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Foundations co-founder and CEO Zach Herbert is on a mission to create Bitcoin products with the sleekness and usability of Apple devices but that also protect user privacy and are built with open-source code.
Peter Thiel also believes that Bitcoins original vision as a cypherpunk, crypto-anarchist freedom tool hasnt been fulfilled.
Crypto traders traded their screens for sneakers as Bitget's sunrise run in Manila turned web3 networking into a sweaty, social sprint.
Amid increasing U.S. regulatory scrutiny, popular crypto-based betting platform Polymarket has secured funding to expand its global operations despite restrictions.
Alexander Akin Fernandezs Azteco provides Bitcoin users around the world a way to get their hands on synthetic money without revealing their identity, creating a world in which bitcoin is so ubiquitous and easy to use that its boring.
In the swiftly changing domain of cryptocurrencies, how prominent individuals affect market movements can be substantial. High-profile founders or leaders can find themselves at the center of the community’s attention, for better or worse. And how closely community members pay attention to these figures can often serve as a good proxy for how close the [...]
The founder of Polygon, a prominent player in the crypto market, has suggested that the current cycle of the market has undergone a permanent shift. This revelation comes as a significant development in the world of cryptocurrency, signaling a potentially new era for digital assets. The founder explains that the traditional market cycles in crypto, [...]
The post How Polygon Founder’s Insights are Transforming the Crypto Market Cycle Forever appeared first on Crypto Breaking News.
After the recent presidential pardon frenzy, speculation is swirling around whether former President Donald Trump will grant clemency to the founders of BitMEX. This popular cryptocurrency exchange made headlines for alleged violations of anti-money laundering regulations. With a cloud of legal troubles hanging over their heads, the BitMEX founders are hopeful for a last-minute reprieve [...]
The post Report: Donald Trump Grants Pardons to Three BitMEX Co-Founders appeared first on Crypto Breaking News.
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: $400 million cryptocurrency Ponzi scheme founders were arrested in Argentina, the Central Bank of Brazil established cryptocurrency regulation as a priority, and the Argentine Fintech Chamber proposed crypto tax exemptions in Argentina. $400 [...]
The post Latam Insights: Argentina Arrests $400 Million Cryptocurrency Ponzi Scheme Founders, Brazil Defines Crypto Regulation as a Priority appeared first on Crypto Breaking News.
American venture capital investor Tim Draper warned business founders to prepare for "more and more" bank failures if the government continues to "print money and whipsaw interest rates."
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on [...]
The post Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow appeared first on Crypto Breaking News.
Thiel’s Founders Fund made $1.8 billion from selling its digital asset holdings back in March 2022.
Continue reading Billionaire Peter Thiel’s Fund Sold All of Its Bitcoin Last Year at DailyCoin.com.
The DAO was initially served with a lawsuit via a help chat box but a federal judge said the regulator “should serve at least one identifiable Token Holder.”
The founders of cryptocurrency derivatives exchange Bitmex, Arthur Hayes and Benjamin Delo, have pled guilty to violations of the U.S. Bank Secrecy Act. “As a result of its willful failure to implement AML and KYC programs, Bitmex was in effect a money-laundering platform,” said the U.S. Department of Justice. Bitmex’s Founders Guilty of Bank Secrecy […]
Singapore based VC and venture program announces launch and first investments of Fund II.
In an exclusive interview with DailyCoin, Konrad Probst and Joseph Effendy shed light on how partnership is playing a key role in scaling the NFT project.
