Connect with us

Monero

Monero enhances privacy, security features with new upgrade

Published

on

Monero enhances privacy, security features with new upgrade

Monero enhances privacy, security features with new upgrade Oluwapelumi Adejumo · 2 hours ago · 2 min read

The Monero community has remained focused on enhancing the protocol’s privacy and security features despite increased scrutiny from regulators on privacy tokens.

2 min read

Updated: August 15, 2022 at 12:49 pm

Advertisement

Cover art/illustration via CryptoSlate

Monero (XMR) completed a hard fork that improved its security and privacy features on August 13.

Congratulations on a successful network upgrade! 🎉 #Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!

Make sure your node/wallet is updated to continue using Monero.

Privacy and fungibility matter, and it’s exciting to keep improving!

— Monero (XMR) (@monero) August 13, 2022

Advertisement

The hard fork, which has been in the works for four months, was completed on block 2,688,888. Over 70 developers worked on the upgrade.

The upgrade

According to Monero’s website, the hard fork fixed the internal multi-signature mechanism on the protocol. It also increased the number of co-signers approving ring signatures from 11 to 16.

A ring signature makes the protocol a popular choice among privacy advocates as it hides the origin of transactions on the network.

Additionally, the network upgraded its bulletproof security algorithm to bulletproof+. The improvement will further reinforce privacy in the protocol.

Regulators targeting crypto privacy protocols

The Monero upgrade comes when privacy protocols like Tornado Cash are under fire from regulators.

Advertisement

The United States sanctioned Tornado Cash over its use by criminals, and its developer was arrested in the Netherlands.

But this does not appear to faze the Monero community, who have remained focused on enhancing the protocol’s privacy and security features.

The blockchain network has recorded 15 updates since its launch to make it more secure and private.

Justin Berman, a software developer working on the protocol, said he would not go “anonymous to do something completely normal.”

I work on @monero to help make money that’s easy to use without revealing your net worth + salary + entire spending history to the world when you use it.

Completely normal thing.

Advertisement

I’m not going anonymous to do something completely normal.

— Justin Berman (@justinberman95) August 15, 2022

Meanwhile, there is a $625,000 bounty by the United States Internal Revenue Service (IRS) for whoever can crack the Monero code.

Monero is double-edged

While the protocol has enjoyed much acclaim from privacy enthusiasts and human rights activists, malicious players have also taken advantage of its features for their benefit.

According to Monero outreach, the protocol primarily benefits people under oppressive regimes or countries with weak economies.

Advertisement

Experts like Johnie Cosmos have also identified that the token could be the best candidate for an electronic peer-to-peer electronic cash system because of its privacy features.

However, its XMR token is also one of the most popular cryptocurrencies among cryptojackers who hijack the computing resources of unsuspecting users to mine crypto.

It is also popular among ransomware groups that demand crypto ransom payments.

As of press time, XMR is exchanging hands for $164.72 after dropping by over 2% in the last 24 hours.

Posted In: Monero, Privacy

Advertisement

Analysis

Biggest Movers: SOL Moves Towards $35.00, XMR Extends Recent Gains

Published

on

Biggest Movers: SOL Moves Towards $35.00, XMR Extends Recent Gains

Solana rose for a second straight day on Thursday, as the token moved closer to its long-term resistance point of $35.00. Monero was also in the green during today’s session, extending recent gains in the process. Overall, markets attempted to rebound, following a red wave which swept through markets to start the week.

Solana (SOL)

Solana (SOL) was mostly higher during Thursday’s session, as the token moved towards a key resistance level.

Following a low of $32.79 on Wednesday, SOL/USD rose to an intraday high of $33.92 earlier in the day.

Advertisement

The move saw solana move closer to its ceiling of $35.00, which has mostly held firm for the past fortnight.

SOL/USD – Daily Chart

As can be seen from the chart, today’s climb led to the 10-day (red) moving average nearing a crossover with its 25-day (blue) counterpart.

Despite the prospect of this occurring, prices may remain lower up until the 14-day relative strength index (RSI) breakout out of an upcoming ceiling of its own.

The index, which is currently tracking at 49.22 is nearing a resistance mark of 51.00, which will likely be a major hurdle in preventing SOL from further gains.

Monero (XMR)

Another notable mover in today’s session was monero (XMR), which also moved higher for a second consecutive day.

Advertisement

Despite current market volatility, XMR/USD was able to rise on Thursday, hitting a peak of $148.98 in the process.

As a result of today’s surge, the token remains close to Monday’s top of $152.84, which was a two-week high.

XMR/USD – Daily Chart

This point was also close to a resistance of $153.00, and it appears as if bulls opted to secure gains as opposed to pushing for a breakout.

