Digital coins are already an important part of global business. In this spectrum Monero celebrated its third birthday and has consolidated its place as one of the main digital coins in use and acceptance. We will talk a little about this digital currency.
The existence of Monero is intimately linked to the CryptoNote protocol, which emerged in 2012. To see the story of Monero, we must begin with Bytecoin. Like Bitcoin, the creator of Bytecoin was anonymous, and the project would have remained at the lowest profile. This altcoin came to the fore in 2014, when the Bitcointalk thread was established, and was probably created at that time.
As with all advent of a digital currency, there were concerns. But to understand a moment like that, it is important to visit the Bitcointalk thread of the launch of this altcoin. The thread is full of interesting comments.
A user with the name smooth emerged, answered the thankful_for_today call and finally established that whoever was behind Bytecoin supported a new and fairer distribution, perhaps validating x0rcist’s previous comment that altcoin was just an “experiment”, a Base for another altcoin to be released.
Smooth also stated: “If you can keep your promises this is the most innovative development since bitcoin …” but also added: “I would contribute this effort if I am impressed with the team and the vision.Mp when you have more in its place” .
The community around the new digital currency began to grow as expected. Even at the level of Adam Back, he is famous in cryptography and Bitcoin. With such an expert, a public figure in Bitcoin knowing of the CryptoNote protocol, and the CryptoNote message discovered by gently indicating support for another version of Bytecoin, the small community that eventually would become Monero advanced towards strengthening its currency, with A new version of Bytecoin. And so the evolution of things led to the community we know today.
How do you see the future of Monero? After incorporating RingCT in January 2017, the next hard fork is scheduled for September 2017, in which the network will apply transactions using RingCT as the only type of transaction allowed. However, the lack of training, familiarity and documentation in the CryptoNote protocol means that it will be a hard effort to develop infrastructure at the top of the Monero´s block chain, but it is clear that work is being done to address this. The digital currency itself is also showing maturity, and in this we can observe how throughout April 2017, XMR-USD has remained fairly stable, in contrast to the volatile movements in the global market.
We believe that Monero will probably continue to be relevant due to its privacy features that make it particularly attractive. The growth of digital coins is an indisputable reality that consolidates day by day.