XRP Ledger, created by Ripple Labs Inc., is an open-source blockchain technology and digital asset. This means that developers can contribute to its development and enhance its functionality. XRP serves as the native cryptocurrency of the XRP Ledger and is the commonly recognized name for it. The XRP Ledger is purposefully designed to enable swift, cost-effective, and secure transactions. It functions as a distributed ledger, where transaction records are stored across a network of validators, which are participating computers, ensuring the integrity of the ledger. XRP has garnered significant recognition for its ability to facilitate expeditious and streamlined cross-border payments. Its primary objective is to enhance liquidity and establish connections between diverse currencies, enabling seamless value transfers for both financial institutions and individuals across international borders. Ripple, the entity responsible for XRP, has forged partnerships with numerous financial institutions to investigate the potential of XRP in the realms of remittances and international settlements. It is imperative to emphasize that although XRP is commonly linked with Ripple, the XRP Ledger functions autonomously, separate from the company. XRP can be exchanged on different cryptocurrency platforms and stored in digital wallets that are compatible with the XRP Ledger. Related Reading: What Is Kaspa (KAS) Blockchain? Additionally, there is a diverse range of cryptocurrency exchanges that support the XRP Ledger (XRP) for individuals interested in buying, selling, or trading XRP. Some notable examples include Binance, Coinbase, Kraken, BitStamp, Huobi, and more. Founders Of XRP Ledger (XRP) In early 2011, developers David Schwartz, Jed McCaleb, and Arthur Britto were intrigued by Bitcoin but concerned about its energy consumption and scalability issues. They aimed to create a more sustainable system for value transfer. Their predictions about Bitcoin’s energy usage were proven right when estimates revealed that Bitcoin mining consumed more energy than Portugal in 2019. They also foresaw the risks of one miner or collusion of miners gaining over 50% of the mining power, which remains a concern today as mining power concentrates in China. Undeterred, the developers continued their work and created a distributed ledger called Ripple, with a digital asset initially called “ripples” (later referred to as XRP). The name Ripple encompassed the open-source project, the unique consensus ledger (Ripple Consensus Ledger), the transaction protocol (Ripple Transaction Protocol or RTXP), the network, and the digital asset. To eliminate confusion, the community started referring to the digital asset as “XRP.” By June 2012, Schwartz, McCaleb, and Britto completed the code development and finalized the Ledger. How XRP Ledger (XRP) Works The XRP Ledger represents a pioneering blockchain technology that places a strong emphasis on scalability and interoperability. This focus enables the ledger to offer a wide array of possibilities for diverse applications that surpass the realms of traditional financial systems. Related Reading: Solana Meme Coin Season: A Guide to Buying, Trading, And Profiting From SOL Tokens By demonstrating the capacity to handle substantial transaction volumes and foster seamless connectivity among different assets, the XRP Ledger stands poised to bring about a revolution across multiple industries and ignite innovation. Its scalable and interoperable nature creates opportunities for novel use cases and transformative solutions within the blockchain ecosystem. Prominent Features Of XRP Ledger Consensus Ledger Functioning as a distributed and decentralized ledger, the XRP Ledger stores the transaction history across an independent network of validators. Every validator preserves a copy of the ledger, and transactions undergo validation and agreement via the consensus algorithm. This approach ensures that the ledger’s transaction history is securely stored and that transactions are verified and approved through a collaborative process among validators. By employing this distributed and decentralized framework, the XRP Ledger establishes a reliable and transparent system for recording and validating transactions. Gateways and Interoperability The XRP Ledger enables the establishment of gateways, which are entities responsible for issuing and redeeming assets on the ledger. These gateways play a crucial role in bridging various currencies and assets, fostering seamless interoperability across different financial systems. By facilitating the transfer and exchange of diverse assets, the gateways enhance the connectivity and compatibility between different forms of value representation. This feature of the XRP Ledger promotes greater efficiency and accessibility in cross-border transactions and opens up opportunities for enhanced liquidity and streamlined financial operations. Transaction Speed and Scalability Engineered with scalability and rapid transaction settlement in mind, the XRP Ledger (XRP) is adept at processing a substantial number of transactions per second. With the capability to settle transactions within a matter of seconds, the ledger