Introduced in April 2014, Monero is a digital currency that is private, secure, non-traceable, and fungible. While Monero is not currently in the top 5 cryptocurrencies to invest in, it is the 10th largest cryptocurrency with a market capitalization of over $ 1.8 billion and is considered the leading “privacy coin”. Monero’s website indicates that there is “Is more than just a technology” and that the values his technology stands for are also important. These central guiding values include security, data protection and decentralization.
Because of its privacy and fungibility features, Monero has received some negative press reports claiming it allows criminals to launder money. However, Monero supporters say this pales in comparison to money laundering by the USD. In fact they say:
“The only thing Negative press proves Monero’s privacy and fungibility is solid; This makes it the main feature of Monero to replace cash in the digital future of our planet. “
Blokt.com reached out to us Justin Ehrenhofer The organizer of the Monero Community Workgroup is discussing this privacy coin. The interview went as follows:
Can you introduce yourself and tell us about your role as the organizer of the Monero Community Workgroup?
I am the organizer of the Community Workgroup and a few others. Monero has an outreach working group that is organized by other people. My friend and I started this workgroup to promote Monero through high quality educational resources called the Monero Marketing Workgroup. After a few months of operation, other working groups had matured, and we shifted the focus to providing the community with a common place where they can exchange ideas and collaborate with other working groups. We hold community meetings every two weeks that cover the latest Forum Funding System (FFS) updates, working group updates, and key discussions. At the end of the meeting, we leave time for open ideas. We also host a monthly coffee chat. A casual conversation that focused on humanizing contributors and aimed at newcomers.
Can you tell us in a few sentences what Monero is all about?
Monero is a decentralized cryptocurrency with a strong focus on data protection, fungibility and security. Monero allows people to interact with the same benefits as cash in a digital economy, including features like fungibility that most people take for granted. The protocol is completely open source and users have full control over their privacy and security.
Why is it important to have privacy coins like Monero?
Data protection is a fundamental human right and we should not lose this right when we switch to a digital system. If you are paying someone for a good or service, they should not know your wallet balance and source of funds, and should be able to track activity on that account indefinitely. Likewise, traders do not want to accidentally receive “spoiled” coins associated with previous negative activity. Monero’s privacy features allow users to conduct digital transactions without worrying about whose Monero is worth more or less than someone else, or whose Monero is causing their account to be investigated or closed.
Monero is one of the top 10 market cap cryptocurrencies and is considered the leading coin for privacy. Why do you think is that so?
Monero offers a significant level of data protection for all transactions and takes a respected approach to decision making. It’s a fair and decentralized coin like Bitcoin. However, it offers significant advantages in terms of data protection and security over other cryptocurrencies. Systems on Monero can interact without worrying about losing critical transaction metadata, including the amount that can hardly be reliably replicated on a system that is by default transparent.
Are there any concerns that regulations may oust XMR from sharing? If so, could Monero be successful through P2P transactions?
I don’t think Monero is regulated over the counter in most countries. The Monero community still needs to explain that Monero is a tool that provides the necessary functions of money. Monero is already thriving on P2P exchanges like Bisq, where it is consistently the most heavily traded coin.
Can you tell us about the upcoming upgrade on October 18th?
The October 18 upgrade is one of the typical upgrades that Monero makes twice a year. This upgrade offers three main features: 1) significant efficiency improvements with bulletproofs to reduce transaction size, review time and fees by approximately 80%, 2) a mandatory ring size of 11 which further improves privacy, and 3) a new proof of work (PoW) algorithm incompatible with possible dedicated mining hardware. Overall, this upgrade is a huge gain in terms of efficiency, scalability, data protection, security and decentralization.
Monero is a tool that many use for illegal purposes, including money laundering, unwanted mining, and ransomware. Of course, the wider Monero community denounces these uses. Fortunately, these transactions make up an incredibly small fraction of network activity, and that fraction is decreasing as Monero is used for more mainstream purposes. I think we’re going to see a transition similar to that of Bitcoin: people initially viewed it as a darknet currency, but now that association has largely been broken as other uses have been amplified. Monero should follow the same basic pattern.
Does Monero have any interesting partnerships?
Monero is not a company. We always encourage people to build software on top of Monero. Mastering Monero, a book that introduces many important topics to interested readers, should be published very soon. This is a community initiative funded by the Forum Funding System (FFS).
The implementation of Kovri in Monero is expected later this year. This makes it easier for users to hide their IP address metadata they send to nodes on the network. Kasisto, a Monero point of sale payment processor, is expected to hit its second beta in late November.
What has been your biggest challenge so far as a Monero employee?
It is incredibly difficult to “manage” a decentralized community. Monero news, development, research and initiatives spread across dozens of workgroups and hundreds of active contributors. It’s often difficult to keep up with the latest changes and remember who is volunteering for which project. This is a focus of the Monero Community Workgroup: bringing these people together without losing the benefits of decentralization. In all fairness, this often seems like an impossible task.
Where do you see Monero in 5 years?
Hopefully, Monero will incorporate many additional privacy and security enhancements to further defend its position as a kind of “cockroach cryptocurrency”. With sidechains and digital assets growing in popularity, Monero should be an ideal project for the interface. You can easily build applications without worrying about metadata leaks between your system and other systems.
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