Monero (XMR) has been on the rise lately and attracted a considerable amount of customers because of its excellent service and security. Among investors and miners especially, it has become popular due to its outstanding performance last year.
The cryptocurrency’s price went up from $10 in 2017 January to a whopping $498 in January 2018. Although Monero’s cost reduced to $109 in this year, it’s expected to rise astronomically over the course of the next years.
Although this year Monero had some issues, it is proving sustainability as is it ranked 10th on Coinmarketcap and is expected to keep rising above that rank.
In this article, we are going to outline the most important Monero news of 2018.
Malware Hijacks Millions of Android Phones for Mining Monero
From the start of February this year, Monero started to go through some unfortunate issues.
Cybercriminals started to hijack people’s devices (specifically Android phones) to mine Monero, accessing millions of people’s phones.
The campaign worked in the following way: They started to redirect users to a malicious page where the hackers would find the way to access to their Android phones and start mining – making money behind the scenes.
This is the complete message that would display in the site: “Your device is showing suspicious surfing behavior. Please prove that you are human by solving the captcha. Until you verify yourself as human, your browser will mine the Cryptocurrency Monero for us in order to recover the server costs incurred by bot traffic.”
Screenshots of the website that users were redirected to (source: Malwarebytes Labs)
Malwarebytes researchers said that the most likely way they got into the devices was by an app with malicious ads. Their post reads:
“While Android users may be redirected from regular browsing, we believe that infected apps containing ad modules are loading similar chains leading to this cryptomining page. This is unfortunately common in the Android ecosystem, especially with so-called “free” apps.”
Malicious cryptocurrency mining typically makes the owner of the device unable to notice the activity happening on the phone. However, the group behind the cryptomining campaign takes a different approach, directly telling people about the use of their phones for mining.
The Internet called this process crypto jacking, and it has happened several times before, defined as “the unauthorized use of someone else’s computer to mine cryptocurrency.”
However, Monero is working on moving past these issues by becoming more efficient and secure.
Monero Wins Fight Against ASICs
On April 6, Monero had its first hard fork. A hard fork represents a radical change to the protocol, a change needed to stop ASIC producers entering on the Monero markets. The main disadvantage of an ASIC is that it cannot be reprogrammed. Bitmain announced a few months before the new Antminer X3 – the first cryptonight ASIC miner. Baikal Miners, the Hong Kong-based ASIC manufacturer, declared that they also created a cryptonight coins miner – called the Baikal Giant N. After the news that Monero will have a hard fork in order to stop ASICs mining Monero and keeping Monero decentralized – the Baikal Miners created a special offering – purchase 1 Baikal Giant N, receive 5.
Buy one, get Five. pic.twitter.com/YYkkEOb9fH
— Baikalminer (@baikalminer) April 9, 2018
Monero won this fight vs ASIC manufacturers and will probably win the future ones too. The team and the community are determined to keep the ASICs away and keep Monero one of the most decentralized cryptocurrencies – if not the most decentralized one. If you have a friend that purchased a Baikal or Bitmain Cryptonight miner – remind them that they can still mine coins like Bytecoin, Electroneum, Monero Original or Monero Classic.
April 18, 2018. Monero Celebrates its Birthday
On April 18, Monero celebrated its birthday. Monero’s initial release was on April 18, 2014.
Monero has reached a market capitalization now of $3.9 billion with the price of $249, pushing the coin to the 11th place on the Coinmarketcap market capitalization ratings still behind IOTA and NEO,
Monero at this moment (9/18/2018) is in 10th place in the Coinmarketcap market, with a market cap of 1.9 billion. XMR’s price at this is moment $116. Although the cost of XMR has decreased, Monero is in a higher ranking and proves sustainability, starting to attract more users as a long-term choice for their investments.
Monero’s rise is making users gain more interest and is expected to keep growing over the course of the next years.
Monero Successfully Completes First “Bulletproofs test”
A while ago, Monero announced that they would implement their new “Bulletproofs” protocol, being proposed by Stanford’s Applied Cryptography Group, with contributions from the members of the University College London and Blockstream. A tweet announced on July 15 that their first audit has completed.
Now, you might be asking, what are bulletproofs?
Bulletproofs are a more efficient type of range proofs. A research paper by Stanford defines Bulletproofs as a new non-interactive zero-knowledge proof protocol with concise proofs and without a trusted setup; the proof size is only logarithmic in the witness size. Bulletproofs are exceptionally well suited for efficient range proofs on committed values.
Range proofs were proven to a large amount of space while Bulletproofs were able to perform the same task without consuming a significant amount of space. With the previous range proofs, the transaction would be 13.2 Kb in size, However, if single-output bulletproofs were employed used the size would be only 2.5 Kb.
This implementation led to a reduction of 80% in transaction size and subsequently leading to a decrease of 80% of transaction fees. This progress is significant for Monero.
Bulletproofs are projected to be implemented in the scheduled October protocol upgrade.
Monero Long Term Price Prediction
The Cryptocurrency Monero seems to be among the best investments right now.
Monero is attracting more investors and customers than ever before, and its market cap is rising again and expected to increase further than ever.
A new report from the coin offering advisory and research film Satis Group has done thorough research attempting to forecast Monero’s value in the long term. The results are incredible. Monero’s price is expected to be 38391% over the next ten years. That means that if you invest 103$ (which is the actual price of one XMR), you could end up having about $39542 in the long term. An astronomical increase.
Here is a table showing the estimated value of different cryptocurrencies including Monero. (XMR)
As you can see, Bitcoin is not expected to fall behind Monero. Source: Satis Research
Monero is a cryptocurrency focused on privacy and decentralization. With the following Kovri update integrated, Monero will be the most secure cryptocurrency for people looking for privacy & safety. Even though Monero have a ‘bad reputation’ – the idea behind it is amazing and it solves and important issue for this decade – privacy on payments.
Image source: CoinBureau