can you tell me why?? bittrex showing sbd is low..

Great work. Good overview of what Monero is and where it is headed. Privacy is going to be key in the success of this coin.

Happy new year 🎉

good information very informative

  ·  7 years ago (edited)

Monero (XMR) is an open-source crypto paradise created in April 2014, focusing on privacy, decentralization and scalability. Unlike many crypto currencies, which are variants of Bitcoin, they are based on the CryptoNote protocol.Monero is a tribal community that attracts the world's best cryptography researchers and engineering talent.
@adsactly

sounds so good and conservertive to be true, why the hidden side then

nice post, privacy first!!!!!

2018 is going to be big for cryptocurrency

Thanks so much for sharing @adsactly. Always looking forward for your post. God Bless

@adsactly lovely post Many many happy returns of the day Bitcoin
and whats about my B'day tomorrow on Jan. 5th
GIFT me generously wanna start Altcoin Hedge Fund Startup
BTC: 1JydjBwdbNTruAHwaXXvpwyvLHQxEFiUeT
ETHER: 0x1910D1742b22275d1B124a936ae4732E67B50086
BTC Cash: 15Z55LFtzxmfaRuhgu3kkVkZAppjKnXn1a

Ahh!

  ·  7 years ago Reveal Comment

oil lampit's a very beautiful sight I love to see it

Ouu.Really report became useful for me...I bought 2 Moneros a month ago...Thanks...

el momero tiene una seguridad bastante aceptable

Good information about corrancy

The target of the currency, the technical details, the market location, the forecast all depends on the time. At the time, prices of Bitcoin have been rising and decreasing in time.
Thanks for sharing
@adsactly

monero good potentiall

Crypto Is Future..
It was a Helpfull article...

thank you

Have been following you since I join steemit and I might say you have given me enough reasons I must also be part of this digital world. Thanks @adsactly

I really enjoyed this post, has given me some inspiration for my posts as well ! Nice format, do you not see the infinite number of coins an issue because I hear a lot of good things about Monero. Do you hole any your self may look to hold onto some as the antonymous thing is pretty big

Great post thx for sharing 🤗👆

Thanks for this post.

long live

muy bueno el post ya que me interesa mucho esta moneda la esto minando actualmente y se ve como una de las monedas que van a tener gran impacto a mediano plazo

thank you
I like with your link. nice links ..

really important information thanxs alot for sharing alot!

Privacy coins are where its at! TRUST me on this!!!!

What a wonderful altcoin is menero.As i read through your post i found where you mention during the begining of menero that there was no premine ,no founder fee and no presale.i began to consider keeping it for a long term will going to make sense since it has a trusted potential of the price shooting up considering the special qualities of menero when compare to other private coins.

hi @adsactly :-6th feature "private" coins it mean a chance of doing one for Deeponion. i hope............

very informative Post. keep updating us like that. stay blessed <3

can be the best .

Welcome knock about crypto.Really it's very impressive post.

@adsactly You know something, I always see your publication to inspire me Someday I will be in trend and you will see me. I always see you ... greetings and may God bless you and spend a happy year full of blessings, this has nothing to do with your subject, but with the treatment of what you read

Thanks for your great analysis. Here is my top 5 picks of cryptos in 2018. What is yours?

What about ethereum?

Great Post Keep It Up

Great post man very informative and interesting post thanks for sharing it with us hope that you are alright @adsactly

Monero is a great coin, especially for the fact that it's truly private. I have been buying incrementally and have seen steady growth.

Thanks for the info

Crptocurrency is love, And always great post.Thanks :)

all the status you make It's amazing I'm also very fond and vote all the status you make
I also want to succeed like you if you are willing to help me lead me so that I can succeed like you.

This is interesting... Monero has definitely come a long way and is now considered a very worthy contender in the crypto world. It is also a great coin to mine. Way to go Monero :)

It is nice dear friend @adsactly happy new year hope you will do good for steem community thanks its new year so I follow you and make new friends withnew platform in new year hope you also follow me and upvote me thanks

Nice article, would be handy to add links to a list of the previous articles you've written too!

This is awesome research and delivery @adsactly, you must've spent a bit of time on this one. I really appreciate the in depth insight into Monero and its potential. Not one to mine, but one to look out for the future, for sure. I'm only just learning about private currencies and now I'm a step further. Thanks.

Can you review MOON Coin? It seems like a natural offshoot.

very good

Thanks For Sharing

Thanks @adsactly-witness for sharing! I am still new to this world and posts like these are extremely helpful and insightful as I navigate around trying to learn!

Monero got so expensive since back in the olden days.

Dude, thank you for this. As a newbie, reading stuff like this is really helpful as your blog is full of information! Rock on! :)

Nice poste thanks for this information

Yup, Monero and Verge will indeed be big because of the increased government regulations and tax systems that they are trying to push towards us starting this year in 2018! Monero keeps you anonymous, so its very interesting to check into that.

Congratulations @adsactly, this post is the most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 34 and the total pending payments to posts in these categories was $2807.89. To see the full list of highest paid posts across all accounts categories, click here.

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