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Reasons Why Investors Should Keep an Eye on Monero This Year

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Monero

Among the cryptocurrencies that are traded in the market regularly, Monero offers a sui generis feature that distinguishes it from the rest. To the experienced traders of this currency, it is well known that the feature is to offer an untraceable transaction system with complete anonymity of the user. Since its inception in 2014, the developers of Monero have given their utmost attention to the anonymity of every possible transaction. As in the crypto-world, the word “untraceable” is synonymous with “invulnerable” or “secure”; this coin has become one of the leading Altcoins currently available in the market. While the transactions made by using the most popular cryptocurrency Bitcoin can be tracked quite easily, Monero offers an alternative recourse to the investors.

However, very recently, some issues have been pointed out regarding the anonymity factor. According to some crypto-connoisseurs, these issues can actively take part in jeopardizing the ostensibly “untraceable” nature of Monero transactions, eventually making it vulnerable to hacking and other malicious activities.

Here, some aspects regarding this anonymity issue would be discussed along with some other reasons why traders all around the world should keep a close watch on this currency this year.

The Flaws in Monero:

Crypto-experts have recently found out two flaws in Monero’s design that can turn its untraceable transactions into partially traceable. According to Per Wired, a team consisting of researchers from renowned educational institutions like MIT, Boston University, Princeton, Carnegie Mellon, University of Illinois, etc., Monero is programmed to mix a decoy named “Mixins” in each of its transactions. Although Monero is untraceable, the Mixins can be tracked down eventually making the actual transaction traceable. The two flaws in Monero’s design include:

  • In the beginning, this digital currency used to allow the users to opt out a privacy protection system as per their requirement and spend coins with no Mixins. The problem with this system is that, when an already spent coin makes another appearance as the decoy, it can be quite easily identified form the mix and eventually the actual Monero transaction can be identified as well. However, as a preventive measure, you would need at least 4 Mixin decoys now to carry out a single Monero transaction so that the others would remain perplexed about identifying the real coins from the mix of decoys.
  • According to the researchers, the timing of the transactions is majorly responsible for the second flaw in Monero’s design. They inferred that in any mix of several faux coins along with one real coin, the real one is most likely to be sent last. As a result, analyzing the timing of these transactions can efficiently track down the real cryptocurrency amongst the bunch of fake ones. An efficiency rate of 90% has been determined for this theory in tracing a Monero transaction.

Recent Updates and Preventive Measures:

After the recent revelations, the development team of this cryptocurrency has performed several development updates to regain the unmitigated anonymity of Monero. To nullify the second flaw, the usual sequence of sending the real coin last has been altered as well. These updates made a forthwith impact on Monero as the figure 90% success rate is reduced to 45% while tracking down a Monero transaction.

The Current State of Monero:

Surprisingly and quite admirably, the recent revelations of Monero are yet to make an impact on its current individual coin price ($190.92 on 28th March 2018) as well as on its overall market capitalization (approximately 3 Billion USD on 28th March 2018). This coin currently holds the eleventh position on Coinmarketcap among nearly 1600 currencies currently listed. The price chart of Monero also exhibits a steady upward trend.

Keeping an Eye on Monero:

Despite the revelation of the flaws that can vitiate the most important feature of this cryptocurrency, Monero is still one of the safest currencies in the market. Its anonymity feature might not seem as impregnable as it previously seemed, but there is still no possible way to identify the user making transactions even if the real coin is tracked down. Also, Monero is one of the most stable currencies that were able to hold on to their prices during the recent market debacles. Therefore, keeping a close eye on this currency can come to fruition by the end of this year for many traders.

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.

Image courtesy of Jessica Weimar via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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