In a recent podcast interview by Coin Boys, Diego Salazar spoke about Monero and how it doesn’t have any central authority figure who controls the direction of the project.
Monero is a privacy coin that was created in April 2014 which focuses on fungibility, privacy, and decentralization in a world that is completely centralized. Diego Salazar, more commonly known as “Rehrar,” clarified how Monero is not a project that has a central authority that controls or decides where the project should proceed, rather, it is a group of core team members who are trusted and determine the course of action for the project. He explained saying:
“Our core team handles a lot of things that require trust…so we have individuals that have been within Monero project since the beginning that we trust, you know for particular tasks like maintaining a domain for the project and payments. “
He continued saying that there was a reputation element and that the code that was stewarded by the core team was the most respected, trusted and reviewed.
Diego Salazar, as he explained it, was a good UI/UX designer and not a coder, so he started to design bits and stuff for Monero until he started to get noticed by the community as his name started to pop up in the community more often. He continued his explanation saying:
“The community is large and vast and there are people that are passionate about this [Monero] and I’m one of those people. You just see where you can consistently help and dedicate your resources and time until you get noticed.”
Rehrar concluded by saying that Monero was his first open source project after which people started noticing him and that inner members started vouching for him for tasks that required a ‘little more trust.’
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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