We have a birthday token in the latest cryptocurrency news – the privacy cryptocurrency Monero (XMR) which is celebrating five years of existence this week. First launched in April 2014, Monero has been crowdfunded from the start. Along with its decentralized and grassroots-based structure, it has been almost entirely developed by volunteers.
The privacy cryptocurrency Monero is best described by its contributor Diego Salazar who said:
“Monero is very committed to its decentralized, grassroots structure meaning we took no premine. We don’t take a percentage of the block rewards. There was no [initial coin offering].”
He also estimated that there is anywhere from 100 to 200 volunteers working on the Monero XMR project, a number which is mostly “depending on people’s time and availability.”
The project itself, according to Salazar, is not just about building a blockchain protocol. As featured on many altcoin news sites, it is also about redefining and boosting a global movement that will be centered around digital privacy.
“We’re not just trying to make global internet money. We’re trying to teach people the importance of things like privacy…It’s a very powerful tool and I think it’s a very necessary tool in our day and age,” Salazar noted.
There is right now a free PDF version of a book titled “Mastering Monero” which talks about the privacy cryptocurrency Monero and is created by an Italian contributor with an alias “SerHack” who released it. Originally published in late 2018, this book was fully funded by the Monero community and is designed to teach non-crypto users the importance of “private and censorship-resistant transactions.”
“With monero, for every input that you are spending, you will pull other inputs from the blockchain, other people’s random inputs…and it makes it appear as if all these inputs are spent. It makes it seem mathematically like any one of these [inputs] could have possibly been the [transaction] signers,” another report notes.
From Salazar’s perspective, however, there are many improvements to the privacy cryptocurrency Monero – one of which is the upgrade of the network’s user interface and experience (UI/UX) which are set to happen in the upcoming months.
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