Monero nears golden cross formation as the XMR 50-day EMA and the 200-EMA both cross bullishly over the past week as reported in the Monero news today.
It seems now that all eyes are on the heavy resistance zones of $100 based on VPVR and the psychological round numbers as Monero nears the golden cross zone. Created back in 2014, the privacy coin Monero proclaims unlinkability, privacy, and untraceability of the transactions. The cryptocurrency is down by 86% from its all-time high of more than $500 which was established in 2017. The market cap now stands at $1.15 billion ranking 15th on the market cap table with $42 million in trading volume over the past day.
A quick comparison between the privacy coins shows that XMR leads the market cap position and daily fees including holding second place in other categories with available data. MLSAG signatures that are bused by Shen Noether’s RCT, are based on the Gregory Maxwell’s Confidential Transactions and Ring Signatures.
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These signatures allow any member of a group to produce a signature on behalf of the group without having to reveal the individual identity of the signer.
RCT was implemented on XMR in 2017 and improves by using the ring signatures by allowing hidden transaction amounts, destinations and origins to verify the coin generation. The stealth address feature gives more transaction privacy by allowing the single-use addresses which only reveal where a payment was sent to the sender and receiver. The multi-sig wallet function in the native XMR wallet was also implemented in 2018. The drawback of the hidden ledger is the inability to audit the chain and to determine if extra coins have been minted. HackerOne revealed several vulnerabilities including the ability to send fake XMR to the exchange wallet.
The reports show that by mining a specially crafted block that still passes the verification, an attacker can create a miner transaction which will appear to the wallet and will include the sum of XMR picked by the attacker. The bug didn’t affect the on-chain XMR values as it was patched a few months before the HackerOne report. The transactional privacy features used in XMR also attracted mining malware and ransomware operators over the past years.
There were several malware variants that affected different operating systems. McAfee Labs reported a few which targeted the old Linux operating systems. Mining malware affecting cloud providers using Linux was found in 2019 by Paolo Arto. Trend Macro also reported a huge uptick in XMR related mining malware since 2018 including two mining malware variants that affected Windows servers and Linux malware Coinminer as well.
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