Monero’s Anonymity Can Be An Illusion – Research
The popular anonymous altcoin Monero is failing at its core. Wired writes about this with reference to a group of researchers from the universities of Princeton, Carnegie Mellon, Boston, Massachusetts and Illinois, who published a work in which they questioned the private qualities of Monero.
In their opinion, Monero’s problem lies in the technology of mixing coins, with the help of which cryptocurrency manages to obfuscate transactions and, accordingly, hide the identity of the real sender..
Monero originally allowed its users to send transactions without using anonymity, that is, without mixing coins. The problem is that the coins that were used in these transactions have already been spent, and now information about their movements can be used to further unravel the chain of transactions.
Another problem is the timing of transactions. When real and false coins are mixed in a transaction, the real ones, as a rule, are those that moved shortly before the transaction was made. The Monero developers have recently fixed this vulnerability, but the researchers argue that the data on the transactions that were carried out before this allows them to identify the sender with 90% accuracy..
Researchers estimate that about 25% of XMR transactions are illegal. While they did not necessarily identify those who used the cryptocurrency to conduct questionable activities in the course of their work, analysts say their findings may indicate major problems with the reliability of XMR..
Monero lead developer Riccardo Spagni stated: “Anonymity is not something that can be achieved one day; it’s a constant battle and chase “.
“There is a certain set of measures that we can take to improve the sample, but the reality is that this problem is insurmountable,” – added Spagni..
Developer Daniel Larimer wrote: “Another example of how anonymity is only a temporary illusion. Don’t rely on anonymous coins to circumvent laws or taxes. “.
Earlier it became known that Monero is preparing to carry out an update to combat ASIC mining.
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