What is Monero?:
Monero (XMR) is one of the many forks of Bytecoin. Not particularly unique in this regard (there at least 24 forks of Bytecoin), it could be looked down upon for the ease in which it can be copied. However, what makes Monero a strong presence in the cryptocurrency world is its security. Their website boasts multiple degrees of safety: Untraceable use through ring signatures, one-time addresses linked to payment receivers to avoid payments being linked to users, high wallet security and anonymity. These features are the cornerstone of the cause behind Monero, which is decentralization and safety and privacy of transactions. The high security that Monero demonstrates is provided by CryptoNote, who power a handful of cryptocurrencies. Cryptonote aim to provide a better service than Bitcoin with improved algorithms and less pipelining.
The Monero System:
A system deployed by Monero that creates a division of opinion is their method of improvement. Monero conduct regular hard forks to update their software for the better, and the old unimproved cryptocurrency is discarded by the majority of users. Whilst it takes a majority vote to do this, it is still frowned upon by some who envisage the future of Monero as a more sovereign currency that cannot be copied and delegitimised.
The price of Monero has soared from its creation, initially stuck at a dollar or less for over two years before beginning to slowly rise in August 2016. Prices rises then suddenly became much larger in August 2017, temporarily peaking at $144, and later that year rose to an impressive $441 dollars. Whilst it as dipped since that peak, it has broken away from its prolonged obscurity and now firmly rests in the hundreds. Looking at the sudden increases in value – increasing by hundreds in a few months alone – it is a possibility that Monero may continue to rise, making it a good choice for investment if you are focused on long-term profits. With the world looking to cryptocurrency for decentralisation, Monero will likely remain in the spotlight.