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Monero (XMR) Less Stealthy Than It Seems

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Monero

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.

Conclusion:

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.

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.

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Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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