WHAT IS MONERO (XMR) COIN? | CRYPTOCURRENCY


hello there and welcome to this video my name is Riley and today we’re going to be taking a look at a crypto currency which is trying to win the race as the top privacy coin in the whole cryptocurrency space what am I talking about Manero and just like all my other videos we’re going to look at what is Manero the features of it why it’s useful the team in the community behind it where you can buy and store it the roadmap and bid on the future my thoughts on the future as well as a little technical analysis at the lit at the end and I also want to preface this video by saying this is just for educational purposes and I’m not a financial advisor this is not financial advice so without further ado let’s get into it shall we all right so now what is Venera well maneras and open source decentralized cryptocurrency which focuses on primarily delivering secure private and untraceable transactions now manera is a fork was originally fork is it I’m sorry is a fork of bite coin which was originally named bit Manero but it’s been since rebranded and renamed as Manero now for the coins we have currently circulating about fifteen point five million coins which this is a nice good low amount for a decentralized currency and the total is a nice low eighteen point four million so about three million less than Bitcoin and for the coins it is a proof work coin and mining will continue until the 31st of May in 2022 but after this to keep the miners incentivize because they will no longer have a block reward 0.3 XMR or the cryptic answer used known as man on the de manera platform will be released per minute in order to keep the miners incentivize beyond transaction fees because they’re not that big now the block time for Manero is quite fast compared to other coins like bitcoin with a block time of two minutes so it allows for a bit more scalability in that sense and the block reward is something it varies depending on the size of the block and this is something all that we’ll get into in a second there are difficult the adjustment also for Manero is every block so that’s a really good feature of it so now the features of manera in a normal cryptocurrency like say Bitcoin you have two keys you have two main keys you have a public and a private key well in Manero it’s a little bit different in that you have two public keys and two private keys and so I’m going to get into these now and the first one is the public view key and the cap the public view K is the one which is used to generate one-time stealth public addresses where the funds will be sent to the receiver and this will make more sense as I thing feature other features about this cryptocurrency the private view key is used by the receiver to scan the blockchain to find the funds sent to them so this is just to find the funds which someone has sent them in a private transaction now the public spend K will help the sender to take part and ring transactions which is a thing I will talk about in a second and also verified the singer signature of the key image which is also a part of private transactions the private spend key helps in creating that key image so the key image that I talked about in the previous key which enables them to send transactions and so it doesn’t matter if you don’t really get these at the moment this is just sort of a preface to what I’m about to explain so if you watch this and then come back to these keys then you’ll understand why we have all these keys and so the first one I want to talk about is ring signatures and basically what happens is when you want to send a private transaction your signature so in a transaction you have a signature and you sign it yourself and your signature is randomly mixed with a number of different decoy signatures you it doesn’t have a fixed value you can choose how many signatures you want to mix with it and what this does is it creates a new signature so how it works is first you get your ring size determined so how many signatures and decoy signatures you want to use and these red these are random outputs taken from the blockchain which they have the same value of your transaction so say you want to send ten Manero or XMR it’ll find other transactions to use as decoy signatures with ten XMR so it doesn’t look invalid on the chain and just like I said before you can change your ring size but you have to realize that a bigger ring size will increase the transaction fees because the transaction size is bigger and also the sender has to sign all the signatures before it is processed but the other decoy signatures those people do not have to sign it and you might say well doesn’t this mean you could double spend but what happens is like I said before I’d mentioned something called a key image and what happens is every transaction will come with a unique image which miners can check to prevent double spending so if that transaction has that key image and that checks out they will verify that transaction and if it doesn’t they will not approve the transaction so the next thing I want to talk about is stealth addresses and so what happens is in order to approach process a transaction the sender will need uses the recipients public view key and their public spent a to generate a unique one-time stealth address and what this does when this is created your XMR is sent to this address and then the recipient on the other end uses their private spin key to scan the blockchain for this transaction and what it does this calculates a private key which corresponds to the stealth address and then gives them access to the XMR so only if you have the right private spanky Willits will it scan the blockchain and calculate it correctly otherwise other addresses won’t calculate it correctly and therefore won’t have access to that XML and then there’s another thing called ring confidential signatures and to make these transactions even more private and untraceable what it does is it hides the amount of XML you’re sending on the blockchain in order to make it untraceable so even though you couldn’t tell who would necessarily came from because you had ring signatures in the decoy signatures you could sort of nail it down to a closer range of people if you had the amount of XML that they sent but since you don’t it’s untraceable and some other features Cauvery and I to P and so ITP is in the name the invisible internet project and what