Privacy exchange Beldex aims to introduce POS on its Monero-based blockchain as we are about to read in the Monero news today. The Estonia-based cryptocurrency exchange announced the news on the official website and the company stated they will be using the PoS for their native token.
PoS or Proof of Stake algorithm will bring the Beldex privacy-oriented exchange many advantages. One of the most important would be the faster transactions. By using the PoS mechanism in theory, the transactions can be confirmed in only a few seconds and this will allow the BDX coin to be used in payments rather than only being used as the proposed way of exchanging coins privately. The BDX token is basically a fork of Monero and has a masternode introduced. The masternode is a special node that keeps the whole copy of the blockchain and not only that. The masternode also takes part in the voting and governance of the blockchain. In order to ensure the trustworthiness of the master node and to protect the blockchain from fraudulent users, a huge number of tokens need to be time-locked.
In the BDX blockchain as well, in order to operate a masternode, the users have to stake some tokens. the current minimum requirement is 10K BDX tokens. The master nodes in BDX receives a slight portion of the block reward. The BDX blockchain now uses the Monero PoW algorithm. POW is short for proof-of-work and this is a piece of data that is difficult to produce but very easy to verify. The PoW algorithms verify the authenticity of the data and verify the transaction as well. Since the data is very hard to reproduce, the blockchain remains secure.
There is a slight setback for the PoW mechanism. It is very slow and it usually requires a huge amount of energy to maintain security. The blockchain of the privacy exchange Beldex itself is not immune to the drawbacks of the PoW as well. Based on these setbacks, BDX aims to introduce the new PoS mechanism on the Monero blockchain fork. The idea is not ready yet as per the latest Monero news that we have today but according to the website of the exchange, it will happen in the near future.
Monero Improving Privacy As A Coin: How Does It Work?
Where To Buy Monero: Get Your Privacy Cryptocurrency Today
North Korea Is Focused On Mining More Monero Than 2019
"We have observed an at least tenfold increase in Monero mining activity from North Korean IP ranges since May 2019. We believe that Monero’s anonymity and lower processing power requirements likely make Monero more attractive than Bitcoin to North Korean users.’’Monero is a privacy coin that makes it extremely hard for anyone to try and see who is sending or receiving transactions. It has been used in illegal activities previously and it is often accepted on the dark web by cryptojackers and hackers in a bid to try and steal other people’s computer power to mine cryptocurrency. The reports showed that North Korea is focused on mining more Monero since it is using the coin since August 2017 when the Bitcoin proceeds from cyberattacks were swapped to Monero. The reports also show that the North Korean military is trying to engage in crypto mining as well but the United Nations analysis are not certain if the same entity is responsible for mining the privacy coin:
"We assess that cryptocurrencies are a valuable tool for North Korea as an independent, loosely regulated source of revenue generation, but also as a means for moving and using illicitly obtained funds.’’North Korea has even considered the idea of creating its own digital currency which could potentially be used to surpass the sanctions imposed by the United States. The former Ethereum foundation member Virgil Griffiths who visited the country for a conference pleaded innocent to the charges that he was conspiring with the country to avoid the US sanctions. Virgil Griffith, the Ethereum foundation researcher has been denied bail in New York after he was initially arrested in North Korea so now he will be appealing the action. The charges against Griffith could end in giving him 20 years in a jail prison sentence. He allegedly disowned the status as an American national via text messages to members of his family which were later quoted by the US Attorney’s office.
Monero Hack Group ‘Outlaw’ Starts Targeting American Businesses
"[W]e expect the group to be more active in the coming months as we observed changes on the versions we acquired.’’Although Outlaw confined itself only to computer systems in China, Trend Micro’s report found that it was targeting businesses in the United States. The company found that the group targeted a few honeypots- a machismo that is designed to lure the hackers to attack it which was situated across the Eastern European region. The report didn’t explain where the names of the businesses that were affected by the malware. The Monero hack group also tried to steal information and to sell it to the highest bidder and the companies in the auto industry have not updated their internet security systems so they are now at high risk. Outlaw first came to light in 2018 after installing crypto-mining bots in the software of the Internet of Things devices. In 2019, Trend Micro announced that the group is attacking computer systems in China with a similar malware design that could hijack computer power to mine monero. Malware that is able to hijack the computer’s power to mine monero is not something new. In 2018, more than half a million computers were infected with a botnet that was able to mine 9,000 XMR tokens over nine months. Being a privacy coin, hackers can sell Monero without the risk of detection from the authorities.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
WaBi Guide: The Youngest Class Of Cryptocurrency Explained
Decentraland ICO Crypto Finally Opens After Three Years
VET Payments Will Now Be Available In WooCommerce Shops
Bitcoin Lightning Solves The Speed Issue But Can’t Escape Fraudsters
Malta’s Financial Watchdog Says Binance Is Not Licensed
Dash Partners With Simplex, Offering A Fiat On-Ramp To Its Users
BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year
Litecoin Prints Many Buying Signals Which Could Prove Bullish
Ripple And Coinbase Are Among 10 Biggest Companies In 2020
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News6 days ago
Enjin Goes Live On The Ethereum Mainnet: Report
- Bitcoin News6 days ago
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
- Vechain News5 days ago
VeChain Announces Schedule And Election Of New Members
- Bitcoin News5 days ago
Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels
- Libra News5 days ago
EU Does Not Know What To Do With Facebook’s Libra Coin
- Bitcoin News6 days ago
Where And How To Spend BTC In 2020: The Ultimate List
- Binance Coin News5 days ago
Binance Coin Declines To $22 After Bouncing Back
- Altcoin News5 days ago
Buy Top Products From Taiwanese Brands With Gifto (GTO)