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What is the next big step in Monero's future development that could emulate the buzz generated when monero was accepted onto Alphabay?

closed as primarily opinion-based by soc1c Oct 10 '16 at 8:17

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The 2 important things coming soon are ringCT and Kovri.

In fact, ringCT is already coded into the last client software and the hard fork allowing such transactions will activate somewhere in January. RingCT is important because it's the last piece of the blockchain privacy puzzle:

  1. Currently, you can't know from where the funds came, thanks to ring signatures.
  2. Currently, you can't know where the funds went, thanx to stealth addresses. This holds true even if you sent those funds yourself and lost your local transaction history! It's interesting to know that you can't recover the destination address from the blockchain.
  3. Soon, you won't know how many Monero were moved, thanks to ringCT.

Kovri is in the works, and it's important because it could be baked into nodes, allowing them to communicate anonymously over I2P. This way, any attempt to track users by using IP addresses would be futile.

Further on, we can look forward to multisig, which should come some time after ringCT. For long-term plans, there are the Monero design goals.

There's also payb.ee coming soon, which is a payment processor developed specifically for Monero. Oh yes, and GUI coming soon as well, which is what will make it more appealing for the end-user.

I believe that in the future we'll see clever ways to make and improve light wallets, as well. In fact, the Monero CLI wallet is a light wallet already as it can use a remote node to perform transactions. The mymonero.com is a light wallet as well since the client-side javascript could be coded as a stand-alone program and provide security, while the model sacrifices privacy to take the load off the client (the server keeps your view key to be able to monitor incoming transactions while you're away).

What would be the one to push a wave of adoption, I can't tell. But I'd expect some major exchange adding it to be an important step. As confidence grows and the ecosystem develops, we could expect organic growth, and few more smaller waves as people "click" with the tech.

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  1. big busts in btc from blockchain analysis
  2. Another market of comparable size (is there one? idk) accepting monero
  3. BTC-e adding monero (I don't know all the exchanges but they're the only usd to monero exchange I think have the cajones. lol)

gui and ringct won't bring as much adoption I don't think....but then again, if the current pool of bitcoin traders consists of lots of people that don't like command line....then I guess they could be waiting for GUI.

  • "...but then again, if the current pool of bitcoin traders consists of lots of people that don't like command line....then I guess they could be waiting for GUI." I think this is an interesting point made as I have spoken to many people interested in purchasing monero (larger purchasing power than myself) but have little to no computing knowledge especially using command line and thus a more accessible way to purchase monero i.e GUI would prove to be a welcomed advancement in the development – Lurker Oct 9 '16 at 1:42
  • I think GUI should be marked above on your numbered list. Respectfully, it may be more significant than both of your other two points. Also, instead of "big busts" maybe the emphasis should be on "further positive press coverage of truly anonymous digital cash, generated by xy or z occurring". – Cryptocasher Oct 9 '16 at 14:15
  • Thanks for the info, I guess I just assumed that anyone heavily involved in the crypto scene would be more tech inclined but the more I think about it, there's no correlation necessarily since it's also a currency and speculation vehicle. There will definitely be pump surrounding the GUI, no doubt about that. Also, I'm looking back how far a GUI has been in the works, there could be quite a number of users waiting for it. It seems more likely to me that the gui will get more pump from traders than new users, but that's just my thoughts, I'm a newb to the community tho so could easily be wrong – gdoober Oct 10 '16 at 20:18
  • @Cryptocasher that's a nice way of putting it but, however I feel about the busts, it's really a failing in bitcoin causing an exodus of users there that I think would bring adoption. We can promote monero, but it's not the only crypto capable of being truly anon. Personal feelings about bitcoin aside (I like bitcoin a lot, skin in the game), something like that would bring with it a big influx of users, however unfortunate. – gdoober Oct 10 '16 at 20:28
  • @lurker that's interesting info thanks...I'm thinking more and more about how much adoption the GUI will bring. – gdoober Oct 10 '16 at 20:31
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  1. More markets adopting Monero can definitely help.
  2. Making Monero more easily accessible to the public. Bitcoin was once understood by only a few people, now it's being made more easily accessible to more and more people. It's still building momentum and needs a lot of work... just like Monero.
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I know of five items that may positively impact the price in the coming months.

  1. The release of the offical gui wallet. This is an important cornerstone of any crypto coin, much less one with the most advanced privacy features of any other coin.

  2. Kovri- Ensuring further network security by connecting through the I2P network.

  3. Ring CT- The blockchain will be further obfuscated by hiding the amounts of all transactions.

  4. I believe Exodus will integrate Monero support into their lite wallet by mid December. This will prove significant for users of Monero that may not want the hassle of the blockchain syncing.

  5. Additional media exposure as the privacy features of Monero become further understood.

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Though I agree in part with Jolly Mort, I think there are other events in Monero's future that could also increase.

One is the GUI, even though it is a long time coming, and though some still (IMO wrongly) believe it is "priced in", a solid, maintained, featureful GUI will help ease users into Monero in a way that the cli and other alternatives can't. It is a missing component that in many ways means that laymen and regular users avoid approaching Monero and instead are deflected to more inferior alternatives. A fully private, intuitive and featureful GUI wallet will help mitigate that.

Secondly is multisig, multisig enables a multitude of use cases and enables even more services compared to before. This will spur growth, and with it usage and demand.

Thirdly is increased liquidity, Monero, though it can exist in a vacuum, will benefit greatly from greater liquidity, and that means bridges into and out of the Monero enconomy via exchanges, brokers, and other services. An increase in this area will not only increase liquidity in/out, but it will also help decentralise it, thus making it more resistant to liquidity shocks where one exchange fails, as others will be able to fill in the gaps.

Any one of these events will either in the short term, or longer term help increase demand for Monero, or at the very least make Monero a much richer economy and thus make it more attractive for users to get their hands on Monero so that they can be part of the Monero economy.

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