is well-suited for a wide range of use cases that demand swift and efficient transaction execution. Related Reading: How To Mint BRC-20 Tokens On The Bitcoin Network Its high scalability and speedy transaction settlement empower businesses and individuals alike to conduct seamless and timely transactions, fostering enhanced productivity and responsiveness in various applications and industries. Consensus Algorithm Within the XRP Ledger, a distinctive consensus algorithm known as the Ripple Protocol Consensus Algorithm (RPCA) is employed. Diverging from conventional proof-of-work (PoW) or proof-of-stake (PoS) algorithms, RPCA relies on a group of trusted validators to authenticate and validate transactions. These validators assume the crucial role of collectively establishing consensus regarding the sequence and legitimacy of transactions on the network. By leveraging this innovative consensus mechanism, the XRP Ledger ensures the integrity and reliability of its transaction validation process, providing a secure and efficient environment for conducting business. Native Cryptocurrency (XRP) XRP operates as the inherent digital currency of the XRP Ledger, serving multiple purposes, such as facilitating transactions, offering liquidity, and bridging diverse currencies. As a medium of value exchange, XRP can be transferred between various entities on the XRP Ledger, enabling seamless transactions and facilitating the exchange of value. This versatile cryptocurrency plays a vital role in supporting the functionality and efficiency of the XRP Ledger ecosystem. The Impact Of XRP On The Financial Industry Undoubtedly, the XRP Ledger, along with its native currency XRP, has made a notable impact on the financial industry, bringing forth a range of positive innovations across various important aspects such as: Decentralized Finance (DeFi) The XRP Ledger’s utilization of smart contracts and tokenization creates possibilities for decentralized finance (DeFi) applications, paving the way for the development of groundbreaking financial services like lending, borrowing, and decentralized exchanges. With its rapid and scalable nature, the XRP Ledger provides an ideal foundation for constructing DeFi applications, potentially extending financial services to underserved communities and diminishing dependence on conventional intermediaries. Asset Tokenization The capacity of the XRP Ledger to tokenize tangible assets like real estate, art, and commodities has the potential to unleash liquidity for assets that have historically lacked it. Through the representation of these assets as digital tokens on the ledger, fractional ownership becomes feasible, enabling enhanced accessibility and transferability. This breakthrough can introduce fresh investment prospects and enhance market efficiency. Cross-Border Payments The swift transaction settlement and economical fees offered by the XRP Ledger make it an attractive choice for cross-border payments. Its efficient currency-bridging capabilities simplify and expedite international transactions, potentially reducing expenses and enhancing liquidity for financial institutions. This can result in expedited and cost-effective remittances, benefiting both businesses and individuals. Liquidity and Market Efficiency The XRP Ledger’s utilization of XRP as a bridge currency and liquidity tool has the potential to bolster market efficiency and enhance liquidity for diverse assets. By enabling seamless value exchange across different currencies, the XRP Ledger contributes to improved market liquidity, simplifying the process of buying, selling, and trading assets for users. This heightened liquidity has the capacity to foster more efficient markets and enhance the process of price discovery. Related Reading: How To Create And Mint Your Own NFTs On The Ethereum Network XRP Distribution And Price Dynamics The distribution of XRP tokens by Ripple Labs is a nuanced process that goes beyond a simple monthly release schedule. Currently, the majority of XRP is held in 16 escrow contracts, and their release is influenced by multiple factors, such as market conditions and ecosystem adoption. The original 55-month distribution projection was an estimate, and Ripple has the ability to adjust the pace based on their assessment. Certainly, this distribution strategy impacts the price of XRP. A significant influx of XRP could potentially exert downward pressure on its value. However, attributing price fluctuations solely to this factor would be narrow-minded. The overall market sentiment towards cryptocurrencies, demand from financial institutions, regulatory developments, and news related to Ripple all contribute significantly. To truly understand the price action of XRP, a comprehensive analysis of these intertwined factors is necessary, recognizing the intricate interplay between Ripple’s distribution strategy and the dynamic cryptocurrency landscape. Tokenomics Of XRP Supply XRP has a fixed supply of 100 billion tokens, making it a pre-mined cryptocurrency with no possibility of additional token creation. Only a fraction of the tokens are actively traded, while 20 billion went to the founders. The distribution involves 55 