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Joint Collaboration between Salon and Monero

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Salon
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At the beginning of 2018, news broke out that some companies and websites have been mining the cryptocurrency called Monero (XMR) while exploiting the computer proficiency of clueless, unsuspecting users.

Some websites like Google’s Youtube, used advertisements that mine Monero in secrecy while their users watch videos. Other instances are of malware forced by hackers onto hijacked government computers and millions of Android smartphones. But now the progressive online publication Salon is offering its readers a choice of user experience; either disable in-browser and blockers or allow Salon to mine Monero in the background using the reader’s device. Although unforeseen and bold for the journalism industry, this marketing move of Salon, could introduce more people to Monero and the broader crypto market in general.

Understanding Monero

Monero is one of the first ever created private cryptocurrency. The remarkably fungible, open-source, decentralized currency was created in April 2014, with the original idea published by the pseudonyms Nicolas Van Saberhagen. Monero uses the CryptoNight proof-of-work hash algorithm, which is designed to be resistant to application-specific integrated circuit (ASIC) mining, unlike Bitcoin and some other minable coins. Monero can be mined by graphics card and computer processors.

Monero is a brilliant privacy coin as it operates on an opaque, untraceable blockchain. It uses ring signatures to enable senders to conceal their transaction outputs among others, randomized stealth addresses to obscure receiving addresses transactions, and a view key and spend key that can be separately shared to protect against surveillance. Therefore, Monero has become the most preferred crypto for making illicit transactions on the Dark Web as well as illegal embedding of mining code into websites and apps.

In order to provide free content, Salon primarily relied on advertisements to run its servers. However, digital ads are inadequate to fully pay for most media outlets. Salon noted that its advertising revenue had declined by a margin of 40 billion dollars in 1999 to 2010 and this has triggered Salon to offer users a new option to pay for content. Salon will earn a profit by selling a small percentage of the users’ spare processing power to contribute to the advancement of technological innovation. Contradictory to the malware approach which seeks to exploit as much of a computer’s processing power as possible, Salon declared that it would steer clear of that by actively adjusting the amount of processing power being used by the crypto-miner.

The Process by Which Salon Is Mining Monero

Salon’s beta program explains that like other media firms, it needs to earn online revenue. There are several ad blockers like uBlock, Adblock and Ghostery hinder the website’s capability to mint money from advertisements. When a reader using an ad blocker visits Salon’s website, a popup appears on the screen asking the readers to either disable their ad blocker and refresh their page or opt-in to allow Salon to run Coinhive. It basically means that reader is given the option to “suppress ads” which if selected by the user will allow “Salon to tap into his unused computing power”. It means Salon will be instructing the reader’s processor to run calculations. Coinhive is one of the most commonly-used browser-based mining programs. The service offers Javascript-based software which website owners can implant on their sites. Salon’s test operation comes at a crucial time when digital media companies are losing ad profits, courtesy of savvy viewers and intricate ad blockers. Its clever program could yield benefit for both itself and Monero enthusiasts. Salon is basically giving mainstream exposure to Monero by introducing the cryptocurrency to its readers who otherwise might not have heard about it. Salon itself is rather optimistic and confident on blockchain technology, stating that it intends to further use any earnings to bolster the evolution and innovation of digital currencies.

Conclusion

Salon is not the first online site to attempt this as the Pirate Bay had done the same thing in 2017. But Salon is the first media organization to publicly and intentionally take this specific step towards adopting alternative revenue model. This bold move by Salon, if successful, will offer incentives to other information media websites to offer viewers the choice between enabling advertisements and lending computer power.

The only threat to Monero traders is that if Salon becomes prosperous in mining Monero from its viewers and sells the cash on exchanges right away, then there might be downward pressure on price in the short-term.but the positive exposure Salon is offering Monero should easily outweigh that effect.

We will be updating our subscribers as soon as we know more. For the latest on XMR, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of tackyshack via Flickr

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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