Why Monero is more than technology
Launched in 2014, the cryptocurrency Monero focused on the increased anonymity of the transactions. Now it ranks tenth in terms of market capitalization ($1.8 billion) and is considered a leader among the so-called confidential coins.
The Monero website claims that this cryptocurrency is “more than technology”, as espoused her values are extremely important. We are talking about such principles as security, privacy, and decentralization.
Because of its privacy Monero has become a subject of criticism: it is believed that the criminals use it to launder money. However, the Monero supporters respond that the number of such episodes is negligible compared to how much money is laundered by using US dollars.
Recently, one of the most active popularizers of Monero, coordinator of the community of cryptocurrency and administrator Monero Community Workgroup Justin Edenhofer gave an exclusive interview to Blokt.com.
Blokt: Please tell us about your role as an administrator Monero Community Workgroup.
Justin Ehrenhofer: I’m a Community organizer Workgroup and several other working groups. From Monero, there are outreach working group Outreach Workgroup, which was formed by other people. My friend and I created a marketing working group to more effectively disseminate information about Monero decent educational resources.
For several months there were other working groups, we focused on the new goal of creating a common space where community members could share ideas and collaborate with members of other groups.
Every two weeks we hold a meeting to discuss the updates Forum Funding System (FFS) and new concepts arising from the working groups. At the end of each meeting allotted time so that everyone could share fresh ideas. We also hold monthly Coffee Chat (“coffee gatherings”) — meeting the “no format”, when everyone (especially beginners) are able to socialize in an informal setting.
Blokt: What is a Monero? Tell us in a few words.
Justin Ehrenhofer: Monero is a decentralized cryptocurrency with such key characteristics as privacy, interoperability and security. It gives users the opportunity to interact in the digital economy with all the advantages of cash, including interchangeability — the characteristic that many people consider for granted. Monero operates on the basis of completely open source and users are guaranteed privacy and security.
Blokt: Why private coins, like Monero, important?
Justin Ehrenhofer: Privacy is a fundamental right, and we should not abandon it in the digital dimension. When you pay someone for a product or service, the seller must not know how much money in your wallet, what is the source of your funds, also it should not have the ability to track the activity on your account for an indefinite period.
The sellers in turn don’t want to get “soiled” coins associated with previous negative activity. Characteristics of privacy inherent in Monero, allows people to carry out digital transactions without worrying about what someone else Monero coins are worth less and someone more, or that someone coins could cause checks or account closure.
Blokt: Now Monero is in the top ten cryptocurrency with the highest market capitalization and is the leading private coin. What, in your opinion, allowed her to achieve such success?
Justin Ehrenhofer: Monero provides a sufficient degree of confidentiality in all transactions, and the approach her team to make decisions is balanced. It is a decentralized coin with honest rules of the game, like bitcoin. And it offers significantly greater compared to other cryptocurrencies degree of privacy and security. Systems, working with Monero, you can interact without fear of leakage of important metadata, including data on the volume of transactions that are nearly impossible to reproduce in the system, which is transparent by default.
Blokt: do you Fear that because of the controllers of the exchange will exclude from listing XMR? If Monero is able to function effectively through a p2p transaction?
Justin Ehrenhofer: I do not believe that Monero will be removed from the majority of the exchanges under pressure from regulators. The community need that we continue to explain: Monero is a tool that gives the money they need. This cryptocurrency has already successfully works on such p2p exchanges like Bisq, where he became the most traded coin.
Blokt: Please tell us about the upcoming October 18 update.
Justin Ehrenhofer: 18 Oct will be routinely updated Monero, which we conduct every two years. This time it has three key components: 1) significantly increases the efficiency due to the fact that approximately 80% reduced volume of transactions, the verification time and the size of the commissions, 2) the minimum required ring size is increased to 11, which further enhances confidentiality, 3) approved by the new algorithm proof of performance of work (PoW), which is incompatible with the special mining hardware.
In sum, this update is a serious step in the direction of greater efficiency, scalability, privacy, security, and decentralization.
Blokt: media often say that Monero gives criminals the opportunity to launder money. Could you comment on these accusations?
Justin Ehrenhofer: Many actually use the cryptocurrency as a tool of criminal activity, including money laundering, also have illegal mining and the spread of malware. Of course, global user community Monero rejects these usage scenarios. Fortunately, in illegal transactions account for a negligible proportion of total network activity, and this proportion decreases as expanding the use Monero as a whole.
I believe that we will see the transformation of our cryptocurrency similar to what happened with bitcoin: originally it was considered as the currency of darkweb, but now the Association has almost completely disappeared from people’s minds because there is other usage scenarios. Monero will follow the same path.
Blokt: does Monero some interesting partnerships?
Justin Ehrenhofer: Monero is not a Corporation. We encourage people to create on the basis of Monero. Shortly will be published an interesting and informative book “Mastering Monero” (Mastering Monero). This is a community initiative funded through Forum Funding System (FFS).
Blokt: What are your future plans?
Justin Ehrenhofer: Later this year, Monero will be implemented option Kovri. It will allow users to more easily hide the metadata for IP addresses that they send to the network nodes. By the end of November it is expected the second beta version of Kasisto, a payment system for retailers, accepting Monero.
Blokt: which was the biggest problem you faced as an activist Monero?
Justin Ehrenhofer: Manage a decentralized community is not easy. News about Monero, development, research and initiatives are distributed among the members of the working groups and hundreds of activists contributing to the project. It’s often hard to be aware of all the latest changes and remember exactly who plays the role of the volunteer in the framework of the project. Therefore, the main task Monero Community Workgroup is to combine these people without sacrificing decentralization. Frankly, often it’s just impossible.
Blokt: do you think that Monero will be in five years?
Justin Ehrenhofer: I Hope Monero will be enriched with new features that facilitate privacy and security, which will allow it to gain a foothold as a cryptocurrency can survive in any conditions. Because of the growing popularity of Saidjanov and digital assets, Monero will be a perfect project that people will want to interact with. With the help of our cryptocurrency users will be able to easily create apps without the fear of leakage of metadata.