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Monero [XMR]’s privacy feature may lead to pressure on countries to address status of privacy coins

Priya

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Monero [XMR]'s additional privacy feature may lead to higher pressure on countries to directly address the status of privacy coins
Source: Unsplash

Monero [XMR], one of the leading privacy coins in the space, was in the headlines earlier this month because of its hard fork. The coin has now made a comeback due to the same reason. Binance Research posted a research article titled, ‘Examining the Implications Behind Monero’s Latest Fork’ that focuses on the effects of the updates introduced on Monero during the recent hard fork.

The hard fork that occurred on 9 March, 2019 was a non-contentious fork, which did not result in the creation of a sidechain. Notably, this fork carried out four main upgrades, dynamic block size algorithm update, change in Proof-of-Work [PoW] algorithm, addition of dummy encrypted payment ID, and “shrinking the size of amount encodings and using deterministic masks,” to simplify amount commits.

Interestingly, this hard fork was supposed to take place in the next few months, but was advanced because of the dominance of ASIC miners on the Monero network. The fork successfully decreased its dominance by over 80 percent, according to data by 2miners.

The report by Binance Research stated that one of the upgrades, the addition of dummy encrypted payment ID, “made it harder” to discover the origins and destination of a transaction.

The report stated the implication to be,

“As several countries (e.g., France) and individual US states (e.g., Texas) are discussing whether or not privacy coins should be banned, this additional privacy feature may lead to higher pressure on countries to create legislature to directly address the status of privacy coins.”

It further stated,



“Regarding the improvement in the countermeasure to prevent a “big bang attack”, the initial issue was that the size of the block could increase exponentially.”

Source: Binance Research

Source: Binance Research

Additionally, the report stated that the long-term blocksize will be able to increase by “up to 1.4x after 50,000 blocks.” It added that the second addition was pertaining to the change in miner fees “as it is now calculated based on a long-term median block weight versus the previous 100-block median weight.”

The report said,

“As fees are now set based on the long-term median block weight, fees would not decrease when the amount of transactions keep increasing at a lower pace.”





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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

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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