Monero (XMR) is one of the most famous privacy coins, currently representing the 10th largest currency with over 1,7 billion dollars in market capitalization.
Monero has had its ups and lows during the current year which was, by all means, one of the most turbulent by far, seeing some high lows and some low highs throughout the persistent negative trends.
With an all-time high of over 400$ as marked back in January when the currencies were heading for record prices under a serious spike, Monero even touched a low of under 90$ several months back in mid-August.
Monero has had some security issues over the year of 2018, and also found itself in the epicenter of Coinhive mining viruses, which additionally stripped some investors of trust they had in this privacy coin.
Since Monero is working on changing this case partially with the community initiative in form of Monero Malware Response Team, there are other factors that could eventually push Monero towards a healthy rebound by the end of the year.
Monero Fights Back: Monero Malware Response Team
One of the reasons that might eventually restore the trust in Monero, consequently affecting its price in a positive way is one of the recent initiatives taken by the XMR community.
In order to be able to prove that Monero, as well as the core team behind the 10th largest currency, has nothing to do with malware mining that revolves around mining Monero through Coinhive by stealing computing power from the unsuspecting users of various websites (that also have nothing to do with malware mining), the community started a response group.
The group is named Malware Response Group and is there to respond to issues that users might be experiencing with malware mining. We already reported on the case of the initiative taken by the XMR community, and although this case does not directly add to the value of XMR in the market, it can make the community feel safer, that way potentially attracting new investors.
The Latest Monero Upgrade Sets Faster Transaction Time
In blockchain and within decentralized ecosystems, the value of a crypto asset is often defined through its ability to process transactions in a fast way, which is why many platforms are looking for solutions that would enable them to acquire prompt validation times.
Several days back, on October 18th, the network took another hard fork, that, of course, didn’t result in a newly minted coin. This fork had the main intention of updating the network with the latest update called Beryllium Bullet and the users of Monero network are already reporting that the mainnet is faster.
The main intention of this update, otherwise known as Bulletproofs, was to make transactions on the mainnet a lot faster, which would additionally provide more value to XMR is the market as well besides the obvious technical value.
However, the priority was to improve some security features that previously meddled with the safety of Monero network, so the new update was set to correct some bugs within the RingCT which is responsible for securing the ultimate privacy with Monero.
The fact that the fees were practically made non-existent with the latest update only provides a sneak peek into the initiative that Monero has taken towards improving the overall value of XMR.
Users are already reporting obvious improvements, mostly delighted by how low the fees have become since the latest Bulletproofs update.
With double checked privacy, faster validation time and low transaction fees, Monero might be heading towards a certain boost by the end of 2018, justifying the fact that it stayed on the top as a privacy coin after more than 4 years since it was originally issued.
Monero (XMR): the Perfect Testing Ground for Bitcoin Technology
Yet another significant change in the roadmap of Monero came with the Bulletproofs update, potentially categorizing Monero as “the better testing ground” for Bitcoin technology.
The fact that Bitcoin doesn’t have an official dev team means that many of the technologies mentioned in the whitepaper can’t be completed on the original chain of Bitcoin, however, just as in the case with Litecoin (LTC) testing Lightning Network and Segwit, the technology can be tested with other similar assets.
That way, the blockchain technology is consequently growing and improving, now seeing a new potential in Monero that made it with the Bulletproofs update, which is another “Bitcoin technology.”
The fact that Monero can now make up for a better testing ground for Bitcoin technology, such as Bulletproofs, might provide the needed push for XMR in the market combined with other benevolent factors.