The Monero community has gathered $150,000 as part of its proposal to add XMR as a payment option on the Tesla site. Their proposal was sent shortly after Elon Musk’s Tesla Motors said that they may start accepting bitcoin (BTC) payments for its electric vehicles. The community believes that XMR could also be a good payment option.
After the community posted a CCS proposal on February 9, it has managed to raise 890 XMR ($155,000) in a strategy that aims to add Monero s a payment method for a new Tesla alongside Bitcoin.
As part of their proposal, the community will aim to get Musk’s attention within a 21-day period starting on February 9. If Tesla accepts that initiative, the Monero community will choose three charities to get brand new Teslas. The community also promised to refund the contributors if there is no response or engagement from Musk within 21 days of a fully funded proposal.
The effort was mainly supported by 11 contributors, according to the Monero site.
According to this proposal, the Tesla fans may benefit from the XMR payment option as a result of its unique privacy features compared to the public and traceable blockchains like Ether (ETH) and Bitcoin (BTC). The community also believes that some Tesla owners would be ready to make their expensive vehicle holdings more private. The proposal said:
“You wouldn’t want your server at a restaurant to know the entire balance in your wallet when you pay would you? Why should your purchase of a car broadcast to the world all of the information that is leaked in a Bitcoin transaction. Plus, the effect of showing up to a party in a brand new Tesla is diminished somewhat if all your friends already knew the moment you bought it because they were able to see the transaction on the Bitcoin blockchain.”
Interestingly, this proposal comes amid some existing controversy surrounding Monero’s features and the ability to track all XMR transactions. In November last year, CipherTrace filed two patents for technology that was meant to be cable of track Monero transactions. In the past, the Monero community criticized and questioned CipherTrace’s ability to trace XMR.