it is it’s a routing system which allows apps to send messages to each other in a fashion without in outside interference and then Cauvery which I think that’s how you pronounce it is actually something which is in development and what it is it actually hides your internet traffic so that a passive network monitoring system won’t reveal that you’re using Manero at all so this it’s like an incognito way of using Manero and all your intra or your Manero will be encrypted and routed through these ITP nodes so like I said it’s a routing system which is private messaging and so this will run through these nodes which run ITP and the nodes will know that your messages are passing through but will have no idea exactly where they are going or what the contents of the message are so you can’t identify what’s actually in there so why is Manero useful well it’s there’s a use a few reasons why it’s useful and the first one is fungibility and if someone uses like for example if someone uses Bitcoin for illegal purposes and someone could would be it was able to trace back to which coins were use these coins would be forever I guess you could say stained with the previous transactions like the previous illegal transactions and would be even though there would be one that would be the same amount of Bitcoin there would be sort of technically worse less than these sort of clean coins that didn’t have a legal spending attached to them I probably should have mentioned this before I use the example of Bitcoin but for those who don’t know fungibility is basically the interchangeability of an asset of a particular specification so in simple terms it means it’s an equal value of assets which can be swapped in any sort of form and now I’ll give you a good easy example to understand Gold is a fungible asset because if you have the same concentration of gold so like the same carat specification of gold whether it be in form of coins or rings or whatever it is if you have the same amount of gold it is worth the same amount of value in sort of in dollar price now like I said before Mineiro is fungible and this means that you can use any monaro interchangeably and they’ll be at the same value because they won’t have this ability to be stained if you will like bitcoins can so that’s just a really good way to make sure that you keep the value in your coins and this is due to the fact that the coins are untraceable and you can’t identify them if they were aligned with illegal activities and things like that and the second way is dynamic scalability and so Manero does not have a set block size however in order to prevent spend tax using huge huge blocks a block reward penalty is used and this is what I was talking about before have the block reward changes so outworks is I think it’s the last hundred blocks it’ll choose the median over the last hundred blocks and if it goes if you choose if you make a block ten percent bigger than the median it’ll reduce by ten percent and I think it goes like 25 to 25 or even possibly in a square relationship so that the bigger your block it’s the sort of the square of that decrease will occur into your block Hall and also Manero is kind of a super system it’s not technically it’s not designed to be a secret system but the the cost of manufacturing ASIC chips is a bit too expensive for an individual which makes it only economically unviable however there are still mining pools with around forty three of the hash rate twenty three percent of the hash rate being owned by three different mine poles and people might look at this and think well that’s very centralized but if you actually take a look at how the Bitcoin hash power is distributed yeah it’s not that much compared to Bitcoin so privacy also something a big thing that we talked about for the transactions are untraceable as there are loads of transactions with the same and the value is unknown so that’s what I talk about with confidential ring signatures but this does make large transaction sizes and this is one of the big problems for the Monaro Network also just a recent use case we’ve seen for Manero XMR has been used as a payment method for the recent mariah carey and g’s and albums so that’s a cool thing to see now the community and the team behind Manero they’ve got a pretty good community actually like a pretty solid community maneras twitter has about 113 k followers could be even more now and ricardo swag knee which is one of the creators of Manero has 16 Cade Twitter followers on his own personal account on reddit they’ve got 47 K readers which is quite a good number on Stack Exchange they’ve got about 5 K visitors per day and on the Bitcoin forums they’re very very active with a lot of discussion and so with the team for Manero like I mentioned before it’s open source and manera has a quite a large team overall but it has seven core developers and then a few dozen more sort of just other developers as well as people in other areas of the project but a lot of these people are do not reveal their identity there are a couple and the couple who do actually are quite good and have quite a bit of experience in their fields so it’s good to see one of the core devs has had quite a lot of experience in large in large companies so that’s good too but as long as the main thing really with the team is as long as they’re giving what they’re promising and so Manero undergoes development updates which are currently planned to occur every six months which adds new features and security enhancements and these schedule updates basically force Manero to evolve and give the users confidence to know that their team is actually working on the hard on the project and they’re actually saying to be delivering on their promises with these updates and so this sort of regular interval of updates is great for investing confidence and promotes regular growth so now whether you buy and store your XML or your Manero well in terms of buying you’ve got quite a few different options with when it comes to XML as you can see here basically any of the main exchanges that people use nowadays like we can see bid home got huge volume that’s the big Korean exchange hit BTC beat tracks Palani X BitFenix by Nance Kraken all the large exchanges that are used nowadays you can get them on and if you trade cryptos you’re probably on one of those exchanges so therefore you can probably buy them an arrow in terms of storing your