Monero (XMR) is an cryptocurrency based on the CryptoNote protocol that touts anonymity as one of its winning features. Recently, United States cryptocurrency exchange Poloniex added a new Monero market to its list of features. The addition makes Monero not only the first altcoin to establish its own market pairing since Litecoin on Poloniex, but also the first Monero direct market in existence.
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Poloniex, founded in January of 2014, currently offers over 140 Bitcoin and Monero trading pairs. Many know it’s name from the Bitcoin theft they experienced this past March. The event was a horrible financial tragedy for the victims, but Poloniex owner Tristan D’Agosta vowed to pay every single victim back before taking any profits.
He was good to his word too, and paid out a total of 97 Bitcoins to the victims while implementing stricter security measures earlier in July. Now, Poloniex looks to the future by opening this new Monero market. Upon the announcement of the market addition, D’Agosta expressed their reasoning for creating these new Monero market trading pairs.
“Since its debut, Monero has been trading in huge volume and has demonstrated impressive resilience during market fluctuations. Couple that with an active and strategic development team, and expanding our XMR pairings simply made good sense for our customers.”
Monero will be able to be traded with Darkcoin, Litecoin, NXT and a slew of other currencies directly. Monero is an actively traded digital currency on Poloniex, which boasts 40,000+ registered users. An interesting factor this change is that while the Monero market is now up and running, the Litecoin market has been shut down on Poloniex
It looks like the move has started a trend among exchanges to test out other direct altcoin markets. Bittrex digital currency exchange recently replaced their Litecoin market with Blackcoin. The moves could prompt other exchanges to make similar adjustments in the future as well.
David Latapie, a core team member of Monero, also gave a statement about the recent Poloniex market opening.
“We could not have dreamed of a better exchange to host the first Monero market. With the recent onslaught of fraudulent cryptocurrencies, we knew Poloniex had toughened their acceptance criteria for inclusion in their market listings. So for an exchange with such rigorous standards to open multiple Monero market pairings, it’s a vote of confidence for the Monero development team. We are excited for what’s ahead.”
Monero is a rare coin, with only 18.4 million coins in existence that takes anonymity very seriously. Using digital currency anonymously is a large concern, especially in the times of the BitLicense fiasco.
Monero is based on the CryptoNote technology. CryptoNote is a bit confusing and complex. The technology is not for the everyday user to understand. CryptoNote claims it has untraceable payments, unlinkable transactions, blockchain analysis resistance, egalitarian proof of work and has adaptive parameters.
Not only all of that, but coins using CryptoNote technology are supposed to be double spending proof. Double spending is something that Bitcoin and most other digital currencies have lived in fear of in the past, so a correction like this is very promising. Community reaction to Monero has been mixed, but it looks to be one of the digital currencies seeing a promising future and key technological advancements.
Disclaimer: I do not own any Monero, nor do I use Poloniex.