Monero

What is the token?

• Monero (XMR) is a decentralized cryptocurrency that prioritizes privacy, security, and untraceability.

• It was launched in 2014 to enable anonymous transactions.

• Monero transactions are confidential and untraceable, ensuring that these transactions' sending and receiving addresses cannot be linked to a particular user or real-world identity.

• Monero uses three technologies to ensure user privacy: Stealth Addresses, Ring Signatures, and RingCT.

Tokenomics

• Monero operates on a proof-of-work mining system to achieve distributed consensus.

• The total supply of Monero is not capped, and the circulating supply is 18,395,178 XMR.

• Monero maintains egalitarian mining, meaning that everyone can mine.

• Monero uses a particular algorithm developed by its community called RandomX, which is ASIC-resistant.

Market Data

As of today 27 July 2024, the price of Monero is ₹0 INR, with a 24-hour trading volume of 134824425.26 USD. The market capitalization for Monero is 2981267247.54USD. The circulating supply is 18446744.07 Monero, with the total supply also being 18446744.07 Monero.

Token Pros and Cons

Pros:

• Privacy and Anonymity: Monero is designed to provide a high level of privacy and anonymity for its users. Transactions are untraceable and unlinkable, with hidden sender, receiver, and transaction amounts.

• Dynamic Scalability: Monero does not have a pre-set block size, which means that the network can dynamically adjust to handle more transactions as needed.

• Decentralization Potential: Monero has the potential to be more decentralized than Bitcoin due to its mining algorithm, which is designed to be ASIC-resistant, allowing for more widespread and egalitarian mining participation.

• Active Development Team: Monero has a large and active development team that is focused on privacy and regularly updates the network with improvements.

Cons:

• Regulatory Risk: Due to its privacy features, Monero has been linked to illicit activities and faces regulatory scrutiny. This could lead to delisting from exchanges or legal challenges.

• Adoption Challenges: Monero’s privacy features, while beneficial for users, may hinder widespread adoption as businesses and regulators may be cautious about a currency that can be used for illegal activities.

• Transaction Speed: Monero transactions can be slower compared to other cryptocurrencies, with an average processing time of around 30 minutes.

• Market Position: Monero has fallen in the cryptocurrency rankings and is no longer a leading cryptocurrency, which may impact its growth potential.

• Liquidity Issues: Some exchanges have chosen not to support Monero due to its privacy features, which can make it less liquid than other cryptocurrencies.

Why Should You Invest in the Coin

• Investing in Monero could be attractive for those who value privacy and security in their transactions.

• Monero provides advanced privacy features that make transactions untraceable and unlinkable.

• Monero's active development and research community are committed to continuous improvement and innovation.

USP of the coin

• Monero's unique selling proposition is its strong commitment to privacy and security.

• Monero ensures that every transaction is confidential and untraceable, making it the only primary cryptocurrency where every user is anonymous by default.

The problem the coin is solving

• Monero is solving the problem of privacy and security in cryptocurrency transactions.

• Monero uses advanced technologies to obscure senders and recipients, ensuring that transactions remain confidential and untraceable.

Founder and team background

• Monero is an open-source project that does not have a specific founder or a centralized team.

• It is a community-run project with contributions from developers all around the world.

• The Monero Core Team maintains essential Monero infrastructure, including the codebase, and all changes are publicly reviewable.

ICO Price

• Monero did not have an Initial Coin Offering (ICO).

• It was launched in 2014, and miners could mine Monero coins from the start.

Risks Associated with Investing in the Coin

• Regulatory Risks

• Adoption Challenges

• Transaction Speed

• Regulatory risk

• Technical risks

The Monero whitepaper presents Monero as a private digital currency for a connected world. It emphasizes that with Monero, users are their bank and can spend safely without others seeing their balances or tracking their activity. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain[5].

Monero is designed to be fungible because it is private by default. Vendors or exchanges cannot block units of Monero due to their association with previous transactions. Monero is an actual, fungible currency, unlike many other cryptocurrencies where transactions can be traced and linked to real-world identities[5].

The whitepaper also discusses the deficiencies of Bitcoin, the first successful implementation of peer-to-peer electronic cash. It argues that rolling out a new project like Monero is more efficient than perpetually fixing the original project (Bitcoin).