Monero (XMR) is about to make a major update to its blockchain. This cryptocurrency is one of the oldest in the industry, but it is supported by the community. Which gives it a superior strength in the cryptocurrency sector. In addition, its unique qualities make it unparalleled. Analyze
Monero (XMR): The old blockchain is back in 2022
Monero (XMR) is one of cryptos the oldest on the market. Launched in 2014, it is practically the only cryptocurrency enabling such a high level of privacy and security. Its origin is secret and the vast majority of the original developers of this network have remained anonymous. A choice that fits well with its DNA cryptocurrency. Rumor has it that Satoshi Nakamoto, creator of the Bitcoin (BTC) would be one of the architects of this cryptocurrency.
To maintain such a level, updates are frequent. And the next one will mainly have an impact on the network. This is v0.18.0.0, which will change the Monero GUI software. This major change will be broadcast on the blockchain on August 13, 2022. Among the new implementations we find, but not only:
- compatibility with Bulletproofs+
- the ability to see tags
- an increase in the size of the circles – ring size – at 16
- a change in fees transaction.
A separate operation
Monero (XMR) doesn’t work like the others cryptocurrency. This is where its strength and security comes from. The size of the circles corresponds to the number of signatures needed to create a transaction, hence network security. Bulletproofs+, on the other hand, is a ZK Knowledge protocol that is compatible with the blockchain monero. This type of protocol allows to validate transactions without the blockchain while maintaining an intact security level.
Monero may be old blockchain on the time scale of cryptocurrency, it stays up to date and continues to implement the latest discoveries in scalability and security. Moreover, working on a decentralized and community model, most of the programmers who participated in the development of this update did so on a voluntary basis.
Monero (XMR) Technical Analysis and Forecasting
Today 28th in the ranking of Market capitalization of Coinmarketcap, monero (XMR) has a market capitalization of 2.5 billion euros. The trading volume on platforms like Binance and Coinbase is 127 million euros. The price on July 23, 2022 is 142 euros, ie a loss of 5.64% over the past 24 hours.
- monero (XMR) reached an ATH of $518 on May 5, 2021
- It hit a low of $100 on June 17, 2022.
- It is currently trading at 38% of its support.
- If he regained his 2021 ATH, he would gain 258%.
It remains to be seen whether the update will let Monero (XMR) get back into the race. While it is currently at -70% of its previous ATH, monero remains a highly competitive cryptocurrency. Its privacy and security features make it a outsider without competition in the sector. In addition, the activity of the community and its long life expectancy testify to an extraordinary strength. It seems certain that monero (XMR) will never go away.
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