Monero price hits all-time high levels of $250

0
70
Monero price hits all-time high levels of $250

Monero price continues to surge with the cryptocurrency reaching an all-time high of $250.

Just on Monday monero was trading below $200 and in a matter of just a few hours monero price has surpassed $250 mark translating into a $3.9 billion market cap. There are at least three different factors that led to the surge in monero price. First is John McAfee words of praise for monero as an alternative to bitcoin. He said that if there was a serious competition for bitcoin, it was monero.

Second factor is the announcement of Project Coral Reef. The project is an online shopping initiative that will allow music fans to use monero to purchase holiday gifts from more than 35 high-profile musical artists, including Mariah Carey, Toby Keith, and Fall out Boy at discount prices.

The third factor that may very well be the most significant is a paper published by University of Michigan-Dearborn researcher Jeffrey Quesnelle who questioned the privacy of Zcash’s shielded addresses.

Quesnelle found that — at least the way most people currently use the shielded address feature — 31.5 percent of transactions using zk-SNARKS cryptography could be circumstantially linked to their original address. Zcash’s Zooko Wilcox and Jack Gavigan wrote a blog post addressing the research, stressing that it had not uncovered any security vulnerabilities. However, they conceded that many users misunderstand how shielded addresses should be used, which is why they inadvertently sacrifice their privacy when using this feature.

Monero developer Riccardo Spagni expressed a hint of vindication on Twitter, recalling that NSA whistleblower Edward Snowden had praised the Zcash project but referred to Monero as “amateur crypto“.

“Turns out that 31.5{354c91d6c770f51e2d958086b609baaa0554bba184b320adf9922a4fa7c1531f} of the handful of ZCash private transactions are traceable. What’s that [Edward Snowden] quote again? Oh yes – ‘Great project, but the problem with amateur crypto is mistakes happen and have huge consequences for people like me,’” Spagni wrote.

LEAVE A REPLY

Please enter your comment!
Please enter your name here