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Monero's coin is called XMR, in case you did not know it. The value of the currency has been stationary during the last week, which is not so surprising considering the fact that Bitcoin has also become stable (which is an advantage for traditional investors) so it's not a bad one news.
This comes from the new Monero network update, called "Bulletproofs", which was released about a week ago.
The XMR has been unusually stable over the past two days. As we write this article the XMR / USD rate is at $ 103.64, so it's at its peak, in the last week it swung between 102.22 and 109.30, which means it's behaving like a stable currency which is also increasing in value. This is very rare in the current market.
The value of Monero in terms of market capitalization is 1.7 billion. This means that it is 10th in terms of market capitalization, which is not a small business for a coin that does not get the limelight that Bitcoin, Tron, XRP or Litecoin always get.
Last Monday the volume of token exchanges was over $ 14 million, mainly made to Bithumb, the South Korean stock exchange, which is not surprising as it is a country where there is a lot of enthusiasm for the cryptosphere.
Monero (XMR) Transaction costs
The most recent fork of Monero took place on October 18th, a week ago. This update gave Monero's blockchain a huge advantage in terms of costs, as transaction fees have become lower, almost insignificant. As we write this, Monero users are paying 2 cents per transaction, which is 97% lower than before Bulletproofs were implemented.
This cost saving is due to the reduction of cryptographic evidence and the data requirements required to perform every single transaction.
We have reduced #Monero $ XMR collection fees at 0.0001 XMR thanks to the fantastic work done on Bulletproof.
Congratulations to the Monero community of the Bitliber team. pic.twitter.com/eQzX7m8Orr
– Bitliber (@_bitliber_) October 27, 2018
The new fork is officially called Monero 0.13 Beryllium Bullet and is not only faster and cheaper. It is also safer. If you are the kind of person who likes the rather useless but interesting data, the new fork has been implemented by block 1685555 and the Bulletproofs technology starts from block number 1686275.
The new blocker of Monero improves its credibility and makes it the main project in the world that aims to protect the privacy of users in the market while operating against the tendency to centralization that has been so criticized in so many other blockchain networks. This is because the new protocol is not designed to allow ASIC miners to take control of the entire network (as it is feared that this could happen with Bitcoin, which is more than 50% mined in China).
Miners are already reporting that the new protocol makes mining faster, easier and safer. This gives smaller, more mediocre enthusiasts the chance to become miners and get some profits from this activity.
So Monero goes ahead and simplifies things at a time when other projects like Ethereum are making things more difficult and expensive for their communities. This shows that project leadership has a perspective and knows where it wants to go. They learned how to adapt to the market instead of expecting the market to adapt to them (think Ethereum, Bitcoin).
Monero may not have the limelight. But do not ignore it. If they continue to move forward this way, they could overcome many famous blockchains.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Myriams-Fotos / Pixabay
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