Monero (XMR) – The Privacy Token

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One of the reasons why people are fed up with a centralized system of banking is the power of institutions to have information over your daily transactions. Although to a lesser extent, the same problem persists in Bitcoin and Ethereum. Monero wants to resolve this issue by creating a blockchain that can ascribe complete privacy to the user. (It is rumored that due to the anonymity of the creators of XMR, it is a pet project of Satoshi Nakamoto, the inventor of Bitcoin)

Monero aims to achieve this through three technologies. These are the Stealth Addresses, Ring Signature, and Ring CT. The Stealth Addresses have a unique address belonging to a particular user sent through other addresses to a receiver of XMR (the native token of Monero). The Ring Signature allows a particular member of a particular group without revealing who was the member even though the one with the ring signature verifies the transaction. Finally, there is the Ring CT (Confidential Transactions) technology. The Ring CT provides an extra layer to the ring signature concept above.

At the time when the article is being put down into words, the value of XMR is around $178.22 with a trading volume of $186,166,973, which is a 15% decrease over the past twenty-four hours. The coin is peculiar in the sense that it does not have a max supply. This is because Monero has a natural restriction based only on the implementation of the token rather than an arbitrary number that will be enough. Currently, there are 18,126,978 XMR in circulation.

Speaking a little on the movement of the coin, In the last seven days, it has been subject to a tumultuous tug of war between the bears and the bulls. It started at $171 and reached $204 on the 26th. It seems that there is bulk buying during the dips and excessive selling during the peaks. But the momentum is now breaking off, and the value of XMR is returning to that value of $178. It may even fall further as XMR was one of the tokens that were able to sustain growth during the LUNA crisis. But regardless of its position right now, many predict the token to reach $500 in 5 years.

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