“Rarely do we find men who willingly engage in hard, solid thinking. There is an almost universal quest for easy answers and half-baked solutions. Nothing pains some people more than having to think.”
Martin Luther King, Jr.
The year 2017 forever marred cryptocurrencies’ legitimacy in the eyes of the world. The launch of fraudulent ICOs and tokens that solved no problems caused many well-meaning investors to lose their money. Scams ran rampant under the auspices of marketing for coins touted to solve seemingly all of the world’s problems. Now, as regulators across the world are clamping down hard on these scams, we are at a low point with trust in cryptocurrency as a whole. Many investors have lumped all cryptocurrencies as scams after the egregious offenses of 2017, even though some coin projects, like Monero, stayed out of the hype.
The Monero (XMR) project has kept one purpose in mind: fast, cheap, fungible, and private value transfers. Monero never relies on expensive marketing campaigns, ICOs, or venture funding. It has an open-source, grassroots community of developers, users, creatives, and freedom fighters. We the community do not believe that Monero, or cryptocurrency for that matter, can solve all of the world’s problems. We do believe that Monero can solve one important one: transferring money to anyone privately and without central authority.
Good Technology vs. Good Marketing
Monero has been quietly implementing state-of-the-art technology and mathematics to improve privacy and maintain one of the key features of money: fungibility. The engineering team is second to none and boasts more active developers than most cryptocurrency projects. The developers work more cohesively than many research universities and Fortune 500 corporations, yet they are funded by the community, not big businesses.
The community works tirelessly to support newcomers across IRC, Telegram, and forums like StackExchange. Everyone tries to contribute the technical knowledge that they have. There are no paid support teams or customer service. Monero has a 9,000+ member telegram community that is active 365 and welcomes any questions, no matter how technical.
With a strong team of engineers, a large community, and a history for implementing great technology, Monero stands apart from coins that depend mostly on marketing tactics. New projects are first shown on the community forum. Everyone can comment, upvote, and pledge their own Monero coins to fund favorite projects. Once a project is underway, anyone can view the milestones and work products. This keeps the project’s team accountable and allows backers to see payouts from the project’s funds. You can see exactly how your Monero contributions lead to a final result.
Monero’s organization stands in stark contrast to centralized coins with strict leadership. Centralized coin efforts often reject outside developers’ contributions, even if the code is good. Egos can fly high and drama peaks into catastrophic blowouts, with good developers leaving and investors losing confidence. Monero’s structure keeps true to the decentralized ethos in that anyone is welcome to contribute and their work often finds its way into the codebase, website, or documentation. If there are any issues with contributions, developers let authors know in a gentle manner -- because another part of Monero’s ethos is “Be excellent to each other!”
R&D and Benefits to Inflation
Monero Research Lab: Discovering Cutting-edge Technology
The Monero Research Lab is an arm of the community where some of the brightest security researchers, mathematicians, and developers assess and create cutting-edge solutions for privacy and security.
Inflation: How It Works and Its Benefits
Monero has a slight inflation rate designed to keep mining incentives stable yet still allow Monero coins to hold a strong value. With a long-term inflation rate at about 1%, which is similar to the rate of increase in gold, Monero incentivizes miners to join the network with solid reward.
This mild, predictable inflation makes for good economics and puts Monero in a greater position than any other large-cap cryptocurrency to be a viable, long term replacement to fiat currencies. Stable inflation ensures demand for products and low interest rates (my money can buy more now than later) and protects against rapid deflation.
In turn, decentralization is strengthened across the network. The network remains healthy when it comes to speed and transaction verification. Monero’s adaptive block reward schedule, which guides the inflation rate, ensures consistent, automatic fee rewards so that mining participants are not discouraged with sudden changes in their profits. The emission curve for inflation adapts algorithmically on the fly for mining conditions.
All Miners Welcome
As ASIC mining equipment has dominated Bitcoin’s proof of work algorithm, many at-home miners have been pushed out. This leaves mining open only to a select few with immense money and resources to benefit from Bitcoin mining.
While ASIC mining has become commonplace for Bitcoin, Monero frequently updates its proof of work algorithm to discourage ASIC equipment. With this approach, CPU and GPU chips can remain competitive and profitable. This cause has been and will remain Monero’s promise to the community.
The latest Monero core upgrade includes the state-of-the-art Bulletproofs algorithm. The upgrade dramatically improves Monero’s privacy, speed, and transaction costs. All these new benefits will make Monero stand out as an ideal currency as adoption continues. The features aimed at ease of transacting are not to be underestimated.
Monero Shall Soon Rise
With all the evidence that Monero implements cutting edge technology, alongside a strong community, we believe that the XMR coin will soon rise as a giant. It will stand out from coins that don’t solve new problems and rely heavily on marketing to garner attention. We are already seeing the fallout from poor projects as we watch many exchanges delist them during the market rout. Many coins launched in 2017 have failed.
A usable technology that does not favor elites over average participants is one that lasts. Many are finally waking up to the poorly managed fiat monetary policies that worsen the lives of citizens in countries across the globe. Unchecked inflation has harmed savers. Shockingly, the US dollar has lost 96% of its buying power since 1913. There is likely to be steeper inflation globally as governments and central banks binge on debt and easy credit.
Citizens then have little power in the direction of monetary policy. Irresponsible monetary policy penalizes responsible citizens who want to save for emergencies, new homes, or retirement. As Monero’s strong community and development start to shine brighter, we recommend that you allow Monero to become a part of your private plan for savings, wealth, and day-to-day business.