2024-08-28 23:30:40 by NewsBTC

Monero, one of the world’s most valuable privacy-focused networks, is under immense selling pressure. XMR, its native currency, is down 11% from this week’s highs, extending losses from June 2024. Overall, XMR remains in a bullish formation, shaking off weakness from Q1 2024, when the coin fell due to compliance reasons. Several exchanges, including Binance, chose to delist Monero and other privacy coins, citing the need to adhere to laid-out laws, mainly in the United States. Boosting Privacy Features On Monero Through FCMP++ Despite the recent sell-off, the Monero community remains upbeat. On August 20, Monero developers said a pull request was made to integrate Full-Chain Membership Proofs (FCMP++). The feature further enhances Monero’s privacy, making it attractive for users who wish to conceal their on-chain transactions. Before this update, Monero relied on Ring signatures to hide the sender’s identity. To do this, Monero obfuscates each transaction so that it appears to be sent from a group of potential senders. Unlike Bitcoin, where a sender can easily be picked out through Ring signatures, this makes it rough for third parties to determine the actual sender. The integration of FCMP++ on the mainnet takes this a level higher, enhancing transaction privacy. Technical data shows that through this integration, proving the output spent in a transaction, and thus, the sender, will be even more challenging. If anything, developers claim FCMP++ boosts the current anonymity set from 16 to 100 million. Therefore, third parties, including analytics platforms like Chainalysis, would find it hard to trace XMR transactions, translating to a higher level of confidentiality for users who treasure privacy. XMR Remains Resilient Despite Challenges Even so, the FCMP++ integration is a work in progress. With the pull request, the relevant code must undergo a rigorous review and further improvement. The goal is to ensure there are no code flaws. However, once it is finalized, the feature will set a new standard for privacy, further cementing Monero as a leader in the scene. Monero price trending downward on the daily chart | Source: XMRUSDT on Binance, TradingViewThe exact timeframe for a complete merger on-chain remains to be seen. However, what’s evident is that XMR bulls are resilient despite the drop in liquidity following the delisting. That Monero developers didn’t yield to exchanges’ pressure to comply means the mission remains. As such, enthusiasts will continue using the network. On August 23, developers unveiled a new user interface for Trezor wallet users. The latest version, “Fluorine Fermi, ” supports Trezor Safe 5. Feature image from DALLE, chart from TradingView Dalmas Ngetich Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.