smart contracts that release 1 billion tokens monthly over 55 months, resulting in a monthly increment of 1 billion tokens. The circulating supply is around 53.7 billion tokens, with the remaining held in escrow. Source: Messari on X Over 60% of the total supply is concentrated in the top 100 wallets, raising decentralization concerns. Ripple owns 6.5 billion XRP, adjusting the circulating supply to approximately 47 billion tokens. XRP exhibits a mild deflationary trend from burning fees, reducing the total supply to about 99,988,221,902 XRP. Buying XRP Coins Purchasing XRP coins can be a relatively straightforward procedure; however, the available choices cater to diverse levels of experience and comfort. Here is a breakdown of different approaches tailored to meet your specific requirements: Beginner-Friendly Exchanges Coinbase and Binance are user-friendly platforms suitable for newcomers. They provide intuitive interfaces, clear instructions, and customer support to assist users throughout the process. Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto? Peer-to-Peer (P2P) Exchanges Platforms like Paxful are P2P exchanges that enable direct XRP purchases from other individuals. This decentralized approach offers privacy and flexibility but requires caution when evaluating counterparties and following safety measures. Decentralized Exchanges (DEX) Uniswap is an example of a DEX platform that operates on blockchains. They facilitate direct peer-to-peer trading without intermediaries, providing enhanced security and control over funds. However, using DEX platforms will require compatible wallets. Tracking Prices of XRP Ledger (XRP) To effectively track the prices of XRP Ledger (XRP), the digital asset native to the XRP Ledger, and stay up to date with its market movements and fluctuations, there are several reliable methods and platforms that you can utilize, such as widely recognized cryptocurrency tracking platforms like CoinMarketCap CoinMarketCap is a highly regarded platform for monitoring cryptocurrencies, offering extensive data on a diverse range of digital assets, such as XRP Ledger (XRP). Users can explore the XRP page on CoinMarketCap to access up-to-the-minute price updates, historical data, market trends, and other pertinent information relating to XRP. CoinMarketCap serves as a trusted resource for individuals seeking to track and analyze the performance of XRP Ledger within the global cryptocurrency market. Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network Ripple Lawsuit With Securities And Exchange Commission (SEC) The Ripple vs. SEC legal dispute, which began in December 2020, has a profound impact on XRP. The SEC accuses Ripple of conducting an unregistered securities offering through XRP sales, while Ripple argues that XRP is a utility token for cross-border payments and not a security. This ongoing battle has caused turbulence for XRP, resulting in price volatility and adoption uncertainty. The outcome of the case will have significant implications for XRP and the broader cryptocurrency industry. The lawsuit has led to a hesitant market as businesses and individuals are cautious about embracing XRP due to the uncertainty surrounding its classification. The resolution will determine whether XRP’s utility as a token will prevail or if the SEC’s classification as a security will cast a long shadow over its future. As the market awaits a definitive answer, the trajectory of Ripple’s digital creation remains uncertain. Conclusion XRP Ledger (XRP) boasts an established name, a decentralized network, and lightning-fast, low-cost transactions. This has cemented its role as a preferred bridge currency for cross-border payments. Despite facing legal challenges, XRP has an impressive track record as one of the pioneering cryptocurrencies, gaining widespread adoption among major financial institutions through RippleNet. The community’s dedication and the project’s foundational strengths provide a solid basis for potential success. However, the outcome of the SEC lawsuit will be a crucial determinant in shaping the future of XRP, whether it will be positive or negative. Related Reading: How To Buy And Trade Tokens On The SEI Network Nevertheless, navigating the world of XRP necessitates careful consideration. While some may prioritize user-friendly platforms for entry, experienced traders might seek advanced features offered by decentralized exchanges (DEXs). Regardless of your experience level, remember that cryptocurrencies remain volatile, and responsible investing practices are paramount. Consider these factors, research, and choose the path that aligns with your personal financial goals and risk tolerance.
HashFlare Founders Negotiate Plea Deal for Wire Fraud The co-founders of the popular cloud mining service HashFlare have reportedly entered into a plea deal in a wire fraud case. The deal comes after they were accused of defrauding investors by misrepresenting the company’s performance and withholding important financial information. This development has sent shockwaves through [...]
The post HashFlare co-founders confess to wire fraud charges in the United States appeared first on Crypto Breaking News.
