Is Monero XMR Really The ‘Sleeping Giant’ Of Cryptocurrency
Monero Outreach, a branch of the Monero community had published an article on their website monerooutreach.org, last month which discusses why they believe Monero XMR is the sleeping giant of cryptocurrency and that one day, even Bitcoin will sit in the shadow of XMR. This week, the article started getting traction within the mainstream cryptocurrency news outlets, so, we want to explore exactly what the team have said in order to understand if Monero will one day become the world’s biggest cryptocurrency.
Before we continue, please do remember that we are not investment advisers and that this is not investment advice. Purchasing Monero is a risky business, as is investment into any cryptocurrency, so if you do wish to invest in Monero, please do so based on your own research and not because one group claims it will grow impossibly in the future.
Who are Monero Outreach?
According to the Monero Outreach website:
“We are a team of creators, writers, technicians, translators, and visionaries. Monero Outreach began in June 2018 and has continued to gain new, talented contributors. We are a workgroup of the decentralized Monero community, and as a result we do not claim any level of authority over Monero – we are simply here to follow the mandate that we have set for ourselves, because we love Monero.”
Their mandate stipulates the following:
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- “Drive greater Monero adoption and awareness through a variety of outreach-related activities – particularly public relations, education, and marketing.”
- “Respect the work done by the Core Developers and community workgroups, the founding principles of Monero, and to the Monero ethos at all turns in the road so we do not jeopardize the integrity of what makes Monero great.”
- “Make the world a better place through Monero. We are motivated by the question: How can we expect to prepare our children to live in this world, if we haven’t prepared the world for our children?”
As you can see, Monero outreach is not a team that is directly affiliated with Monero, XMR or any part of the XMR development process, rather, they are an external team of fanatics and independant people all of whom fully believe in Monero as a project. It’s likely that the majority of the members of this group are financially heavily invested in XMR, which would act as justification for their bullish attitude towards Monero.
The Sleeping Giant of Cryptocurrency
The term sleeping giant refers to XMR as a huge entity, that has not yet awoken. This suggests that XMR is resting and that when it does wake up, it will be far bigger and far better than any other cryptocurrency on the market.
https://soundcloud.com/cryptodaily/bold-statement-from-monero-xmr-community-resurfaces
Monero Outreach believe that this is the case because of three major reasons; good technology vs good marketing, inflation and advanced cryptocurrency mining.
According to the Monero Outreach post:
“The Monero (XMR) project has kept one purpose in mind: fast, cheap, fungible, and private value transfers. Monero never relies on expensive marketing campaigns, ICOs, or venture funding. It has an open-source, grassroots community of developers, users, creatives, and freedom fighters. We the community do not believe that Monero, or cryptocurrency for that matter, can solve all of the world’s problems. We do believe that Monero can solve one important one: transferring money to anyone privately and without central authority.”
Technology vs Marketing
“Monero has been quietly implementing state-of-the-art technology and mathematics to improve privacy and maintain one of the key features of money: fungibility. The engineering team is second to none and boasts more active developers than most cryptocurrency projects. The developers work more cohesively than many research universities and Fortune 500 corporations, yet they are funded by the community, not big businesses.”
Despite it’s huge technological advancement, Monero is still sleeping because the team haven’t spent loads of cash on aggressive hype-style marketing.
Inflation
“Monero has a slight inflation rate designed to keep mining incentives stable yet still allow Monero coins to hold a strong value. With a long-term inflation rate at about 1%, which is similar to the rate of increase in gold, Monero incentivizes miners to join the network with solid reward.
This mild, predictable inflation makes for good economics and puts Monero in a greater position than any other large-cap cryptocurrency to be a viable, long term replacement to fiat currencies.”
Mining
“While ASIC mining has become commonplace for Bitcoin, Monero frequently updates its proof of work algorithm to discourage ASIC equipment. With this approach, CPU and GPU chips can remain competitive and profitable. This cause has been and will remain Monero’s promise to the community. The latest Monero core upgrade includes the state-of-the-art Bulletproofs algorithm. The upgrade dramatically improves Monero’s privacy, speed, and transaction costs.”
What should we take from this?
It’s clear that Monero Outreach feel positive about Monero, but we should take this with a pinch of salt. As a group that are likely to have invested a lot in the project, it is in their best interests to claim that Monero is a sleeping giant and to suggest that it will one day grow beyond Bitcoin and the rest of the markets.
Indeed, Monero could, it could very well become the world’s biggest cryptocurrency. If this really is to happen however, the Monero team need to start making the most of their development, they need to spread the word and I guess they need to start taking themselves a little more seriously!
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