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Monero Outreach, a branch of the Monero community, published an article on their site monerooutreach.org, last month that explains why they believe that Monero XMR is the sleeping giant of the cryptocurrency and that one day, even Bitcoin will sit in the shadow of XMR. This week, the article has started to make its way into the major sources of cryptocurrency news, so we want to explore exactly what the team said to see if Monero will one day become the world's largest cryptocurrency.
Before continuing, remember that we are not investment advisors and that this is not an investment advice. The purchase of Monero is a risky business, as is the investment in any cryptocurrency, so if you want to invest in Monero, please do so based on your research and not because a group says it will grow so impossible in the future.
Who are the Monero Outreach?
According to the Monero Outreach website:
"We are a team of creators, writers, technicians, translators and visionaries, Monero Outreach began in June 2018 and continued to acquire new and talented contributors, we are a decentralized monero community working group and, therefore, we do not claim any level of authority on Monero – we are simply here to follow the mandate we have given ourselves, because we love Monero ".
Their mandate establishes the following:
- "Leading greater adoption and awareness of Monero through a variety of awareness raising activities – in particular public relations, education and marketing".
- "Respecting the work done by the Core Developers and community work groups, the founding principles of Monero and the Monero ethos at all shifts of the road, so we do not jeopardize the integrity of what makes Monero great".
- "Make the world a better place through Monero We are motivated by the question: how can we expect to prepare our children to live in this world if we have not prepared the world for our children?"
As you can see, Monero outreach is not a team directly affiliated with Monero, XMR or any part of the XMR development process, rather, they are an external group of fanatics and independent people who fully believe in Monero as a project. Most of the members of this group are likely to be heavily invested in XMR, which would justify their bullish attitude towards Monero.
The sleeping giant of the cryptocurrency
The term "sleeping giant" refers to the XMR as a huge entity that has not yet awakened. This suggests that XMR is resting and that when it wakes up, it will be much larger and far better than any other cryptocurrency on the market.
https://soundcloud.com/cryptodaily/bold-statement-from-monero-xmr-community-resurfaces
Monero Outreach believes this is the case because of three main reasons; good technology vs good marketing, inflation and advanced cryptocurrency mining.
According to the Monero Outreach to send:
"The Monero project (XMR) has kept in mind one goal: quick, cheap, fungible and private credit transfers. Monero never relies on expensive marketing campaigns, ICOs or risk funds. It has an open source and basic community of developers, users, creators and freedom fighters. We in the community do not believe that Monero, or cryptocurrency, can solve all the problems in the world. We believe that Monero can solve an important one: transferring money to anyone in private and without central authority ".
Technology vs marketing
"Monero has silently implemented technology and math in the state of the art to improve privacy and maintain one of the key features of money: fungibility. The engineering team is second to none and has more active developers than most cryptocurrency projects: Developers work more cohesively than many Fortune 500 research universities and companies, but they are funded by the community, not by large corporations. "
Despite its enormous technological advancement, Monero is still asleep because the team has not spent much money on aggressive hype-style marketing.
Inflation
"Monero has a slight inflation rate designed to maintain stable mining incentives but still allows Monero coins to maintain strong value, with a long-term inflation rate of around 1%, which is similar to the increase in gold, Monero encourages miners to join the network with a solid reward.
This moderate and predictable inflation leads to a good economy and puts Monero in a higher position than any other large-capital cryptocurrency to be a viable long-term alternative to legal currencies. "
Extraction
"While ASIC mining has become commonplace for Bitcoin, Monero frequently updates his testing of the work algorithm to discourage ASIC equipment, with this approach, the CPU and GPU chips can remain competitive and profitable. Monero's promise to the community has been and will remain The latest update of the Monero core includes the latest generation of Bulletproofs algorithm.The update drastically improves the privacy, speed and transaction costs of Monero. "
What should we take from this?
It is clear that Monero Outreach is positive towards Monero, but we should take it with a pinch of salt. As a group that is likely to have invested heavily in the project, it is in their best interest to claim that Monero is a sleeping giant and to suggest that one day he will grow beyond Bitcoin and the rest of the markets.
In fact, Monero could, could very well become the biggest cryptocurrency in the world. However, if that happens, the Monero team has to start making the most of its development, it has to spread the word and I think they have to start taking it a bit more seriously!
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