mineiro you’ve got a couple of different options not a huge range but at the moment the real two major options are for you the Monaro web wallet the my Manero web wallet and the Monaro desktop wallet which would be the recommended wallet I would use because it’s a desktop client which is better than a web client but cold storage is the best but we don’t currently have that with Manero however Jack’s which is a multi cryptocurrency wallet and cold storage is actually coming soon for Manero so keep that on the lookout now the road map and my thoughts on manera well I’ve just summarized a couple of the points here from the future of Manero and the first one is the cover II alpha release which is what we talked about for plus the implementation of multi signature transactions and multi-seat technology into Manero and Bolton mark basically multisig which is in plain terms signature I mean transactions and technology which requires multiple signatures in order to verify a transfer of assets and the future for my narrowed the real future which they’re going to have to sort of knuckle down and focus towards is looking for second layer solutions to speed and scalability to reduce transactions and get more efficient Renkin ring confidential transactions and one of the things which they are looking at implementing to reduce the transaction sizes bulletproof and I won’t go into what bullet press are but all you need to know there’s that they have the potential to reduce the Monaro transactions by up to 80% which is huge and that would be a huge thing from an arrow and for my thoughts on Manero I think it’s a great project with a great technology and because of this I think it has a potential for more more streamlined technology than other privacy changed for example – because it’s just a single layer network but just like I talked about before the transaction size and the scalability is what’s actually holding manera back at the moment but if we can implement the sort of second layer solutions like bulletproof manere the sky’s the limit I’m telling you this cryptocurrency has huge potential and if we can get around the transaction sizes this will be very very used in the future I can already see it and so for a little bit of technical analysis first we’ll look at the sorry that’s still illumines um where are we ma XML there we are so for Manero we can see that in terms of the US dollar price we’ve just gone absolutely exponential over the past year as most coins have and the fact that kind of the funny thing which manera has different is that it didn’t get this huge run-up with the old point bubble and it didn’t have this burst instead we saw this nice run up around August and then a call off which led to another big run-up which we’ve had over the past couple of months and we’ve settled we’ve had all-time highs up to about 360 dollars and we’ve settled down at this $254 level and in terms of the daily pattern you can’t really establish many patterns in terms of continuation patterns or reversal patterns just the moment but we can see large volumes coming out of an area like we can see these three days here we’ve just had huge volume pouring out of it and our RSI is running a little hot right now but a little cool off wouldn’t be too bad for it as well as the MACD we can see we’re getting up we’re pinching at about the 30 level but I want to just to quickly put your eyes to on the scales on grass we can do normal grass do it in a linear scale meaning that it’ll go in a set decimal or set numeral of increments as it goes up but what you can do you can use something called a log scale to analyze trends because it’s quite easier and basically I won’t explain how it works but a log what a log scale does is it squishes everything into the one graph to make it easier to look at and what you can see here I’ve drawn this trendline here and this is starting from the February of 2016 so nearly two years ago we can see we’ve had this very very consistent trend for Manero and we’ve seen one rap here which we’ve come back and set it on this trendline but mostly we’ve seen this right up on this line here and at the moment we are getting a little bit away from this trendline but not too much I think if you compare it to something like this this was around an 80% pullback in 81 percent pullback where to that trend line that is whereas on here we can see this all-time high hold on let me just get it so it’s on screen this Altamaha here if it were to pull back we’re only at 60% now so it still got quite a bit of room to move and I do think over the next year it’s gonna have a really good year in terms of the USD price definitely now the egg the BTC price this one I won’t use a log scale for actually because what we can see here in terms of the BTC price what we had in 2016 we had the big August run-up and then we’ve pulled back and we’ve sort of danced along going up and down like in a wave-like pattern on this trendline here we keep – we keep seeming to bounce off this trendline now for short term we are we have sort of established ourselves here around this sort of point zero one five five mark but this trendline here would be the number that I would really be looking to buy in it I do have a position in manera at the moment but I’m not looking to add anything in the short term unless it breaks through this trend line and gets towards this I think it is one point just over just under one point two moon sets so what you’re going to look for I don’t recommend buying it right now even though it does sort of look like it’s a bit on a bit of a discount compared to here although if you are buying very super long term I have no doubts that it will go up in value anyway but to maximize your profits I recommend well I’m not recommending them so what I would do I would wait to it see if it crosses this short-term trend line this short-term support line here and see how close we can get to this long-term support line and if we do get to there then I’ll be looking to add a larger position and Manero but until then I’m just can’t I’m good with my holdings so with that said I want to thank you so much for watching this video if you liked this video or found it helpful please leave a like and a comment below and make sure to subscribe because I’ve been bringing out future videos on other cryptocurrencies very soon I’ll catch you later

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