Moneronomy of the digital era: How Monero Crypto revolutionized
In a world in which security and anonymity are most important, a cryptocurrency appeared as a breakthrough of the games in the digital economy: Monero (XMR). This decentralized payment system, which was launched by Nathan McAfee in 2014, gained liability among users who would like to protect their financial transactions from curious eyes.
Market volume
From March 2023, the market capitalization of Monero is over 700 million USD, which makes it one of the first 10 cryptocurrencies in relation to the value. This significant increase can be attributed to the growing acceptance by Internet markets such as Steam, in which users can now use Monero for payment and receive the corresponding discount on your monthly subscription fees.
Monero market quantities
In order to look at market capitalization from a perspective, the size of the market of other main cryptocurrencies is:
- Bitcoin (BTC): around 3.5 billion USD
- Ethereum (ETH): approximately 200 million USD
- Litecoin (LTC): approx. 50 million USD
Service name Ethereum (ENE)
One of the most innovative Monero functions is Ethereum Name Service (ENS), a decentralized recognition of intelligent contracts and DAPP that are based on Ethereum. With ENE, users can create clear names and addresses for their digital resources and facilitate identification and interaction with certain projects.
Benefits with ENS
The use of ENS has several advantages, including:
- Increased transparency: Users can enable the identification of their assets in the Ethereum network and reduces the risk of losing assets due to incorrect identification or manipulation.
- Improved security: The decentralized EGE Nature means that there is no single mistake or susceptibility, which hinders hackers that aim at individual wallets.
- Increased user experiences: In the case of EN, users can easily identify and interact certain projects, which improves the process of building up and managing their digital assets.
Unique Monero functions
One of the most unique Monero functions is the use of a ring signature, a technician that enables the creation and review of transactions without disclosing the identity of the sender. This approach offers an additional level of anonymity and security that makes it difficult for law enforcement authorities or other parties to pursue transactions.
Application
In summary, Monero (XMR) revolutionized the world of cryptocurrency and provided a safe, anonymous and transparent type of online payments. ENS growth increased the advantages of Monero and made it possible to create clear names and addresses for their digital assets. Since the global economy is constantly changing to decentralized and based on blockchain, Monero is well prepared to stay at the head of this revolution.
Sources:
- Coindesk: “Market capitalization Monero achieves 700 million US dollars”
- Cryptozlat: “Advantages of the Ethereum (ENE) Service”
- Blockchain magazine: “Unique Monero functions and the way they work”