MonetaryUnit project purpose and description
What is MonetaryUnit?
MonetaryUnit is a decentralized and open-source cryptocurrency that was forked from another cryptocurrency referred to as Quark in 2014. Quark was designed to take the latest algorithm in cryptography. Now, MonetaryUnit was designed to advance the same ideology through by adopting a special 8-way random hashing algorithm to make the coin accessible to many people.
Like Bitcoin, there is limited information about the MonetaryUnit’s founders. The founders maintain their anonymity to avoid falling into conflict with the law. A closer look at its price performance indicates that its potential was understated until early in 2017.
When the MUE coins were made available in the market in November 2014, the price was $0.0003 and market capitalization only $12,759. From November 2014 to March 2017, the price ranged between $0.000077 and $0.002 before starting to rise steadily. By October 2017, the price had grown to $0.1, an approximate growth of about 33,000%. The price continued to increase and hit the highest mark of $0.4 in 8th January 2018. The market capitalization also grew steadily during the same period to hit $47.9 million.
The impressive price growth to the highest mark did not last long. The price dropped sharply in the subsequent month to $0.1 by February 6th 2018. Then, it continued with the downward trend and settled at $0.02 by the close of the third quarter of 2018. Note that even at $0.02, the price was still about 6,500% higher than the starting price. The community is very optimistic that the price and value of the MUE will continue doing well to deliver high ROI.
What is the problem that MonetaryUnit solves?
- Poor adoption of cryptocurrencies in the community
When many people hear of the name cryptocurrency, what rings in their minds is Bitcoin. Cryptocurrencies in the market have become a sort of tech-savvy only thing as the rest of the community has lagged behind. However, this approach goes against the primary goal of the blockchain technology pioneers. The target of MonetaryUnit is ensuring that people can identify with and use MUE at all levels of their lifestyles.
- Centralized mining
The onset of the cryptocurrency era saw some creative developers look for ways to optimize mining rewards especially from the proof of work (PoW) based cryptocurrencies. The most notable of these developments is ASICs mining technology and equipment. These are specialized equipment designed to generate optimal mining power to ensure that the user confirms more transactions and ultimately wins more coins.
While the operation of ASICs might look like the perfect option for a miner, it comes with serious implications for the industry. Because ASICs miners are very expensive, it implies that only the well to do in the community can afford them. It also means that the coins for respective networks could easily fall in the hands of a few parties or mining pools. This greatly raises the danger of 51% attack. The MonetaryUnit seeks to restore both mining and coin ownership to the community.
- Centralization of financial services
The use of conventional banking services in the market today has resulted in major inconveniences. Whether you want to save funds or send value across the globe, there is no privacy when using the banking services. Besides, it is very expensive to send money, and the process takes very long. The MonetaryUnit seeks to address the problem and restore trust in the blockchain services.
How does MonetaryUnit Solve the problem?
The development team of the MonetaryUnit was concerned that the blockchain niche was slowing down and, therefore, an urgent solution was needed. They studied the platforms that were in existence by 2014 and adopted the following strategies to address the problems.
- The platform operates as a completely decentralized infrastructure
One of the main solutions used for addressing the outlined problems is decentralization. The MonetaryUnit operates as a blockchain platform of nodes spread across the globe. This implies that the platform does not have a single point of failure because there is no centralized authority. Because the transactions are completed on a peer2peer basis, the cost of sending value is pulled down and the transactions are completed faster.
The decentralized model indicates that there is no single point of failure. The network is governed and secured by the nodes spread in its system. Whether you are sending value across the globe or simply saving funds, the platform guarantees optimal security and privacy through advanced encryption.
- The platform uses X11 mining algorithm
To address the problem of centralized mining, MUE development team opted to use X11 mining algorithm. The decision to use this mining algorithm arose from the fact that scrypt, the algorithm earlier considered ASICs resistant, was no longer effective. The X11 mining algorithm utilizes 11 hashing functions including Keccak and Blake which make it more secure and ideal for CPUs and GPUs.
The X11 algorithm provides very fast hashes for standard devices that ensure the system remains 30% cooler. This implies that your system will not suffer from overheating and the related power bill will also be low. Consequently, more people with standard devices can easily mine and own the MUE coins.
- Use of a multiple layered infrastructure and advanced features
The technology infrastructure of MonetaryUnit is made of mining and master node layers. The two layers are designed to help with the faster processing of transactions and resolving conflicts that might arise in the platform. The principle layer is the mining layer that performs validation of transactions to ensure everything is done fairly.
The master node layer is used to scan the activities of the miners to ensure they are legitimate. The two layers operate together to ensure the community can trust the system for fairness, reliability, and security.
What makes MonetaryUnit better than it’s competitors?
