Privacy Coin Monero is the 12th largest crypto project per market cap and its price is hovering around the $68 price point. On its fifth birthday, we find out what did XMR achieve over the years and what can be improved in the coming altcoin news below.
The privacy coin monero is now down from its all-time high at $495 to where it was in 2018. The price of the cryptocurrency is now up by more than 7,000 percent over the past three years. The price is doing well after the recently increasing bullish sentiment on the market and has generated the buying pressure that boosted the XMR value by 30 percent over the past month. The price also increased by 50 percent over the last three months.
The increase in the price of the privacy coin monero coincided with the increase of attention on the social media that has been going around in the previous months with all the privacy concerns. Users have urged to improve the security of the digital currency exchanges after the many hacks that marked 2018. On XMR’s fifth birthday, the team member binaryFate explained:
“Monero gives you control over the privacy of your digital financial transactions. This privacy is a fundamental human right for individuals and a competitive essential for businesses.”
In the latest cryptocurrency news, we also pointed out that the privacy coin monero made huge technical progress. In 2018, XMR developers activated bulletproofs which is a type of zero-knowledge proofs on the blockchain. The development affected the XMR transactions which made them extremely cheaper.
Unlike other competitors, privacy coin monero was founded after the Bytecoin hard fork. It leverages ring signatures which makes possible for the identity of the sender to be hidden and all of the one-time keys are made unlikable. Combining with the Bulletproof program, the privacy on the blockchain is among the most advanced in the entire crypto ecosystem.
It is interesting to notice that Monero does not have a constant growing competition since many out there are not privacy-oriented. For example, Nightfall and Zether protocols can only hide the transaction details on the ethereum network.
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Decentralized Exchange Incognito Launches Option To Swap Monero
"You control your money and hold your own private keys," says the announcement from the decentralized exchange Incognito.As the cryptocurrency news also show, users can also list a token they want by becoming a liquidity provider, without needing any permission from exchange owners or paying to list a pair. In the meantime, a growing number of regulators including the major forces such as G20, the Financial Action Task Force (FATF), G7, the European Commission and central banks are working to tighten the laws on crypto with regulations such as the Fifth Anti Money Laundering Directive. They are also demanding that exchanges and other crypto-related businesses implement identity verification procedures. Also, the trend shows that more and more exchanges are forced to implement these procedures. However, the fact that the decentralized exchange Incognito is in the Monero news for an option like this paves the way for the cryptocurrency in the future, promising a lot and showing that privacy-focused coins can be of great use if they are thought out well. Meanwhile, the other news today show that the market is in a major selloff and most of the coins have declined.
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