Looking into investment opportunities that are likely to return a profit in the long run? Eager to learn the fundamentals of cryptocurrency?
Bitcoin was the first ever cryptocurrency, a type of digital currency, to ever exist. Within a 4-year period, it has gained a lot of investors and popularly, which led its prices to go from as little as $13 to $15,000 today. Since then, various cryptocurrencies have been introduced, with some who have strived and others, struggling to pick up. Today there exists a new coin that has been created with the intent of taking down Bitcoin and it is none other than Monyx MYX.
The following retrospect will analyze Monyx with respect to its purpose, features, and technology. Ultimately, the provided information might help one to better assess whether or not MYX is a worthwhile investment.
What Is Monyx?
As previously mentioned, Monyx MYX has been created solely to outrun its competitor, the Bitcoin, by adjusting risk. Like Bitcoin, it is believed that basis of MYX relies on open-source blockchains, secure and speedy transactions and transparency.
What Makes Monyx Unique?
Some of the features that make Monyx unique compared to others is the Blockchain technology, fast transactions, and anonymity. According to the claims made, a decentralized blockchain transaction technology has been used to ensure maximum security. In particular, the origin of the transaction will not be disclosed, unless one wants to do so.
Its block time, the time it takes to process transactions, is 90 seconds, compared to Bitcoin’s 10 minutes, therefore it appears as though they are on the right track towards their claim of “lightening-speed transactions”.
However, there exists many coins that take far less time, which is something to consider. In terms of supply, the maximum that will be offered is said to be 24 million, with almost 10 million that have already been mined.
What Is The Foundation Of Monyx?
MYX’s foundation is believed to be its Al technology. It claims to predict the best prices, and the probability that a cryptocurrency will either rise or fall. The trading system used is said to have over 4 years of Research and Development. Lastly, all trading is said to occur between milliseconds to hours.
Final Thoughts on Monyx MYX
While MYX boasts about being the next coin with the potential of taking down Bitcoin, the proclaimed features do not appear to innovative, as most of them already exist among other coins. The ability to ensure secure and fast transactions is commonly wanted by others who have also created cryptocurrencies.
A concern worth mentioning is MYX’s overall transparency, as the details regarding its team is yet to be announced, which is normally done prior to an Initial Coin Offering (ICO). In terms of MYX’s ICO Crowdsale, their goal is to distribute 8 million coins within the five phases. The pre-sale price was set at $0.45 and it has been forecasted that by the end of the five phases, its value should be at $1. This seems relatively ambitious, however, its ability to succeed is not so apparent at the moment.