Monero, the crypto-currency dedicated to developing a Blockchain with 100% private transactions, with the objective of also offering privacy in online payments, has overcome the resistance of $100 in its operations. And in the chart of the day we will explain why it broke this resistance.
With Monero it is said that the user has total control of his funds and his privacy. Since no one else can see the balances or transactions of another person, not even the user. Monero is based on the CryptoNote protocol and has a dynamic block size, unlike Bitcoin.
These new features, implemented since 2014, have allowed the cryptomoney and its platform to attract more users. Will Monero be able to expand its potential by overcoming this $100 resistance?
Monero: What is the status of your project?
Monero overcomes the $100 resistance
At the time of writing, the price of private cryptomoney exceeds the psychological barrier of $100, more precisely up to $103.
Monero achieves this by exceeding analysts‘ expectations of its performance. Since the private crypt-money had been surrounded by bad news that upset the miners.
The private crypt-money had been involved in a hacking scandal in the Amazon cloud.
What’s the latest on Monero?
The Amazon hacking scandal
Computer security researchers at Cado Security detected a crypto-mining virus that managed to steal credentials from Amazon Web Services.
It then used company resources to mine Monero (XMR) for the benefit of the attackers.
The report by Cado Security describes the attack as „relatively unsophisticated“. Those responsible for the cybercrime, which operates under the name TeamTNT, mined about 3 XMR. At the time of writing, each XMR is worth USD 91.5, giving a total booty of almost USD 300.
Although this news upset the users and miners of Monero by violating aspects that they assume, they are the core of the platform. It did not seem to affect the cryptomoney too much by allowing Monero to overcome the $100 resistance.
Today, privacy is increasingly relevant to Internet users, in the face of a growing number of cybercrimes around the world. So are the specific risks of our personal information falling into the hands of the wrong people or organizations.
All of these factors explain the increased interest in privacy-focused crypto currencies, such as Monero.