Recently, Monero Market went offline. The Monero Market is a dark net marketplace where transactions are conducted exclusively through Monero (XMR).
Fortunately, Monero Market is set to return in January, 2017 according to its representatives.
Monero is an open source crypto currency that was officially unveiled on 18 April 2014 as BitMonero.
This digital currency is based on the CryptoNote protocol and it is witnessing an unprecedented growth in recent times due to a number of reasons.
It possesses considerable algorithmic differences in relation to block chain obfuscation, which means that it provides more anonymity if you are going to compare it to the more popular Bitcoin crypto currency.
For this reason, is it increasingly becoming a better alternative for dark net marketplaces like Monero, where anonymity is paramount.
Well established Bitcoin companies as well as the internet security firms have turned their focus on tackling anonymity on the Bitcoin blockchain.
The ability of buyers and sellers to transact anonymously through bitcoins has been significantly compromised.
According to cryptocoins news, an unnamed representative of Monero Market reiterated this point and speculated on the growth of Monero crypto currency in the coming years.
At the moment, it is among the top five most valuable crypto currencies ahead of Litecoin and Steem.
To a lot of people, this may sound ironic as Monero Market is temporarily shut.
However, Monero Market gave some reasons for their decision.
Through a post on Reddit, they pointed out at the current lack of stimulus for markets that exclusively use XMR.
Monero Market was officially launched on the 30th of September 2016, and on its 20 day existence they have not recorded a single transaction.
It seems like most of the XMR users are holding the crypto currency instead of using it.
The online statement emphasizes that the costs and risks involved in operating the dark net market is not feasible at the moment.
Monero Market has promised to release a developed new version of the platform in January 2017.
The expectation is that, by then there would be more XMR users, and these are users who are actually using the digital currency to buy goods and services online.
It can also be said that Monero Market was launched at a testing time for XMR.
It was launched just two days following the now infamous apparent exit-scam by Oasis.
Earlier, Oasis abruptly went offline and consequently users where unable to access their funds.
Oasis is a popular dark net market; they were the first underground platform to integrate the Monero into their systems.
It is estimated that Oasis made 150 bitcoins and an undetermined amount of Monero. This is a bad news for the Monero because Oasis is one of the more reputable dark net platforms.
Still reeling from the Oasis exit-scam news, many people thought that Monero Market was related to Oasis.
The representative of Menoro Market assured their users through a signed PGP message, that their decision to go offline was not an exit-scam.
This is just one of the few issues affecting the crypto currency and the dark net.
Many mainstream users of the crypto currency are concerned about its adoption by dark net platforms.
Dark net markets are associated with illegal activities, and its connection with the recent high profile arrest and conviction to Silk Road’s Ross William Ulbricht is not making things any better.
Nonetheless, Monero Market representatives are confident that dark net markets still have a crucial role to play in the success of XMR.
Its recent positive growth is due to the adoption by dark net platform including the widely popular Alpha Bay market.
Monero Market is banking on such platforms to be an instrument in raising the value of XMR even though the XMR community is not too pleased about this.
It is important to note that the dark net market was a factor for bitcoins in its popularity and value since its inception in 2009.