[toc] What Is SUI? Sui (pronounced “Swee”) is a decentralized Layer 1 proof of stake blockchain, meaning it serves as the foundational infrastructure for verifying and processing transactions, similar to Bitcoin and Ethereum. Layer 1 blockchains are the backbone that supports a specific token or a network of different tokens. Sui was developed by Mysten Labs, a group of former Meta employees. It is designed to limit how long it takes to execute smart contracts and support scalability for decentralized applications (dApps). The network believes it has cracked the code on smart contract execution in terms of speed, high security, and low gas fees. This is possible because of the programming language it was designed with called “Move”. Move is a Rust-based programming language that prioritizes fast and secure transaction executions. According to the whitepaper, the network is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3. The network is focused on low latency and super scalability. This has seen it termed by supporters as the Solana Killer. Related Reading: Solana Meme Coin Season: A Guide to Buying, Trading, And Profiting From SOL Tokens The Sui project was announced by Mysten Labs in September 2021, and in December 2021, Mysten Labs invested $36 million into the project. This was followed by a $300 million series B announcement led by a $140 million commitment by FTX in 2022, valuing the startup at $2 billion. Reasons Why Sui Network Was Created In the words of Sui Co-Founder and CEO, Evan Cheng, the current Web3 infrastructure is slow, expensive, and notoriously unreliable. Given this, Cheng said the network was created to change the Web3 game with some 5G level upgrades that would allow developers to create blockchain-powered applications with scalability that you can only associate with centralized technology hubs that dominated Web 2.0. In other words, the Sui network was created to solve Web3 problems by simplifying and improving the creation of various applications and functions in the Web3 ecosystem, solving the most common problems in the Web3 industry: speed, security, and stability. How Does The Blockchain Work? Sui operates as a Layer 1 blockchain focused on optimizing fast blockchain transfers. It places a high level of importance on immediate transaction finalization, making Sui an ideal platform for on-chain applications such as decentralized finance (DeFi), gaming, and other real-time use cases. Unlike the existing Layer 1 blockchains where transactions are added one after the other, which makes it slow as more transactions are being added to the blockchain, Sui does not make every transaction go through all the computers in the network. Instead, it picks the relevant part of the data it needs to check, which eliminates the problem of congestion on the blockchain and drastically reduces gas fees to carry out transactions. The Sui network uses a permissionless set of validators to reduce latency and a protocol called the Delegate Proof of Stake system. It has epochs (each consisting of 24 hours), during which Sui holders select a set of validators with whom they store their staked tokens. The validators are then in charge of transaction selection and approval. Related Reading: How To Buy And Trade Tokens On The SEI Network Who Are The Brains Behind The Sui Network? Co-Founder and CEO Evan Cheng: Cheng previously worked at Apple for 10 years, and he was also the former Head of Research and Development at Novi and Technical Director of Meta. The Chief Scientist George Danezis: Former researcher at Novi, Meta, and previously worked at Chainspace, Microsoft. Adeniyi Abiodun, CPO: Former Head of Product Development at Novi, Meta. Previously worked at VMware, Oracle, PeerNova, HSBC, and JP Morgan. Kostas Chalkias: Former leading cryptographer at Novi. He previously worked at R3, Erybo, Safemarket, and NewCrypt. Sam Blackshear, CTO: Former Chief Engineer at Novi, specializing in the Move programming language. Investors and Institutions Backing The Network Sui was valued at $2 billion after FTX Ventures committed $140 million to the project. However, Sui also has other credible investors who also committed, like Binance Labs, the largest centralized crypto exchange by daily trading volume, and Coinbase Ventures, the largest crypto exchange in the United States. Other investors included Franklin Templeton, a global leader in asset management with more than seven decades of experience, and Jump Crypto, an experienced team of builders, developers, and