Monero, the cryptocurrency dedicated to developing a Blockchain with 100% private transactions, just completed its sixth year of life. Here at CryptoTrend we want to tell you the latest news related to virtual currency. So you can get an idea of the situation your project is in today.
Buterin: There’s no point mining Monero on phones
In the crypto world we tend to debate everything and at all times. However, there is something on which there is practically a consensus, and that is around Vitalik Buterin. Or rather, around the respect that the figure of the creator of Ethereum, and its main developer, deserves among all users of the crypto world.
The ETH founder recently made headlines regarding Monero. When Buterin commented on the HTC project, so that the owners of their Exodus phone could mine the cryptocurrency thanks to an application. Which would allow them, in theory, to return to their mobiles in passive income generators.
In this regard, Buterin has a fairly clear stance, calling the project a “fool’s game”, and denying that the phones can ever become Monero’s mining nodes. Well, just to make the investment in the purchase of the phone profitable, it would take 500 years, an absurd amount of time from all points of view.
Privacy-focused cryptocurrencies on the rise
These days, privacy is increasingly one of the main characteristics sought by Internet users. Faced with the increase in the number of cyberattacks worldwide. As well as the intrinsic risks that our personal information falls into the hands of the wrong people or organizations.
That explains the increase in interest in privacy-focused cryptocurrencies like Monero and Zcash during 2019. When Monero managed to hit $ 110 per XMR.
An achievement that would have been reversed due to the latest developments in the crypto market, following the Coronavirus crisis. But they demonstrate an increase in the use and importance of these coins.
Cybercrime also taps Monero
However, this surge in privacy-focused cryptocurrencies like Monero also has a downside. Especially due to the recent migration of cybercriminals from Bitcoin to Monero. Demanding that payments made to these criminal organizations be made in full using XMR.
This is because, unlike the Bitcoin Blockchain, where there are multiple ways to track the owners of a certain wallet. Monero has created various schemes to protect the privacy of its users.
What can be used for both good and evil. And therefore it should be remembered when analyzing what situation your project is in.