According to reports from prnewswire.com, this week marked the celebration of the fifth anniversary of Monero.
An open source cryptocurrency which is known for financial transactions hidden by encryption and is the12th largest project per market capitalization in the current crypto-economy. Privacy-focused Monero is a fungible cryptocurrency. According to Wikipedia, fungibility is the property of a good or commodity whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part. This essentially means that the value of a single Monero and 10 0.1 Monero would be equal and the value.
Unlike Bitcoin, where the history of every bitcoin can be traced easily. This allows anyone to check whether a Bitcoin was stolen or was used for illegal purposes. which would lead to a decrease in value of that particular Bitcoin due to its shady history. Whereas Privacy centred Monero by default does not have a knowable, or rather a traceable history or origin. Therefore irrespective of the purpose for which the coin was used before that particular transaction, every Monero holds the same value. Although this does give the cryptocurrency a lot of negative publicity, it restores fungibility to the cryptocurrency, so that a it is exchangeable for any other, like with cash.
This allows Individuals and businesses that want to buy and sell with cryptocurrency without losing the flexibility and fungibility that comes with cash and other existing payment methods.
A member of Monero’s core team, binaryFate said, “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.”
The first Monero was mined on 18th April 2014, at Eastern Time 6:50 am exactly five years from today. it was created as a fork of Bytecoin, with the name BitMonero by a Bitcointalk forum user by the name thankful_for_today. Initially, BitMonero was received poorly by the community but a group of users of the community including Johnny Mnemonic decided that the community should take over the project. Monero was an early cryptocurrency based on the CryptoNote protocol. Just like Bitcoin, the creator of CryptoNote, Nicolas van Saberhagen, is also unknown and mysterious like Satoshi Nakamoto.
For the celebration of its fifth anniversary, the community has planned and organised multiple events including a community meetup in Toronto. Other events include educational and fun activities along with live video conferences.
“Monero has a great and warm community,” said Luigi, Monero core team member. “This collaboration, our friendship, and the ongoing success of Monero will be celebrated this week—please join us for the festivities and stay with us for the cause.”
The Primary aim of the cryptocurrency is to protect the privacy and rights of people all over the world making it a standardised digital substitute for cash, and it seems that the company has been able to achieve that goal to quite an extent. With the goal of maximum-privacy and a vibrant community, it is positioned today as a leading cryptocurrency. with over 500 developers it is placed third in developer count among cryptocurrencies.