In Monero news today, we’re looking at the week’s top stories about monero.
Monero Price Analysis
Monero is trying to get back to old resistance level with the recent bleeding of the coin market. The reality is that at $60 the coin is trading way below the region it belongs to despite the recent bearish market.
There is still a moderate sell pressure indicative that the bears are having the upper hand at this time causing most traders to approach the market with caution.
This week, the coin is having a low buy demand and if the trend is sustained, the short-term outlook will continue to look bleak.
Credit: Trading View
Nevertheless with the recent positive market inflection, the trend may yet change for XMR which has lost 6.07 percent in the past 24 hours.
With hidden bearish divergence, XMR price is making a lower high and we are exercising caution as we keep an eye on the price movement.
Monero TARI Meant For Transfer and Use of Natively Digital Assets
Riccardo Spagni the lead Monero developer has given some insights into the Monero TARI in a recent interview during the 2018 Provenance Summit Seoul.
According to Spagni, TARI a decentralized asset protocol is meant to help people transfer natively digital assets.
“It’s being designed for people to issue, transfer, and use natively digital assets which have no physical equivalent. Think about loyalty points, in-game assets, tickets, and security tokens as natively digital. My goal here is for users to be able to seamlessly switch between digital assets. So let’s say you have a bunch of loyalty points for an airline but you want go to a Katy Perry concert. With TARI, you will be able to transfer the value of the loyalty points into concert tickets.”
Spagni also known as Fluffypony continued to explain the would-be merits of the protocol in enabling people to transfer native assets that otherwise would be stuck to be used with particular ecosystems.
“What happens to the gamers with a 5-year profile of vastly upgraded items who want to switch to a new game? Wouldn’t it be nice if they could sell or even just lend out their upgraded shield or axe? They could take the value of those digital assets and spend it on their new game of choice.”
Being reminded that the wide acceptability that Bitcoin has stems from its open ledger which can be viewed by anyone on the blockchain. That this feature will likely make Bitcoin the officially internationally acceptable digital currency is not in doubt.
Spagni said that Monero transactions are also optionally viewable if the owner of a Monero wallet enables it. According to him,
“Monero is optionally trackable. You can give out your view key which gives someone a view into your wallet. You would give your view key when purchasing Monero at an exchange to ensure transparency and correct reporting.”
Spagni said that the strength of Monero is in its grassroot community support, miner incentives and developer support. He therefore maintained that Monero is one of the most viable coins in the market.
Interestingly he praised Zcash as powerful but said that Verge, the other privacy coin that has tried to make inroad in the market is a scam. According to spagni, Verge is not worth giving attention.
On the terms of measuring privacy, Fluffypony said,
“I’ve created five pillars for evaluating privacy currencies. Is it untraceable? Is it unlinkable? Can we hide transaction values? Can we hide the originating IP address of a transaction? Finally, is privacy mandatory?”
He however said that Zcash failed at managing privacy. He also said that Bitcoin will likely enable some level of privacy in future giving example with Lightning Network which he said will lead to a level of hiding transaction paths in the network.
“Zcash is very powerful but it fails at managing privacy. If there is a blockchain with 100,000 users and a cloud of private users of only 100 like Zcash, the real privacy set is 100 at most. Verge is a scam. It’s not worth giving them any more attention.”
Ledger NanoS Now Supports Monero
Ledger NanoS, the French made hardware wallet manufacturer on November 29 announced that its latest upgrade has made it compatible with Monero XMR.
The company which is one of the oldest hardware wallets just like Trezor said that the Monero GUI 0.13 release can be used with Ledger NanoS.
The company CEO Eric Larchevêque speaking on the issue said
“We are thrilled to welcome another top-ten cryptocurrency to the Ledger platform with Monero. With this addition, Ledger devices now cover 90% of the entire crypto market capitalization.”
Like all the major hardware wallet manufacturers, Ledger aims to support all the major cryptocurrencies and the company has been expanding its operations in terms of altcoin support.
Larchevêque announced in October that the company has sold $1.3 million worth of the Ledger NanoS even as it has made moves to expand opening up an office in New York with a former executive of Intercontinental Exchange in charge of its custody service.
Paper Wallets Are The Most Secure for Storing Monero
Experts have always been of the opinion that the safest way to store you cryptocurrencies such as Monero XMR is by using paper wallet. However, the process involved in this torage is not as simple as one would imagine.
Storage of XMR using paper wallet involves printing the recovery seeds on paper while taking some security measured such as ensuring that the computer and printer used are not compromised. For instance, most commercial printers are not fiemware security hardened. This is why new users are generally not advised to use this method for storage.
Nevertheless, if absolute security is your idea for your XMR coins, you may well put in the effort to learn how to store your monero on paper wallet as we shall learn next week in Monero news today.