traders. Apollo, Lightspeed Venture, Circle Ventures, Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and OLeary Ventures also invested in the blockchain. Uses of Sui Coin SUI coin plays a crucial role within the ecosystem and serves various functions: Governance: Sui coin holders can participate in governance decision-making, which includes parameter adjustments, protocol upgrades, and other key network changes. This means SUI holders have a say in the direction and development of the Sui Network. Transaction Fees: SUI coin is used to pay for transaction fees within the network. The coin acts as the medium of exchange to cover all associated fees, whether you are interacting with smart contracts, transferring assets, or participating in any Sui on-chain activity. Utility: The native coin will be used in various decentralized applications (dApps), gaming applications, and other projects built on the network. It will be used to purchase in-game accessories and NFTs. Staking: Staking SUI coin helps network security and consensus. SUI coin holders who stake their coins are being rewarded and given incentives for participation and engagement. Investment: Investors can buy and hold or trade SUI coins as an investment on centralized exchanges, just like Bitcoin, Ethereum, Solana, Cardano, BNB, and all other blockchains with good use cases. Related Reading: What Is Kaspa (KAS) Blockchain? Sui Network Plans To Improve The Web3 Ecosystem Transaction Speeds Sui Network aims to solve the slow transaction problems on Web3. The network was built on a Rust-based programming language called Move, which prioritizes fast and secure transaction executions. Transactions on the Sui network are validated in epochs of 24 hours, each epoch can be validated independently rather than in blocks like its done on traditional blockchains. The parallel execution of transactions increases Sui network transaction speed to 297,000 transactions per second and 400 milliseconds time of finality compared to Ethereum’s 20 transactions per second and 6 minutes time of finality or Solana’s 10,000 transactions per second and 2.5 seconds time of finality. Focus On Web3 And Asset Ownership The Sui network is focused on improving Web3 and Web3 experience by catering to the needs of millions of users, which includes speed and security. Sui allows users to create, upgrade, and deploy decentralized applications and non-fungible tokens (NFTs) Scalability Sui Network aims to make Web3 more scalable through parallel processing or execution. This means that the Sui network identifies independent transactions and processes them simultaneously. The implication is that transaction times are reduced, and it accommodates larger transactions loaded per time. It is made possible because of the Sui implementation of the Move programming language and the Narwhal-Bullshark-Tusk Consensus algorithm, which focuses on the details of a transaction rather than the entire chain of transactions. The Tokenomics Of SUI coin Sui’s native token is called SUI, which has several use cases. According to Coingecko, the max and total supply of SUI is capped at 10 billion coins with a current circulating supply of 1.2 billion, and it is ranked number 48 based on market cap value. Related Reading: WHAT IS XRP LEDGER (XRP)? A share of the total supply of SUI was made liquid at the launch of its mainnet on May 3, 2023. Sui’s all-time high was on the day it was launched at $2.16. However, it is currently trading at $1.51, which is a 320% pump from its all-time low of $0.364 last year on October 19. The tokenomics included 6% going to its Community Access Program and App Testers, 10% of the supply went to the Mysten Labs Treasury, 14% went to its Investors, and 20% went to Early Contributors. The vast majority of the supply, 50%, is kept in its Community Reserve. The purpose and distribution of the Community Reserve include a Delegation Program, Grant Programs, Research & Development, and Validator Subsidies, as shown in the illustration below: Only about 5% of SUI coins were already in use when the Sui Mainnet launched, while the rest will be gradually released according to their planned schedule, as shown below: Related Reading: What Is Sei (SEI) Network? Conclusion Sui Network aims to improve Web3 by giving every Web3 user a much better Web3 experience without the struggles of slow transaction speeds. The network uses parallel execution for transactions to ensure lightning-fast speed, high security, and low gas fees.
