Privacy Coin Monero Turns Five Today, What Did It Achieve?

Privacy Coin Monero is the 12^th 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.
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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.