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.
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Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…