Hi Everyone,
This chapter of Ninelives will focus on Monero. Monero is a popular cryptocurrency so it is a great idea to learn more about it. The series is called Ninelives because cat's are said to have 9 lives due to their amazing ability to survive. Monero has not only survived, it has thrived and is one of the most valuable blockchains in existence today. So let's fine out 9 reasons why.
Privacy: Monero uses cryptography to shield transactions from the world. Unlike Bitcoin, Ethereum or most cryptocurrencies, you really have no idea who, where, or how much Monero is being sent. The heightened senses of a cat can't even trace Monero.
Untraceable: The privacy is so strong, it's a money launderer's dream and is popular on the Dark Web. Because of this I don't use, have never bought and I don't recommend buying Monero. There is a possibility the purchase of it will be defined as a crime in the future in some jurisdictions.
Decentralized: Monero is grassroots and is not connected to a single country or company, so it would be very difficult to shutdown the project or constrain the use of it.
Unrestricted: Unlike regular currencies which are centralized and restricted, Monero can be used anywhere, even if it's banned. The government and banks can restrict a national currency, but other than making by making it illegal, they can't really stop Monero from being used.
Fungibility: Since Monero can't be tracked, each coin is identical, unmarked and can be substituted for another coin. Coins can't be affiliated with a negative event, such as a hack and won't be shunned from acceptance or the blockchain. No particular coin can be traced.
Deflationary: The supply is infinite. It's currently around 16 million (in circulation) with around 1% inflation. New Monero will always be created through mining at a rate of at least 0.6 Monero per 2 minute block(it's significatly higher now). So, there will always be an incentive to mine Monero as long as it holds value, keeping the blockchain secure.
XMR: Is the ticker for Monero and the name is the Esperanto word for coin. It was launched by 7 developers in April of 2014, so it's one of the oldest surviving cryptocurrencies.
Kovri Project: It aims to obscure the IP addresses associated with a Monero transaction making it even more difficult to trace. The project is still under development, for more info check out https://getkovri.org/
OpenAlias: Monero uses OpenAlias to help simplify the complicated addresses and make it more anonymous. Essentially a long and complicated 95 character deposit address can be simplified to any domain name(website you own) Such as steemit.com.crypticat (not an actual Monero address and I am unsure if I own it) for more info visit https://openalias.org/
Thank you for reading the Ninelives of Monero, your support is appreciated. If you think Monero is a great project and think I missed something, please let us know why. All comments and dialogue is welcome even if you disagree with me.
This is not intended to be financial advice. I do not recommend you purchase or use Monero. I have never owned Monero and am in no way affiliated with it. Please do your own research when making investment decisions.
If you scratch my back, I'll scratch yours. Please FOLLOW, UPVOTE, and RESTEEM. If you leave a comment, follow me and upvote this post, I will follow you back and upvote any quality posts of yours.
Bye for Meow 😺 mRrrrrrrrrr...