[toc] What Is Monero (XMR)? Monero (XMR) is one of the leading cryptocurrencies focused on privacy, zero knowledge, and censorship-resistant transactions. The Monero network operates on a proof-of-work (PoW) consensus mechanism, like Bitcoin and various other cryptocurrencies. This system incentivizes miners to contribute blocks to the blockchain. Monero’s PoW algorithm is designed to resist specialized mining equipment known as application-specific integrated circuits (ASICs). These ASICs confer a significant advantage to companies and affluent individuals, potentially leading to the centralization of the network. In 2018, Monero became the first major cryptocurrency to deploy what is known as bulletproofs, a technology that greatly improved the efficiency of XMR transactions and led to at least an 80% drop in the size of the average transaction and dramatically reduced fees for the end-user. Related Reading: What Is Kaspa (KAS) Blockchain? Monero underwent an upgrade in 2019, transitioning to the RandomX algorithm. This algorithm is tailored to accommodate both CPU miners (such as laptops) and GPU miners (utilizing standalone graphics cards). Theoretically, this adjustment should foster greater decentralization within the Monero network. Who Are The Founders Of Monero (XMR)Network? Monero (formerly known as Bitmonero) traces its roots back to 2014, when it forked from the Bytecoin blockchain. Its development has been steered by a vibrant community of developers, including Ricardo Spagni (aka Fluffypony), who played a pivotal role in shaping Monero’s trajectory. The commitment to open-source principles and community-driven governance underscores Monero’s success. Since its launch, Monero has undergone significant enhancements, including database structure migration, implementation of RingCT for transaction amount privacy, and setting minimum ring signature sizes to ensure all transactions are private by default. These improvements have bolstered the network’s security, privacy, and usability. Related Reading: WHAT IS XRP LEDGER (XRP)? The Monero Project leads the charge with its dedicated Research Lab and Development Team, continuously pioneering innovative technologies. Since its launch, the project has garnered contributions from a diverse pool of over 500 developers spanning various continents. Investors And Institutions Backing the Monero (XMR) Token Understanding who directly funds Monero can be tricky due to its emphasis on privacy, but it has attracted a solid base of investors. Monero has various indirect channels through which investors and institutions support and invest in the Monero ecosystem. Large mining pools play a vital role in ensuring network security and processing transactions. Although they don’t directly fund Monero (XMR) Token, their involvement indicates a broader belief in Monero’s potential. MinerGate, known for its wide user base, and SupportXMR, an open-source Monero mining pool, are actively contributing to community development. Also, Monero (XMR ) being listed on reputable exchanges like Binance and Kraken enhances accessibility and attracts large investors. The Monero Community Development Fund (CDF) relies on donations to support developers and projects. Notable contributors include Edge Wallet and Cake Wallet, both actively contributing to the CDF. What Monero Network Aims To Achieve In The Crypto Space And Beyond At its core, Monero champions the right to financial privacy, offering unparalleled anonymity through advanced cryptographic techniques. Transactions conducted on the Monero network are shielded from prying eyes, ensuring the confidentiality of senders, receivers, and transaction amounts. Related Reading: What Is Sei (SEI) Network? This commitment to privacy empowers individuals to transact freely and securely without fear of surveillance or censorship and serves as a shield against oppression in regions where financial freedom is restricted. Monero has had around 32 million XMR transactions, with approximately 8.6 million in 2022, a slight drop from its peak in 2021. In comparison, Bitcoin recorded nearly 800 million transactions during the same timeframe. Monero’s privacy features have legitimate applications in safeguarding sensitive financial information, protecting personal liberties, and preserving economic freedom. How Does Monero (XMR) Work? Monero’s core privacy features are its utilization of ring signatures, stealth addresses, and RingCT. Unlike transparent blockchains like Bitcoin and Ethereum, Monero prioritizes user confidentiality, offering a level of anonymity comparable to physical cash transactions. Despite its acclaim within the cryptocurrency community, Monero hasn’t been immune to regulatory scrutiny. Regulatory bodies have raised concerns about the potential misuse of privacy coins, leading to restrictions on their trading and listing on certain exchanges. However, Monero remains steadfast in its commitment to privacy, offering users a secure and private means of transacting in the digital realm. Monero’s mining mechanism sets it apart from its peers, emphasizing inclusivity and accessibility. The RandomX algorithm, optimized for general-purpose CPUs, democratizes the mining process, allowing a diverse range of hardware to participate. This approach prevents the centralization of mining power, ensuring a more decentralized network. Monero also introduced “smart mining,” a sustainable alternative that utilizes a computer’s idle processing power to mine XMR. This energy-efficient method aligns with Monero’s ethos of accessibility and sustainability in cryptocurrency mining. It also makes use of Dandelion++ to hide IP addresses associated with nodes to avoid exposing sensitive