Many cryptocurrency networks coming into the market today are designed to deliver better services and greater value compared to those preceding them. For the MonetaryUnit, the focus was and remains to ensure that more people can find meaning in the blockchain technology. With about 2000 cryptocurrency networks in the market today, here are some of the things that make MUE better than competitors.
- The MUE platform is fully decentralized and minable by more people using different devices. Being completely decentralized implies that more people can join and use the platform. This is the reason why the MUE community has been growing steadily making even the experts believe that the cryptocurrency could be the next big thing.
- The value of the MUE platform has been performing very well in the market. Though the price of MUE was on a downward trend starting from January 2018 to the third quarter of the same year, the situation was not unique. Many cryptocurrencies such as Bitcoin and Novacoin were also following the same trajectory. Even with the negative trend, the value by the third quarter of 2018 was still more than 6000% higher compared to the starting price in 2014.
- MUE is a completely decentralized and anonymous platform. The development team uses the latest encryption to ensure that all the transactions are anonymous and no third party can easily access personal information. Even when miners follow back your account to confirm transactions, they can only check the balance in the public address as opposed to pulling out the personal details.
- Unlike other platforms that only have a single layer of mining nodes, MonetaryUnit uses two layers. This operational design has helped to ensure that all transactions are properly implemented. Even if a group of miners conspire to harm the network, it will be very difficult to get the support of all the layers of operation.
- As a completely decentralized and peer2peer network, MonetaryUnit helps users to bypass centralized organizations when sending value. This implies that the transactions are faster, cheaper, and more reliable. To make transactions even faster, MUE has a special feature called Instantsend that helps to make payment instant.
- The MonetaryUnit platform has been in the market for more than three years. When a new cryptocurrency platform hits the market, it is considered unstable because the features are still being tested. However, MUE has been in the market since 2014 and most of its features have been tested and proven to work. This is why its value shot up starting from 2017 because its features were considered stable and reliable. Now, the community expects the platform to continue growing and deliver a higher return on investment (ROI).
How can MonetaryUnit be categorized?
The MonetaryUnit platform is the next generation cryptocurrency created to help people march into the future with ease. The development team comprises of highly committed members who progressively work on new features to deliver high value to the community. Some of the impressive features on the platform are Instasend, Commercial arms affiliates, Masternodes and X11 mining algorithm.
What’s MonetaryUnit’s vision on Security?
When MonetaryUnit was created, there were serious concerns about cryptocurrency niche’s security. For example, the Mt. Gox hack of 2011 shocked the globe as attackers made away with more than $600 million worth of Bitcoins. To make sure that the network is secure, MonetaryUnit adopted a raft of measures including the following.
- The network is fully decentralized to ensure that there is no single point of failure. MUE advanced this focus of security by ensuring that the nodes work in layers.
- The network is run by a highly aggressive team that regularly evaluates the platform for vulnerabilities. Then, all the gaps are sealed to ensure that no hacker can take advantage and attack the platform.
Examples of MonetaryUnit’s use cases/ applications.
The primary goal of most cryptocurrencies is to get adopted and used in multiple cases. In the case of MonetaryUnit, the development team has been very active in promoting the network to increase its use in different areas. Here are some of the main use cases of MonetaryUnit.
- Paying for transaction fee at the MonetaryUnit’s platform. If you want to send value using the MoneytaryUnit platform, a transaction fee will be levied in MUE. This transaction fee is used to motivate miners who confirm the transactions on the platform.
- Trading in the market. One of the main methods that MUE holders can use to optimize returns from the coins is trading in the markets. The process works in the same way as forex markets but involves the use of crypto assets as opposed to fiat currencies.
To trade MUE in the market, you are required to pick a market like Bittrex that lists the coin. Then, open a trading account and verify it using personal information such as proof of location and telephone number. The final stage is pairing MUE with another favorable coin such as Bitcoin, Ethereum or Novacoin depending on the available assets.
- Sending value. One of the reasons for many people rushing to the cryptocurrencies is to enjoy saving their funds anonymously. If you save cash in a bank account, a lot of people including cashiers and banking administration will know about it. But MUE is a completely decentralized and encrypted platform to guarantee users who save funds that no third party can know about it. This means that they can relax knowing that the funds are free from third-party seizures including courts of law.
- Buying goods and services from stores that accept MUE. As more stores and conventional markets appreciate the special role played by cryptocurrencies, they are starting to accept digital assets for direct payments. You only need to identify a store that accepts MUE to be able to make a direct purchase. Even when only another coin is supported in a store, it is still possible to use MUE by converting to the accepted coin.
- Use MUE to pay for taxes. If you live in a jurisdiction that accepts cryptocurrencies for official transactions, it might be possible to pay taxes with MUE. A good example is Arizona. After passing of HB 1091 in April 2018, Arizona residents can now pay their taxes using cryptocurrencies such as CUE. The tax department converts the coins to USD immediately and credits the payer’s account. You can also pay taxes with MUE in Singapore.