Chances are, monero bulls are now aiming to not only recapture, but rally beyond this ceiling in the coming days.

However, like solana, XMR will need to move beyond a ceiling of 51.55 on its RSI, if it is to extend today’s run.

Advertisement

Register your email here to get weekly price analysis updates sent to your inbox:

Could monero hit a fresh multi-week high in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Altcoins

Monero’s latest network upgrade could be important for your next trade

Published

on

Monero’s latest network upgrade could be important for your next trade

Monero recently announced an upgrade that can easily be dismissed as another run-of-the-mill security update. A deeper dive, especially in regards to the reason behind the upgrade reveals that it is an important upgrade for security future-proofing.

Monero has been consistent especially when it comes to security updates. So much so that it has been assessing its network’s resilience against future threats.

AI has progressed rapidly in the last few years and it is currently among the biggest threats to financial networks. Monero’s latest upgrade was in response to findings from a research study aimed at establishing its resilience against AI.

Congratulations on a successful network upgrade! 🎉 #Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!

Make sure your node/wallet is updated to continue using Monero.

Advertisement

Privacy and fungibility matter, and it’s exciting to keep improving!

— Monero (XMR) (@monero) August 13, 2022

The findings revealed that the network of malicious attackers can compromise ring signature resilience using AI. This would compromise the network, paving the way for a successful attack. Justin Ehrenhofer from Magic Grants and also one of the report authors, in this regard, stated,

“The results showed that with 11 ring members, public information on the monero could aid an attacker in predicting the true spend of a transaction greater than the random guessing probability of 9% (1/11). With this model, the likelihood of a correct guess grew to 13.3%, a modest increase.”

Sealing potential loopholes

Monero responded to the research by increasing the ring size from 11 to 16. The threat of an AI-powered attack could seriously compromise network operations and trigger FUD among investors.

However, XMR did tank by 11.63% on Tuesday (13 September), although this price action was mainly due to its correlation with the rest of the crypto market.

Advertisement

The pullback cut short XMR’s rally towards its 3-month high. Instead, it pulled the price back towards the 0.236 Fibonacci retracement level.

Source: TradingView

Well, Monero has already bounced back multiple times from the same Fibonacci price level at the $142 price zone.

XMR’s daily candle was up 3.37% at press time (on 14 September) after bottoming out at $145.  The price is currently shaping up for another mid-week bounce just like last week.

Nevertheless, investors are still on the fence about the current market trajectory, especially with new economic data coming out this week.

Advertisement

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

Advertisement

Continue Reading

bulletproofs

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week

Published

on

The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week

The privacy coins monero and zcash managed to see fewer percentage losses against the U.S. dollar this week, in contrast to crypto assets like bitcoin, ethereum, and solana. Seven-day statistics indicate zcash has lost 5.6% against the USD, while monero dropped by 6.1%.

Privacy Coins Manage to Stave off Some of This Week’s Market Carnage, but Are Still Down 62% Lower Than 9 Months Ago

At the time of writing, the entire market capitalization of all the privacy coins in existence is roughly $5.55 billion. Monero (XMR) leads the pack with a market valuation of around $2.64 billion or 47.5% of the entire privacy coin economy. Zcash (ZEC) is the second largest privacy coin in terms of market capitalization as ZEC’s overall market valuation today is $789 million.

The top five privacy coins by market valuation on August 29, 2022.

Behind XMR and ZEC, are privacy tokens such as decred (DCR), nucypher (NU), secret (SCRT), horizen (ZEN), ergo (ERG), digibyte (DGB), and beldex (BDX), respectively. Top privacy coin double-digit gainers this week include deeponion (ONION), litecash (CASH), pivx (PIVX), and masari (MSR). The week’s top privacy coin losers in terms of percentage losses include tokens like zclassic (ZCL), lethean (LTHN), and phore (PHR).

Advertisement
XMR/USDT 1H chart.

The top five privacy coin crypto assets make up most of the $5.55 billion in privacy coin value, and each token offers different types of privacy techniques. XMR is a Cryptonote token with a blockchain protocol that was not forked from Bitcoin. XMR uses ring signatures, ring confidential transactions, stealth addresses, bulletproofs, and Dandelion++. The ZEC network can shield transactions by leveraging a zero-knowledge proof called zk-SNARKs.

ZEC/USDT 1H chart.

Decred (DCR) utilizes a Coinjoin mixing scheme called Coinshuffle++ (CSPP) to obfuscate transactions. Nucypher (NU) deploys Proxy Re-Encryption (PRE), a technology that allows the owner of the private key to encrypt data. Similar to NU, the Secret (SCRT) blockchain provides key management techniques, Trusted Execution Environment (TEE) schemes combined with encryption to enhance privacy.

