Monero reaches into our crypto news today after a long time being absent throughout the crypto websites, after officially extracting 90 percent of XMR.
The Monero developers that pain most attention to the anonymity of the cryptocurrency now has an ultimate supply of 18.4 million XMR. As of today, approximately 16,659,406 XMR is available.
Bitcoin, for example, has a fixed supply once all of the coins get mined, Monero will continue to generate 0.6 XMR rewards infinitely which is a feature known as ‘’tail emission’’. This feature ensures miners of an incentive to keep the network secure. According to the reference bank Moneropedia:
“Because of the dynamic blocksize, competition between miners will cause fees to decrease. If mining is not profitable due to a high cost and low reward, miners lose their incentive and will stop mining, reducing the security of the network. Tail emission ensures that dynamic block size and fee market can develop.”
However, despite this feature, Monero is highly unlikely to become inflationary. This can’t happen because the cryptocurrency has technically unlimited issuance of 0.6 XMR per block. All of the coins that get lost will be equal more than the block reward over the same period.
Monero has done well into fighting negative publicity this year despite being the favorite coin for hackers and cybercriminals. This year has been the year of ‘’cryptojacking’’- a process where hackers use devices to secretly mine cryptocurrencies without the owners knowing about it so it’s no wonder that hackers opt for anonymity coins such as Monero.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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