information. What Makes The XMR Token Unique? Monero’s approach to transaction handling sets it apart as a pioneer in the field of privacy-centric digital currencies. Through the utilization of split amounts and the generation of unique one-time addresses for each transaction fragment, Monero(XMR) effectively obscures the trail of funds, making it virtually impossible to trace the exact mix of currency units belonging to a recipient. This intricate methodology ensures that Monero transactions remain shrouded in secrecy, bolstering user confidence in the network’s ability to preserve financial privacy. Related Reading: How To Buy, Sell, And Trade Tokens On The Avalanche Network With features such as view keys and spend keys, Monero users have control over their accounts, allowing them to selectively grant access to specific parties while preserving the confidentiality of their financial information. In essence, Monero’s unique blend of privacy-enhancing features, innovative transaction handling, and user-centric design sets it apart as a trailblazer in the cryptocurrency landscape. Notable Features Of The Monero (XMR) Network Privacy by Default: Monero utilizes advanced cryptographic techniques such as ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT) to obfuscate transaction details, ensuring unparalleled privacy. Fungibility: Every XMR coin is interchangeable, ensuring that no history can be traced back to tarnish its value. This fungibility aspect is crucial for a currency to function effectively without discrimination based on its past usage. Decentralization: Monero’s mining algorithm, CryptoNight, is designed to be ASIC-resistant, fostering a more decentralized mining ecosystem where individuals can participate using standard computer hardware, thus mitigating centralization risks. Active Community: The Monero community is vibrant and passionate, constantly advocating for privacy rights and pushing the boundaries of technological innovation to safeguard financial sovereignty. Adoption and Recognition: Despite its emphasis on privacy, Monero has garnered significant attention from both users and institutions. It has found utility in various domains, including online marketplaces, remittances, and privacy-conscious transactions. Moreover, prominent figures in the cryptocurrency space have recognized Monero’s value proposition, further solidifying its position in the digital currency landscape. Potential Applications Across Various Industries Financial Services Sector: Monero’s blockchain technology can revolutionize processes such as trade finance, lending, and asset management. Its privacy-enhancing features and technologies ensure that sensitive financial transactions remain confidential while still maintaining transparency and auditability. Additionally, Monero’s decentralized nature eliminates intermediaries and reduces costs. Related Reading: How To Buy, Sell, And Trade Crypto On The Base Network Supply Chain Management: This sector stands to gain significant advantages from Monero. By leveraging Monero’s immutable ledger and privacy-enhancing features, businesses can enhance transparency, traceability, and authenticity throughout the supply chain. Monero’s blockchain ensures the integrity of goods and reduces the risk of fraud and counterfeiting. Media And entertainment industry: These two industries can also harness the power of Monero’s blockchain for various applications. Whether it’s managing digital rights, tracking royalties, or enhancing content distribution, Monero will help secure a transparent platform for content creators, distributors, and consumers. By utilizing Monero’s blockchain, companies can streamline royalty payments, protect intellectual property rights, and create new revenue streams in the digital media landscape. Government Institutions: Monero’s blockchain has promising applications in government services; governments can leverage Monero’s blockchain for secure voting systems, digital identity management, and transparent public services. Cybersecurity And IoT (Internet of Things). Monero’s decentralized and immutable ledger provides robust protection against data breaches and cyber-attacks. In IoT, Monero’s blockchain can facilitate secure data exchange and device authentication, ensuring the integrity and privacy of IoT ecosystems. The Tokenomics Of XMR Monero XMR aims to maintain scarcity and foster value appreciation like Bitcoin. With a capped total supply of approximately 18.4 million XMR coins, similar to Bitcoin, Monero aims to prevent inflation, thereby potentially contributing to sustained value appreciation over the long term. Monero endeavors to incentivize miners and uphold network security. Utilizing a Proof-of-Work (PoW) consensus mechanism, Monero relies on miners to safeguard the network. Initially, the emission rate of XMR was high but has gradually decreased over time. Currently, with a block reward of 0.6 XMR per block as of 2022, Monero introduces a “tail emission” to sustain ongoing miner incentives. Conclusion Monero’s blockchain technology holds immense potential for transforming various industries by providing a secure, private, and transparent platform for conducting transactions and managing data. Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network With its focus on anonymity and confidentiality, Monero offers a versatile solution for businesses seeking to enhance privacy, security, and efficiency across diverse sectors. As the adoption of blockchain technology continues to grow, the potential applications of Monero are limitless, paving the way for a more secure and decentralized future. Featured image from Dall.E
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