The privacy-focused crypto currency, Monero, has been masking the identity of users better than bitcoin. It has now beaten bitcoin’s 2% gain in the past week. Right now it stands as the 14th most valuable cryptocurrency with a total value of almost $1 billion. Last week it sky rocketed higher with added 5% more gain. Bitcoin has rebounded and climbed up with gold while the major stock markets are still struggling but Monero is everyone’s favorite currently.
John McAfee, the controversial and outspoken antivirus software developer and curve-ball U.S. presidential candidate, has also spoken in favor of Monero calling it his cryptocurrency choice adding that Bitcoin is now an ancient technology and that every cryptocurrency user should see future in monero as it has privacy, smart contracts, distributed apps and more.
Monero is major bitcoin rival and has been positively developing in the recent months. The investors and traders are clueless of the sudden surge of the cryptocurrency. It has also gained support from some high profile figures in the tech and crypto industry quite recently with other private coins.
The developers recently updated Monero’s Carbon Chameleon software. The software is designed to improve transaction execution and the privacy networks Tor and I2P. Coinbase’s chief executive Brian Armstrong had written a blog at the start of the year where he stated that 2020 will see privacy integrated into one of the dominant chains as it does not mean anything to have every payment broadcast on a transparent ledger. Monero is the part of the same dominance.