Making Monero Relevant

monero

When I think about monero, I see a way for individuals to simplify there lives. This will consist of all interested parties coming to a common agreement for units of exchange. Example, I have some monero’s, of which I can use to purchase an item your selling; Which you can later purchase from someone else who also trades using these units of exchange.

(image by cointelegraph)

Problems with monero

monero

The current problem I see with monero and with most crypto currencies, is that although they claim to be decentralised and better than fiat currencies, they still look to fiat currencies to valid there worth. This attracts investors trying to make money on the stock markets, from surges in value. But if you look at crypto on the basis of “what problem does it solve” we would be posed in a better position to see its full potential. In this case, it decentralises the units of exchange and puts the control back in the hands of the people in a privacy focused manner, as it was originally designed for.

So what is stopping this from happening. I would say its a mindset, of which we still only see real value in fiat currencies. But with a shift of thought, where we realise the producers of produce and the consumers of produce are us the people, it will not matter what we trade in, as long as we have a general consensus for a value of units of trade. 

I’ve come to realise that not all people are good at maths, and a monero balance of 0.874534977 could be equivalent to £92(gbp), $112(usd) or 107(eur).  However most people are thrown by anything past two decimal places. Looking at how this can be brought into line with conventional fiat values, will certainly help its adoption.

Monero digital future

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Monero, which facilitates anonymous decentralised transactions seems like a good starting point for any crypto future. With a network which can be supported by individuals cpu’s on phones, laptops and servers, its a more than feasible solution to be adopted globally by everyone. No Async miners required and expensive GPU’s are not favoured.

I realise the only thing stopping this happening is you, as we have the power to bring about change. With the emergence of CBDC’s the powers that be, will not be waiting for your approval to introduce there own type of digital currency in your life. A major difference is, you will not own it, they will. There is a list of prospective negative implications of CBDC’s adoption, which seems pointless in mentioning. Inevitably if you are unaware of these drawbacks, your probably not ready to fully embrace alternative solutions, of which I would encourage you to first do your own research. Non the less, by default you will be moving to CBDC’s whether you like it or not. But if you want to be in control of your own digital currency you should read on.

Food for thought

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Monero is fundamentally based on anonymity, which is fine when privately trading online for the purchase of digital assets. When a purchase of physical products requires delivery to an individual, a user should use a one time address to facilitate the transaction, which will help maintain there privacy.

If you are only interested in the trading value on the stock markets, then it maybe insightful for you to understand that the more people who adopt monero (in a way as a unit of exchange regardless of its fiat value), this will inevitable increase the fiat exchange value.  

A special mention to Btcpay server, who opened a way for users to process online monero payments privately (well done to the developer(s)). However the reliance on the lighting network seemed like a weak link in a strong monero chain. I wondered whether similar to p2pool principles (which utilise a side chain to increase the decentralisation of mining), a similar side chain could be developed to process the payments.  There may already be something in the making, of which I’ll be interested if someone could share there findings.

As a must please check https://getmonero.org which is filled with lots of useful links.

I will be sure to add some links to help support where possible, so check back at a later date.