Monero is an open source cryptocurrency that was created in 2014. It uses a public ledger to record transactions with new coins created through a process called mining, just like Bitcoin but its security and usability represent significant advances on other coins.
Monero improves on existing cryptocurrencies as it hides the identity of the sender, recipient and transaction amount using a sophisticated algorithm which has been extensively tested.
In 2017 its strength in this area was enhanced even further with the adoption of a new method to further enhance the privacy benefits of Monero. This has pitched it as one of the most privacy centric coins currently on the market.
It is already in use as a means of exchange in several commercial forums and is an established method of transferring value around the Globe.
What does the future hold for Monero?
In the future the value of Monero is potentially very high. Its supply is about the same as Bitcoin yet the underlying technology potentially represents a major improvement on Bitcoin. The technical structures used to preserve anonymity are stronger than Bitcoin and transaction speeds using the coin are at present much faster than Bitcoin.
With businesses all over the world wanting to preserve the security of international transactions, Monero could potentially find a niche as the transaction method of choice for security and privacy conscious international business.
Monero has been proven to be one of the most secure methods of conducting international commerce from both the buyers and the recipient’s perspective. In the future, especially in times of global uncertainty, people and businesses will value these attributes far more than they do even today.
There is already a Monero add on allowing the thousands of businesses using the WooCommerce app on for WordPress, currently powering eCommerce on over 380,000 websites, to accept Monero as payment.
Major musicians in particular have proved to be particularly keen on the advantages of selling music for Monero with Monero users including names like the Backstreet Boys, Lumineers, Weezer, Mariah Carey,Marilyn Manson, Lana Del Rey, Motley Crue, Sia, and Slayer.The future prospects of technology like this are therefore very exciting.
Any partnership with a large corporation that wishes to preserve the privacy of its internal cross border transactions whilst transmitting funds faster and cheaper than the current international banking system would be a further major boost to its adoption.
There are plans to develop this user base with the Monero backed ‘Project Coral Reef’. This project is supporting merchants and companies who wish to adopt and use the coin as outlined above.
At present the project as resulted in over 50 companies adopting the coin, whilst many of these companies are currently small, the project, recently featured in Forbes magazine, will continue to push the benefits of Monero throughout 2018.
However, it also faces some major threats. It is become associated as a favored means of conducting illicit transactions on the web and is drawing attention from law enforcement agencies globally.
Should its primary user base emerge here, its potential for wider use and support will be severely hampered.
A coin with great potential but ever-growing risk due to is increasing association with the dark web.
Hopefully the technology is embraced and used correctly, and the benefits of this coin are used for good.
Find out how to buy Monero if you live in Ireland here.