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Monero and Zcash are ‘privatizing the blockchain,’ claims Nym Technologies’ Harry Halpin

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Monero data are "recordable" by enemy says Nym Technologies CEO Harry Halpin
Source: Pixabay

Monero, the privacy coin, and its fundamental features – ring signature, ring confidential transactions, and stealth addresses, have received a lot of attention in the past. However, in a recent edition of the Keiser Report, Nym Technologies’ CEO, Harry Halpin, said that Monero and Zcash were basically “privatizing the blockchain” itself and the sensitive data can be easily viewed by fraudulent entities. To prevent network-level transactions to become visible to a third party entity like a well-funded company, the CEO said,

“When you want to send a Bitcoin transaction you’re doing a peer-to-peer broadcast on the network level so even if you use like zero knowledge proves and you use ring signatures like Monero or whatever it is on the chain itself that peer-to-peer traffic is actually capturable/recordable by any enemy who is watching the network”

Tor, which started out as a Navy research project, has been added to Nym as a solution to conceal sensitive data on its platform, which according to Halpin, makes Nym better than Monero and ZCash. He added,

“Tor is like a really great product if your enemy is like the government of Venezuela the government of Iran some government which can’t see the entire internet or some company which can only see a small portion of the internet”

In light of the ability of some entities to be able to monitor the entire internet, an older design called the mix networking or “mixnet” can help conceal exposure of network data, he said. The CEO added that mix networking destroys the pattern of the data sent, first by reshuffling it, then by manipulating the timelines data sent and lastly, by sending “dummy packets” of data.

Mix tech that powers Nym technologies was introduced by developer David Stainton.

Further, he also clarified that Nym does not take grants from the US government, but is an open-sourced software ran by volunteers. He added that the firm is non-profit and does not take incentives.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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