If monero was the top-performing cryptocurrency of 2016, don't tell that to the blockchain project's outspoken maintainer.
Core to the increasing interest in monero is how its blockchain works.
A proof-of-work blockchain like bitcoin, monero's is rare in that it was built without forking bitcoin's code.
For this reason, bitcoin core developer Greg Maxwell told CoinDesk he believes monero was one of the first altcoins to have made a "Really interesting" technical improvement that's of interest to the wider blockchain community.
The journey to this point for monero is a long one.
At a time when hard forks seem to be the most contentious changes to any digital currency, monero has mandated hard forks on its network every six months, in which users must accept an update to stay with the main blockchain.
Spagni largely credits the movement on the development front to cultural differences, and the fact that monero adopted a development process where any contribution that isn't "Dumb or obviously bad" is added to the code base.
Olaoluwa Osuntokun, a developer at bitcoin's Lightning Network called the monero development team "Not overt scammers", a compliment that could pass for high praise among a notoriously fickle bitcoin crowd.
"The greatest likelihood is monero fails, it's that bitcoin fails," he said.
Spagni also sees a future where bitcoin and monero complement each other, one where bitcoin may be a store of value and monero may be more of a payment method, a digital cash that can be used for anything and everything - whether it fits into accepted norms.
Drugs, Code and ICOs: Monero's Long Road to Blockchain Respect
Published on Feb 4, 2017
by Coindesk | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.