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.
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 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.
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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
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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