Monero (XMR) Saves from the Destruction to the Welfare of a Free and Open Society

Twitter Handle Seth Simmons expressed, Monero is the digital cash we need to prevent an Orwellian financial future.

For clarity, “Orwellian” is an adjective describing a situation, idea, or societal condition that George Orwell identified as being destructive to the welfare of a free and open society.

Seth Simmons put together a blog about which he states, I’ve finally been able to put together a new blog post to celebrate the growth of Monero in the past year.

One of the most important ways in which users can infer what has been happening in Monero is to look at the sparse blockchain data available publicly.  He quotes:  “Transactions: Monero went from ~10,000TX per day to ~23,000TX per day.”

There were nearly 5,868,096 total transactions for an average of 16,076TX per day for the year’s Monero’s on-chain usage via private-by-default transactions, which protects the sender and receiver and the amounts later grew by 208% year over year.

In terms of blockchain growth: The Monero blockchain grew 13.34GB over the last year while transactions averaged 2.38KB in size. Monero’s blockchain size grew 180% faster year over year while the average transaction size dropped 13.76% year over year.  Seth thanks CLSAG in this regard and further linked to mode details about CLSAG.

Regarding emissions: Monero’s emission per day declined from ~1,200XMR to ~750XMR over the course of the year. Monero’s inflation decreased 39.5% YoY and is steadily approaching the tail emission of 0.6XMR per block.  Seth has linked to more details on tail emission for those who want to know more.

Regarding Fees: Monero’s participants spent 1,884.77XMR on fees in a year. Monero’s fees spent increased 71.11% YoY while the average transaction fee dropped 17.99% YoY.  Seth thanks CLSAG in this regard.

Regarding Reddit: Monero’s main subreddit, r/Monero gained ~43,000 subscribers, going from ~168,000 to ~211,000 subscribers over the year. Monero’s subreddit subscriber count grew 25.59% YoY and grew 290% faster than the previous year.

Regarding Twitter: Monero’s main subreddit, Monero gained 69,209 followers. The Monero Twitter account went from 319,884 to 389,093 followers. Monero’s Twitter follower count grew 21.63% YoY and grew 1,870% faster than the previous year.

Regarding Major upgrades: CLSAG, a new ring signature mechanism that improves transaction efficiency:  Monero put out several updates to resolve and prevent network attacks from a prolonged and aggressive attack on the network.

Regarding Mining with detailed unique miner numbers: Monero started after the RandomX upgrade with ~27,000 miners.  Monero unique miners increased from 37,380 to 102,163 over the year. Network miners increased 173.30% YoY and 274.95% since the introduction of RandomX.