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Monero [XMR] Privacy Protection May Be Deficient

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Monero
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Monero has been a perfect example of what privacy should be like in the cryptocurrency world, in fact, the coin seemed to be completely untraceable and that was one of the features their users appreciated the most.

At the moment, and in contrast to that, everything seems to be on risk with the notice that the protocol of being implanted in the blockchain, is actually labeled now as semi-vulnerable, a tag that has made a lot of the clients very upset (and rightly so).

Apparently, due to this a great amount of the past transactions might be tracked and inspected in the search for data and information related to the operations and its operators, as well as the organisms involved. A fact that of course, is making a lot of people to be worried.

Parallel to this, a group of investigators from some of the most renowned entities like, Princeton, Boston University, MIT, Carnegie Mellon and others, gathered together in order to develop ‘mixins’, a mixed coin in a form of a bait that is created with each transaction.

The magic of the trick is revealed

Let’s recall that for Monero the term ‘mixin’ works differently than for other cryptocurrencies like Bitcoin or Dash mixin services, but basically, what it means is that new operations are mixed with others that actually got occurred before in the blockchain, and this is realized in the form the protocol itself determines.

With a simple trick, it is indeed not so difficult for an observer to identify a bait mixin created to cover a real coin spent at that moment. In this matter, Monero had established for its users the possibility of disabling the privacy protections as it was very sure of its protocol, and this allowed them to transact without actually using any mixin.

Nonetheless, the problem with this is that an identified coin which was spent already is supplanted later with a mixin, and this, of course, makes easier to steal and pinpoint the coins that remain after that.

Similarly, another deficiency identified is related to the time of transactions, which consists of a lack of capability when identifying a real coin each time a transaction is made.

Every time an operation is made in the Blockchain there is a certain group of real coins and some other fake ones reunited, and it was not until Monero’s developers applied some changes in the platform, that they could identify a 90% of the real coins involved, a fact that completely abolish the privacy provisions of Monero.

Additionally, according to the group of researchers at least a 25 percent of the XMR transactions are used in an illegal form, however, the number still reflects a great amount of activity on the platform.

Although this defects might not represent a cause for the illicit transactions automatically, it still proves that security of Monero is not looking good after all.

Regarding these facts, the Core Developer of the company stated:

“Privacy isn’t a thing you achieve; it’s a constant cat-and-mouse battle.”

According to this statement we can safely say the company is still not ready for giving up, and we should expect some measurements to be taken, in fact, he also said:

“There are steps we can take to continue to improve the sampling, but the reality is that this isn’t a solvable problem by just pecking away at it.”

Summing up, Monero has a lot of work to do now if they want to keep up increasing prices exactly as they reached recently with a rise of 4.36%, positioning their price at $195.40. Nonetheless, it all seems to conclude they can get up fastly enough.

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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TRON Partnership Involves Cloud Computing

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TRON partnership
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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.

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.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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Ripple
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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…

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Altcoins

Ravencoin (RVN) Surges Following Binance Listing

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Ravencoin
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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.

About Ravencoin

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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Elite