Monero’s 10-year birthday is April 18th. Looking back, the privacy cryptocurrency has certainly come a long way. At this point, Monero is the 12th largest project by market capitalization and it is one of the most significant privacy coins as well. Further, it has grown by around 7,000 percent in the course of three years.
A few years ago, the team at Monero and binaryFate specifically discussed the project’s privacy guarantees, stating,
“Monero gives you control over the privacy of your own digital financial transactions. This privacy is a fundamental human right for individuals and a competitive essential for business.”
Moreover, Monero has grown on the technical side as well. For example, a few months ago, the project’s developers activated Bulletproofs on the blockchain, causing transactions to become significantly smaller and thus, cheaper.
There are a number of qualities that distinguish Monero from other privacy competitors such as Zcash and Grin. For instance, unlike the two, Monero was founded on a Bytecoin fork implementing the CryptoNote protocol. As a result, it leverages ring signatures. Another prime quality is the platform’s fungibility, which is why it is a popular cash-like cryptocurrency.
Of course, despite its bright points, Monero also has its competition. For instance, Zether and Nightfall, which are able to hide transaction details on the ethereum network, make them strong contenders.