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Monero Price Prediction 2021 and beyond

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What is Monero?

Monero is a cryptocurrency established based on tenets of privacy, even though it is an open-source cryptocurrency. Monero (XMR) is very much like other cryptocurrencies but with outstanding features which make it differ from other cryptocurrencies.

Monero aims to make the world easy to use and stress-free, while it is coupled with its privacy scheme attached to its anonymity. It assures users that all trading is untraceable, cementing traders’ privacy and shielding holders from external forces.

In this article, we will cover details of these privacy coins and the reason for their privacy and anonymity along with the monero price prediction for 2021 and beyond. There are plenty of things to consider before moving on to the monero (XMR) price analysis.

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Reliable and confidential transactions

One of the most favorable options for traders and investors is trading any digital asset which guarantees privacy.

Monero (XMR) cryptocurrency is based on the open-source crypto design that uses stealth addresses for extra privacy. These randomly created addresses specifically exist in line with each project execution mainly scheduled for the receiver.

Using those addresses ensures the specific address the coin is being sent to remains hidden, preventing the receiver’s identification.

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This then means that any individual can trade without anyone knowing the source, amount, or destination. Thus, the XMR is a secure asset because your portfolio is safe even if governments around the globe decide to launch a crackdown on cryptocurrency.

Monero will undoubtedly succeed with its anonymous nature, which is why many investors could not take their eyes off trading the cryptocurrency or purchasing Monero to hold. 

The monero blockchain is pretty efficient with a good performance. Monero ring signatures are composed of the actual signer, who is then combined with non-signers to form a ring.

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The group of ring signatures can be used to validate confidential transactions making the implementation of ring confidential transactions easy.

Monero Price Prediction 2021
Monero Price Prediction 2021

As reported by Coindesk in 2020, captioned with “Monero Leads Privacy-Coin Rally,” it is evident that this cryptocurrency and the privacy tag attached to it is one that is the best among its peers.

It realized a significant spike in value, with an almost three-fold increase in 2020. Messari, a group of 21 digital assets with anonymity-enhancing features, also gained well over 145% in that same year compared to Bitcoin, which gained 62%.

Monero was reported as a bullish coin based on the U.S Internal Revenue Service, and the institution had secured the services of blockchain analytics firms, Chainalysis and Intra FEC to build tools to trace Monero transactions and other protocols to shroud trader’s details.

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The United States Department of Justice also released detailed information on its enforcement framework about e-assets and quoted how the use of anonymity-enabling cryptocurrencies was a threat to anti-money-laundering events and continuous efforts to battle finance terrorist acts. 

Privacy is nothing but what cryptocurrency traders have been and will continue to buy within the latest digital token rally-US Department of Justice

Privacy tokens can be used as an international digital asset and on trading platforms coupled with payment systems because of their privacy features.  

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Monero’s former maintainer released from US custody

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Riccardo Spagni, the former lead maintainer of the privacy coin Monero, has reported that United States officials have released him after more than a month in custody.

In a Tuesday tweet, Spagni said he was working with his legal team to return to South Africa to address the allegations against him. Authorities in the U.S. arrested Spagni in August on fraud charges tied to alleged crimes that occurred in South Africa between 2009 and 2011 at a company called Cape Cookies.

“I am actively working with my attorneys on a way to return to South Africa as soon as possible so I can address this matter and get it behind me once and for all,” said Spagni. “That’s what I’ve always wanted to do.”

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The South African government had been seeking Spagni’s extradition on the charges, alleging he “used false information” to create invoices which inflated the prices for certain goods and services and had funds transferred to a bank account he controlled. If convicted, he could face up to 20 years in prison.

Tuesday marks the first time Spagni has tweeted since July, though someone — presumably his lawyers — did retweet a statement posted to his wife’s Twitter account shortly after his arrest. The legal team claimed the arrest was on account of “his alleged failure to appear in court, and nothing more.”

The lead maintainer of the privacy coin Monero (XMR) until December 2019, Spagni has been involved in the crypto space for more than a decade. Many know him for his colorful social media posts and wry humor on cryptocurrency projects and industry figures.

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The newly developed Monero Atomic Swap feature: All you need to know

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Monero, through its Monero project, has released a statement on their latest and most significant achievements: the BTC-XMR atomic swaps which are now made available through the COMIT network. The public statement was made by Monero developer: Erciccione. According to them, the implementation of the “atomic swap which was developed by the team at COMIT is strong enough to run on the Monero network platform. The developers made specific instructions on how to take advantage of the ASB software.

This software is an atomic swap protocol developed to be run on the same program designed by COMIT. The company (Erciccione) went ahead to ask the public to commence the testing of the protocol to see if there are issues with the system.

