What do Judas Priest, Jason Aldean, Weezer, Dixie Chicks, Morrissey, and Lana Del Rey have in common this holiday season? These musicians and many others will be accepting the Monero cryptocurrency (XMR) as payment in their online stores.
Monero is a cryptocurrency, like Bitcoin, that is optimized for better security and privacy of transactions. While Bitcoin is often considered anonymous, the transactions can actually be tracked using analytics tools and in some cases identify the users. As many developers and users in the blockchain and cryptocurrency sphere value anonymity as a basic human right in a networked society, endeavors like Monero and ZCash have made it a particular focus to secure those properties. The double-edged sword here seems to be that strong anonymous properties are also desired features in various criminal activities such as money-laundering.
Project Coral Reef, led by Monero developer Riccardo Spagni and entrepreneur Naveen Jain, aims to bring Monero into the public consciousness and give it utility in more commercial spaces. The project was funded through Monero’s Forum Funding System, in which anonymous contributors can support proposed initiatives that can make a positive impact on the Monero ecosystem and its widespread adoption by developers, merchants, and consumers.
Select stores will also feature a 15% discount if Monero is used as the payment method.
A full list of the participating stores can be found here.
Monero Image via Adobe Stock