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Monero [XMR] is designed to be a privacy preserving currency, says Riccardo Spagni

Priya

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Monero [XMR] is designed to be a privacy preserving currency, says Riccardo Spagni
Source: Unsplash

Riccardo Spagni aka FluffyPony, the lead developer of Monero and the CTO of Tari, spoke about Monero and its privacy protocol, in an interview with Forbes.

Spagni has always been a well-known advocate of the privacy coin and privacy itself, with the developer even remarking that privacy is a “basic human right” on several occasions. More so, during an interview with WhatBitcoinDid, FluffyPony revealed that the privacy aspect of the cryptocurrency was one of the main reasons that lead him to choose it over Bitcoin [BTC].

Here, he stated that the coin was doing something “concrete for privacy” and that the coin has pushed forth the privacy barrier. Apart from the privacy aspect, Spagni also stated that he went over to the Monero side because the coin was not based on the Bitcoin codebase.

Speaking with Forbes, Spagni continued to stand by his beliefs pertaining to privacy. He said:

“I’m a big advocate for personal privacy. I think that it should be a basic human right. The way all our data has just sort of been splurged online through hacks and compromises and malware and sometimes our own stupidity, we’re in a situation where privacy-preserving projects are a necessity”

Along with contributing to the development of the privacy coin, FluffyPony has also talked about the need for a privacy-preserving protocol for Bitcoin, wherein he had stated that privacy is the one factor setting Bitcoin and Monero apart. He had also stated that if there was an implementation for preserving privacy on Bitcoin, then it would be an “excellent feat of engineering.”

In order to push the privacy aspect of Monero ahead by implementing Tari protocol as a sidechain of Monero, Tari will also be implementing MimbleWimble protocol, introduced to solve the privacy and scalability problems of Bitcoin.



To add on, the lead developer also opined on auditing Monero’s transactions. He said:

“Monero is auditable. You can take the view key and you can give it to a third-party auditor or the IRS. Since the view key feature is cryptographically linked to your wallet, there’s a guarantee no one can manipulate or hide certain transactions associated with the wallet address”

Apart from this, during the recent interview, Spagni also opined whether Monero is an investment or not. He said:

“Monero’s probably not an investment. It’s designed to be a currency, and in particular it’s designed to be a privacy-preserving currency.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

WAVES/BTC sees dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order

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WAVES/BTC hits a dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order
Source: Pixabay

Waves, the 29th largest cryptocurrency, hit lows against BTC on April 17, and users speculated that this could have been due to a massive sell order.

Waves, at press time, was trading a $2.71 with a market cap of $270 million and had a trading volume of $15 million. However, on April 17, the price of Waves hit rock bottom due to a massive sell-off similar to one that Ethereum witnessed a few years back.

Source: TradingView

As seen in the above chart, the price of Waves against BTC hit exactly 0.0000001 BTC, which amounts to 1 Satoshi. The volume for the said candle is also massive, further confirming a sell order of massive amounts. The coin has since increased by approximately 3% against Bitcoin in under 24 hours.

Crypto enthusiasts on Twitter couldn’t hold back their opinions as one user, @BitBitCrypto tweeted



“- $WAVES did not trade at 1sat, it traded at 10sat
– It is still a great project and with a huge potential
– This sell order has nothing to do with WAVES (the project)
– This trade wasn’t done on Binance web cause you can’t place this low, it was API
– I didn’t buy it at 10 sat”

Another user @BITCVIX tweeted:

TradingView commented on this matter saying:

“Something strange is always happening in the #crypto market”





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