The company also was clear on the possibility of impending bugs in the software, since it is new. The developers in Monero in charge of the protocol have warned users to be careful when using it, and only test with small amounts. The users must take advantage of the Monero exchange to bitcoin Atomic Swap Protocol using the Privacy-Centric Tor Network. This seems to be good news to Monero as the value has increased ever since the program was made public. Pragmatically, Monero during that period increased by 226%, and the XMR had stayed up to 42% ever since.

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This technology used in the development of Monero exchange to bitcoin protocol uses what is called the Hashed Timelock Contract (HTLC), which works as a two-way virtual confirmation protocol. Just as it implies, it is embedded with a strong mathematical-based encryption mechanism named the “hash function.” Again, it is time-sensitive: it automatically reverses transactions when any of the participating parties didn’t fulfill their side of the agreement within an estimated time. Let’s illustrate when two parties agree to run transactions within a two hours interval on an atomic swap protocol. Failure to do so within that time frame, both deposits automatically return to the original owners.

After the Monero exchange to bitcoin announced that it works on the Tor network, which means that users can gain even stricter privacy at each swap operation. While Erciccione was trying to prove the potency of the system, they made it known that unstoppableswap.net will be providing Monero exchange to bitcoin services to interested users who have read and understood the protocols. Other participating teams that have acquired some advanced atomic swap technology similar to Monero are blockchain projects like Zcash and Komodo.

How The Monero Exchange to Bitcoin is Executed on the Atomic Swaps Protocol

For clarity, let’s say when two people agreed to execute a trade on bitcoin and ethereum on this platform. One party (let’s call him Mr. A) needs to create a contract address where he is meant to send his 1 BTC. Once Mr. A sends these funds, the contract immediately generates a unique key that only Mr. A can access. The key is like a password that unlocks the funds Mr. A had sent to his smart contract. It is now left for the contract to generate an encrypted pattern (or a hashed representation) of this key. Next thing, Mr. A sends this hash to the other party (call her Mrs. B), now having the key (the hash), Mrs. B is the only party that can access Mr. A’s 1 BTC. Mrs. B can confirm she got the funds, but she can’t withdraw (at least at the moment).

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It is now left for Mrs. B to generate her contract address where she can transfer her 15 ETH (BTC equivalent). Now that both parties (Mr. A and Mrs. B) have both funds locked in a smart contract, what is for both parties is to claim their different assets. To do this, they need access codes to each of the smart contracts. As in, Mr. A provides Mrs. B with a passcode, and likewise Mrs. B. But in the end, it is all about both parties submitting proofs for their cryptocurrency transactions.

Conclusion

Aside from the Monero exchange to bitcoin achievement, the company has always been known for its stringent attributes which are always active by default. This has deprived users of the opportunity to conduct transparent transactions. For example, every Obfuscated XMR transaction was done using some ring signature technologies, stealth addresses, and bulletproofs. But the XMR wasn’t the only coin that experienced an increase, some few other privacy-focused coins also started experiencing major gains monthly.

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Monero (XMR) Is Showing Strong Signs for Ascension

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  • The crypto space is still showing bullish signs.
  • A crypto analyst tweets that Monero is one such crypto.
  • He tweets a chart that shows a possible surge for the asset.

The crypto space is still on a decent high, as the prices of many cryptos continue to show bullish signs, one asset is currently standing out — Monero (XMR). This coin is known for providing complete anonymity.  

Amid these current bullish times, traders are always looking for the next best catch. One crypto trader, investor, and experienced analyst — The Wolf Of All Streets, tweets about a possible surge for XMR.

According to this tweet, The Wolf Of All Streets says that XMR is looking good. In fact, he also attached a chart that shows a ‘nice support bounce’ on the crypto’s ascending triangle.

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The tweet was met with mixed reviews. Many draw light to other bullish altcoins that will also take after XMR and likely surge. Some say they are working on buying XMR right now. Others point out that unless Bitcoin doesn’t go up, nothing else will.

On the topic of Bitcoin going high, many analysts have been very vocal about their opinion on the matter. For instance, the co-founder of Nexo is a firm believer in Bitcoin hitting $100,000. Besides him, known analyst — Mike McGlone, explains in detail how Bitcoin could very likely hit this ATH soon.

Another Twitter famous crypto analyst and long-time trader — PlanB, is certain that Bitcoin will reach $100,000 by the time Christmas rolls around this year. The wait is not only for Bitcoin, other altcoins will most likely hit new ATHs as well by the year’s end.

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This is possibly due to the fact that most cryptos tend to mirror Bitcoin’s price patterns. Although, many blockchains are working on major updates, so we will likely see many new ATH for many cryptos sooner than expected.

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