While privacy coins have taken less of a beating this week compared to ETH or BTC, they still have lost quite a bit of value during the last year. Four months ago the privacy crypto coin economy was worth a whole lot more, at $10.7 billion. XMR’s overall market valuation was $4.13 billion and ZEC’s was $1.84 billion on April 28, 2022. Nine months ago on November 6, 2021, the privacy token economy was worth $14.9 billion.

At that time in November 2021, NU was not in the top five, as horizen (ZEN) held the fifth position in terms of privacy coins by market cap. XMR’s overall market valuation was $4.69 billion. ZEC’s market capitalization on November 6, 2021 was slightly higher than the April 28, 2022 record with $1.94 billion. In November 2021, XMR’s and ZEC’s market caps combined were larger than today’s privacy coin economy value.

Tags in this story

bulletproofs, CoinJoin, Dandelion, Decred, horizen, Mixing Coins, Monero, Nucypher, Privacy, Privacy Assets, privacy coins, privacy crypto, Privacy techniques, Privacy Tokens, ring confidential transactions, Ring Signatures, Secret, stealth addresses, xmr, Zcash, ZEC, zen

Advertisement

What do you think about the privacy coin market action in recent times? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Continue Reading

Top posts

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M
Bear Market1 hour ago

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M Liam ‘Akiba’ Wright · 3 mins...

What the Employee Retention Credit Means for You What the Employee Retention Credit Means for You
Uncategorized2 hours ago

What the Employee Retention Credit Means for You

When you file an annual tax return for your business, there are several tax credits of which you may take...

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council
BAYC4 hours ago

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council

The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be representatives of the Bored...

Russia blocks crypto exchange OKX without disclosing reason Russia blocks crypto exchange OKX without disclosing reason
Exchanges4 hours ago

Russia blocks crypto exchange OKX without disclosing reason

Russia blocks crypto exchange OKX without disclosing reason Zeynep Geylan · 9 mins ago · 1 min read The authorities...

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure? Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?
CFTC5 hours ago

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?

Ethereum has been seeing increased regulatory scrutiny in recent months. This comes following the network’s move to a proof of...

Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day
$1.26 million6 hours ago

Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day

Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset...

Curious About I Bonds? Join Our Free Workshop Curious About I Bonds? Join Our Free Workshop
Curious6 hours ago

Curious About I Bonds? Join Our Free Workshop

Credit: Rita-Soledad Fernández Paulino Personal finance expert Rita-Soledad Fernández Paulino is the founder of Wealth Para Todos. She’ll be hosting...

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September Biggest Movers: DOGE, XRP Hit Highest Point Since Late September
Analysis6 hours ago

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

Dogecoin was trading near its highest point since late September on Wednesday, as prices rose for a second straight day....

Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion
$31 Trillion8 hours ago

Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion

A recently published forecast stemming from the Federal Reserve Bank of Cleveland’s Inflation Nowcasting data indicates upcoming U.S. consumer price...

Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High
Analysis9 hours ago

Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High

Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency...

Binance And Kazakhstan To Share Information About Crypto-Related Crime Binance And Kazakhstan To Share Information About Crypto-Related Crime
agreement10 hours ago

Binance And Kazakhstan To Share Information About Crypto-Related Crime

Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading...

Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker
Allison Clements12 hours ago

Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker

Jared Huffman, a United States lawmaker who advocates for increased scrutiny of crypto-mining entities, has reportedly chastised U.S. energy agencies...

BNB and BUSD holders, this Binance announcement can affect… BNB and BUSD holders, this Binance announcement can affect…
Altcoins12 hours ago

BNB and BUSD holders, this Binance announcement can affect…

Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of...

Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary
Cybersecurity13 hours ago

Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary

These top 10 white hat hacking courses will guide you in predicting vulnerabilities accurately The rising number of cybercrimes is...

New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers
Axie Infinity13 hours ago

New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers

The latest data from Coin 98 Analytics shows the Web3 gaming platform Gameta as the top-ranked gamefi (the intersection of...

What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax
Cryptocurrency14 hours ago

What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax

Want to invest in cryptocurrencies? Here is how you will pay your income tax. A cryptocurrency is a form of...

A-Z of how the BNB Chain fared in September A-Z of how the BNB Chain fared in September
Altcoins14 hours ago

A-Z of how the BNB Chain fared in September

BNB Chain, home to leading decentralized exchanges PancakeSwap and Venus Protocol, closed Q3 with growth in some of its ecosystem...

Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days
Cryptocurrency news15 hours ago

Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days

To everyone’s surprise, the Celsius Network is still operating after the drama surrounding its bankruptcy in July. Alex Mashinky, the company’s...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone