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Semi-anonymous cryptocurrency Monero is blowing out the candles on its birthday cake as the asset reaches five years old.
Monero Is No Longer a Baby
The asset was established in 2014 on April 18, which means that in a few days, the currency will move from “infant” to “child” status. The crypto community is now celebrating with meetings, get-togethers and other events to wish the currency a happy and prosperous future.
One of the currency’s core team members – a man by the name of “Luigi” – made the official announcement:
Monero has a great and warm community. This collaboration, our friendship and the ongoing success of Monero will be celebrated this week. Please join us for the festivities and stay with us for the cause.
Monero is a privacy-focused coin, meaning it hides all financial transactions through a special encryption process. It thus classifies as a fungible cryptocurrency, and Monero amounts bear no origin or histories. It can also be exchanged for any other currency, including fiat like the U.S. dollar.
This gives the asset both a positive and a negative side. On the one hand, users and businesses that seek to purchase goods and services with cryptocurrency may often do so with Monero. In many ways, the cryptocurrency brings the desired effect and results of all digital assets home by allowing individuals to use it as a method of purchase and giving them financial independence from banks and traditional financial establishments.
Another member of the currency’s core team – who goes by the name “binary Fate” – states:
Monero gives you control over the privacy of your digital financial transactions. This privacy is a fundamental human right for individuals and a competitive essential for businesses.
On the other hand, the currency is often sought after by dark web users for its anonymous properties, and the currency is typically the target of crypto-jacking efforts. Crypto-jacking is a process in which a hacker takes over a person’s computer without their knowledge or consent. They then use the computer to secretly mine cryptocurrencies, usually Monero. All the while, the original owner has no idea that their device is being used for this purpose. They see no profit from the mining, and often wind up with high energy bills at the end of each month.
Anonymity Has Made Monero Popular
Monero was created by a figure named Nicolas van Saberhagen, who to this day, remains a dark and mysterious entity in the crypto space. Almost nothing is known about Saberhagen, which is arguably a testament to the anonymity Monero provides. The currency is anonymous, and so is its creator.
Despite some potential misgivings, Monero ranks as one of the world’s leading and most popular cryptocurrencies. Several educational events are being planned for its five-year anniversary, including a meetup in Toronto, Canada and live discussions at Vienna’s RIAT institute.