DailyCoin’s Monero (XMR) momentum shift

Monero (XMR) momentum shift

  • The Monero developers discovered a bug that could bypass its privacy algorithm.
  • Funds spent within 20 minutes of receiving tokens can bypass privacy features.
  • Monero has established its reputation as a private cryptocurrency that protects users’ anonymity.

Privacy coins are challenging the power of currency circulation, not the necessary conditions for centralized institutions. Certain sovereign countries prohibit the use of cryptocurrencies such as Monero and Zcash because they provide a layer of anonymity, which sometimes does not exist in conventional cryptocurrency transactions. Privacy coins retain the core value of digital anonymity, and are primarily attractive to cryptocurrency extremists, rather than those who promote blockchain as a destructive global technology.

Vulnerabilities that make Monero less private

Imperfect or defective code, especially when dealing with sensitive information, can lead to empty guarantees. Monero announced on Twitter that a developer found a “major error” in the code, which to some extent invalidated the anonymity of Monero.

Monero pointed out that Justin Berman had discovered a code issue affecting the blockchain decoy selection algorithm. Berman emphasized that he can find that “the probability of choosing the nearest output as bait is close to 0″​​.

According to Monero’s announcement, the vulnerability only affects transactions that occurred in the last 2 blocks allowed by the consensus rules. Then, if any funds are to be spent during the fund entry interval, “the output can be identified as a real spend.”

The GitHub post by Justin Berman emphasized that any transaction created in a block also spends less than 100 outputs in it, revealing the “true output in the ring”. Although this issue only affects a single type of transaction, it still hinders the user’s ability to remain completely anonymous.

on the other hand

  • The proposed bill aimed at taxing encryption may not affect privacy token holders.
  • Monero’s anonymity features provide a way to create a thriving dedicated community.
  • The data has debunked the use of cryptocurrency in illegal and illegal digital activities.

Fix things

Although the error shows the real output, it will only affect the anonymity of the user in a short period of time. As Monero emphasized, the vulnerability showed the real output, but “no information about the address or transaction amount was disclosed.” Nevertheless, as history has shown us, such as using Colonial Pipeline ransomware, any information, no matter how small, can be used to destroy anonymity.

The vulnerability still exists in the wallet code, and Monero has stated that users can “by waiting an hour or more to use the newly received Monero” to bypass this trouble. Although this seems disproportionate, Monero emphasizes that the solution is only temporary until a more permanent solution can be implemented. It is worth noting that Monero emphasized that it does not intend to initiate a hard fork, but to fix the problem as a wallet update.

Although hackers have become the norm in the encryption field, THORChain has recently become the victim of multiple attacks, but the situation of Monero is easily enviable. In the appendix, Monero emphasized that only a small number of transactions will be affected, and that the vulnerability does not pose any threat to user funds.

Despite the unfavorable news, Monero has taken advantage of the momentum along with the rest of the market, and its value has also risen by about 40% since its low on July 20.

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