Is the future for digital currency bright? Know the Monero 2018 Roadmap!
Apr 05, 2018 Posted / 775 Views
Not one, but the world is currently trying to fit as many different cryptocurrencies as possible. Right from Bitcoin to Ethereum, this simply has no end and probably everyday many new ones are being formed too. And one such crypto which is currently raking high is Monero.
With a blazing start in 2017, this cryptocurrency has seen many ups and downs since then adn the things haven’t been exactly easy too.
Let’s find out what lie ahead for Monero in 2018 and ahead
Monero (XMR) is an open-source cryptocurrency which focuses on ultimate privacy and decentralization. It was created in 2014 and can run on a plethora of platforms like windows, linux etc.
It runs a public ledger which records all the transactions while new units are created using mining. Monero aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made.
This is the prime feature because of which it is the favorite of all the people who are evading law, as it not only makes the untraceable but also obscure.
This mining process has created a lot of trouble for the people. Hackers and illegitimate programs have started embedding hacking codes in the open software which has made it difficult to control the virus being circulated through it.
What has Monero Accomplished in 2017?
Well, apparently a lot! It not only became faster than the rest, but was deemed safer too something which every crypto needs the tag of. Many new features were introduced which help in gaining a new floor for MOnero as the new favorite crypto in the financial markets after Ethereum.
Following are some of its award winning features:
Ring CT is that feature because of which Monero gets it untraceability. They are like signatures on a check, but its not just one who signs but all the anonymous users of the network.
Helium Hydra was a mandatory software update released before the September. It acted as a support for Fluffy Blocks and lowered the time of syncing, which has helped in alleviating one of the crypto community’s biggest frustrations with the official wallet software. It also introduced full node support for different operating system in mobile phone like Android or iOS. This makes it easy to run on a plethora of platforms, making it viable, feasible and easy.
Lastly, the fluffy blocks.
They are nothing but the fundamental units of a blockchain. Each one of it usually contains a header and a transaction record, both of which are constantly fluctuating in their size to incorporate new data passing through the network.
They contain only a header and are the lightest blocks possible, which helps to keep all the repetitive data at bay.
Moner’s way ahead
Unlike every other crypto in town, the development team of Monero doesn’t really stick to something concrete or particular. The upgrades and changes which are to be made are automatic and need driven in nature and the team gets to know when to bring them as and when needed.
Monero has set for itself short term goals for immediate future which they achiever, move ahead, form new one and repeat the cycle.
What is the matter of concern currently is its scalability and how eventually feasible it is. Monero is taking aim at scalability problems by introducing bulletproofs. These short, non-interactive, zero-knowledge proofs can cut transaction sizes by 80%, leading to speedier blockchain validation, lower fees, and faster payment resolution.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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