Ethereum founder, Vitalik Buterin hits our coming altcoin news again this time for expressing interest in Monero’s privacy features in order to incorporate them in his cryptocurrency.
Buterin is partial to the ZK-SNARKS technology which is the technology used for the Zcash privacy coin. However, his senses appear to be keener on the development of privacy protocols. This became very clear when the research paper under the name ‘’FloodXMR: Low-cost transaction flooding attack with Monero’s bulletproof protocol’’ was published.
The ethereum founder wants to research what they call a ‘’flooding attack with Monero’s bulletproof protocol.’’ This means that an attacker will flood the network with their own transactions and eliminate the ‘’ mixins’’ from the transaction inputs in order to trace about 50 percent of inputs with a cost less than $2,000. The lead Developer at Monero Riccardo ‘’Fluffypony’’ Spagni, was in New York for the crypto conference where he discussed the FloodXMR report.
There are people that pointed out that Monero is not the only crypto projects with many challenges to overcome. One Twitter uses replied to Buterin by saying:
“Ethereum has its obstacles, so does Monero. I’m sure some very bright minds will take care of it. Both are legit projects.”
The ethereum founder clarified:
“I hope Monero overcomes its obstacles by switching to privacy schemes that make the anonymity set for each transaction be the set of all Monero users! The above wasn’t even intended to be against Monero in any way. I’m following this debate between different privacy tech mainly with an eye to seeing what privacy schemes to help support as layer 2’s for Ethereum.”
During the weekend, the Ethereal Summit is also taking place in New York as reported in the best cryptocurrency news sites. This is a ConsenSys event that was dubbed as the ‘’SXSW of blockchain.’’ However, Buterin managed to weigh in on Monero’s privacy protocol despite the busy week. At the conference, there were discussions on topics such as Ethereum 2.0 and the proof-of-stake protocol. The CEO of Messari Ryan Selkis forecasted that a shift to the POS protocol is years away.
Buterin, on the other hand, has privacy features on his mind a long time ago and even told the Tesla CEO Elon Musk about what can be built on Ethereum.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]