Monero (XMR) very recently in February 2018 reached a valuation of 300 dollars while news of progress made in the crypto mining has continued to gain traction in the crypto verse. US online news publication, Salon, has recently offered its readers who click on ad-blocker on their server, a substitute for viewing free advertisements. This substitute is the option of mining cryptocurrencies. This acclaimed news publication will be tapping into these user’s latent computing power to mine Monero, which has emerged as one of the leading and most popular cryptocurrencies in the market on account of its anonymity. The influence granted to the mainstream community by the crypto community is proved by the surfacing of news like this almost every other day nowadays. The anonymity of the coin allows it to be mined on user computing devices and mobile phones of users without them being aware.
Monero: A Dark-Web Favorite
Monero, being a favorite in the dark-web due to its anonymity, is all set to bring a drastic revolution in the international monetary system all over the world. XMR is a proof of work (PoW) cryptocurrency that makes use of the CryptoNight hashing algorithm. Monero safeguards the privacy of its users, thus allowing them to make transactions that cannot be tracked.
Monero recently became a topic of controversy because of the suspicious ways of its mining. Malwarebytes, which is a security software company made the discovery of a malware that was enabling the redirection of users to websites through which users could easily mine Monero. Cyber hackers have been unraveling this malicious software onto the phones of users so that they could illicitly access the processing power of these devices to run calculations and mine the XMR for themselves without the slightest knowledge of the user of the phone.
Even though salon is almost doing the same, but the major difference is that it is taking the legal permission of the user of the device. The cyber criminals, on the other hand, are doing it in complete anonymity. This is not necessarily a bad thing for people who are interested in mining cryptocurrencies. It is these strong features of anonymity that make Monero, the most popular of all altcoins among users of the dark web like hackers and cybercriminals.
Flaws in traceability of Monero
Even though Bitcoin also has rampant use on the dark web and various illegal operations like ransomware, there has been increasing awareness that if they are not extra-careful in how they use it; the blockchain of Bitcoin will easily identify them. As a result, cyber hackers and online criminals are switching more and more toward Monero to take advantage of its traceability. However, researchers have now pointed out two distinct flaws in Monero’s anonymity.
One of these was fixed at the beginning of 2017, but another one persists to this day. Both problems pertain to how the source of payment is hidden by Monero, essentially by asserting the coin spent by someone with a specimen of other coins which serve as decoys. This sampling of other coins is known as “mixins”.The researchers have noted that simple gimmicks allow an observer the option to identify some of these decoy mixins which are used to cover for an actual coin which is being spent. In the first year of Monero, the cryptocurrency enabled its users to opt out of the privacy settings and make transactions without the involvement of these mixin decoys. The issue with this system is that on the eventual identification of an already spent coin as a mixin, it can be easily extricated out of the entire mix, thus paving the way for identification of the remaining coins. If this results in the identification of another coin and that coin is subsequently used as a mixin in further transactions, the traceability of those transactions is also compromised.
The second flaw pointed out by these researchers in the anonymity of Monero is the way the transactions are timed. In the case of mix up of one real coin and a bundle of fake coins assorted together in a transaction, the probability is high that the particular coin was most moved just before the transaction. Before a recent modification made by the developers of Monero, timing analysis managed to precisely identify the real coin about 90 percent of the times. This annulled Monero’s anonymity and privacy guards. After the modification was made about how Monero selects its mixins, around 45 percent of the times, the trick can be used to spot the real coin.
These flaws in found in the traceability of Monero points to a fundamental problem for cryptocurrencies that offer privacy and anonymity. Any security crack found might apply retroactively in the future, which would allow users to dig up old skeletons hidden in the currency’s blockchain.
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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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Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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