Monero: The Undervalued Private Currency

Note: If you are new to digital currencies or "cryptocurrencies" such as bitcoin, I suggest you first read my short series titled "Bitcoin for Dummies".

What is Monero?

"What is Monero?" a video by a community member named savandra

Monero is a privacy focused cryptocurrency that sets itself apart from the other alternatives. Based off the Cryptonote protocol it uses "one-time ring signatures" (to obfuscate where the money came from) and "stealth addresses" (to obfuscate where the money is going) to privatize transactions. Recently the currency gained more public awareness when an announcement was made by two Darknet marketplaces, named Oasis and Alphabay, who decided to add the currency for their customers a couple months ago. Because of this announcement the value rose from around three dollars to ten dollars per token. Shortly after the increase, the currency's value was corrected due to an "exit scam" by Oasis. Because of this current low evaluation, I think right now is a great opportunity to obtain more of these tokens before it becomes too expensive to purchase. Below I will explain why:

3 reasons why I believe its value will increase in the next year

• GUI (Graphical User Interface) Wallet

At this time Monero has been behind in the development of an official GUI wallet. For people not familiar with what a GUI wallet is, it is a graphical interface that makes using the digital currency absolutely painless. You are able to click and send the currency without having to understand how the program works. Currently, Monero only has a command line wallet which is one of the reasons why I think less people hold the currency. Recently Jaxx, a wallet that is available for multiple platforms, announced that it would be adding Monero to its portfolio of cryptoassets and should be due for a early November release. As of right now the official wallet is still under development with a "coming soon" due date. Only time will tell when it will be ready to use.

Link to Jaxx announcement

• The next update will allow RingCT transactions

On January 5th, 2017 users will able to use RingCT or Ring Confidential Transactions. What that means is the values that are being transferred will not be visible to any outsiders. Users will have the ability to be able to hide the value of their transactions increasing privacy for the currency. On the projects Github page it states that in September 2017 it will become the ONLY way to send transactions. This level of privacy will attract many actors across the board causing an increase of usage and value in the next year.

Link to Monero Github

• Opensource Nature

One thing that separates the Monero community from others is its opensource development. It has set a strong standard among the crypto community which has caused many people to follow its progress. Since I have been observing the forums they have successfully been raising money from individuals who value the work provided by developers and other active users. The growth is impressive to say the least and it seems like they aren't going to be stopping any time soon. Perfection is the end goal for this currency.

Link to the Work in Progress page on the Official Monero Website Forums

Overall

In no way do I think it is going to shoot through the roof, but do keep in mind it that has the potential of rising in the following months. If you interested in this learning more about Monero I provided a couple links that can help you get started. Good Luck.

Useful Links:
Monero Website: https://getmonero.org/home
Monero Reddit: https://www.reddit.com/r/Monero/
Fantastic guide for Getting Started with Monero: https://moneroeric.com/install-monero-wallet-address/

Images from:
https://bitcoinmagazine.com/articles/darknet-customers-are-demanding-bitcoin-alternative-monero-1472243603,
https://news.bitcoin.com/