Monero (XMR) is a shining example of the power of open source community development.
It was the first coin to take privacy seriously, using ring signatures and triangulation to make transactions truly anonymous.
The true anonymity that Monero provides has seen it adopted as the de facto cryptocurrency for darknet marketplaces, and also people seeking to escape authoritarian governments.
It’s a welcome breath of fresh air in a world where our every move online is monitored and recorded.
What’s even more powerful than the tech is the way the project operates. Completely decentralized, Monero was created through the hard working of individual developers from around the world who value collaboration.
Whether you visit the reddit, stack exchange or telegram channel, there’s a sense of being welcome. It’s a friendly atmosphere thats hard to find in the crypto space, with “my coin’s better than your coin” maximalism being the norm.
You need only visit the project’s web page and open one of the Meeting Logs to get a sense of the communal atmosphere that drove development forward.
The Monero user experience is about to get a whole lot better.
Currently, the privacy that Monero provides requires a larger transaction size than other cryptocurrencies, at around 13.2kB.
That’s set to reduce by 80% with the implementation of something called Bulletproofs, which are now live on testnet.
This change will speed up the whole network, from individual transactions to the amount of space needed to store the whole blockchain. (The entire blockhain must be loaded to use the network)
Most importantly, this update will also translate to an 80% reduction in fees.
With this change Monero continues to show the effectiveness of colalborative community development.
Stay up to date with all things Monero here.