Monero | Frequently Asked Questions : What is the reason for monero’s delisting?

Monero | Frequently Asked Questions: What is the reason for monero’s delisting?

Bittrex announced it would delist monero (XMR), zcash (ZEC), and dash (DASH), continuing a trend of cryptocurrency exchanges delisting privacy coins.

The exchange said in a release that the coin markets have been removed last Friday, Jan. 15, at 23:00 UTC.

While Bittrex gave no explanation for the removals, exchanges around the world have been delisting coins that preserve user privacy in compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations.

As an example, the U.S. Congress has been asked to restrict the use of privacy-focused cryptocurrencies by the Secret Service.

Dash responded via Twitter, calling the label “privacy coin” a misnomer in its case, saying, “Dash’s privacy function is on par with what bitcoin offers.” Dash is seeking a meeting with Bittrex’s compliance team to be reinstated.

ZEC and XMR both fell 12.28% and 14.44%, respectively, on the news.

What is the anonymity of Monero?

Monero is a cryptocurrency that offers high levels of anonymity. The first thing you need to know is what anonymity means on the blockchain.

Bitcoin is Partially Anonymous

Bitcoin is only anonymous up to a point. On the blockchain, you can see the sender address, the recipient address, and the amount transferred for each transaction. Identities can be retrieved through different analysis methods and attacks (dusting attack). Bitcoin’s blockchain is extremely transparent, since all transaction flows can be tracked indefinitely.

Cryptocurrency offers FULL Anonymity

Monero implements Cryptonode, a protocol that obscures all blockchain operations. Each recipient receives a unique address for each transaction, a so-called stealth address, which cannot be mapped to his public address. Using his private key, the recipient can identify the transaction on the blockchain.

By using ring signatures, the transmitter is masked. On the blockchain, random transactions are mixed with the correct ones. A cryptographic process can be used by the miners to check that one of the transactions in the ring signature was signed with the correct key. However, you don’t know which ones. In other words, looking at the blockchain, it’s impossible to tell which transactions were issued. Ring signatures can have a variable number of transactions. Naturally, the more transactions there are, the more secure the whole thing is.

The ring signature vulnerability

The ring signature is also a weak point. An attack called FloodXMR exploited this vulnerability, for instance. There were a lot of mini-amount transactions. As the number of these transactions on the blockchain increases, the more precisely the sender can be identified. To hide in the blockchain, random transactions are used for the ring signature.

When all transactions from one party are merged, this party will understand which transaction is the sender’s transaction and can track it. The attack presented caused a stir because the attack is relatively inexpensive. Only one transaction can be tracked by the attack. There is still no way to determine which address is behind the recipient.

Comparative analysis with other privacy coins

A mixer service can also anonymize bitcoins by mixing them with other transactions (coinjoin). However, you must rely on central authorities. It is also important to note that mixers do not completely rule out successful analysis methods.

Dash implements a multilevel coin-join protocol. Private broadcasts are optional and handled by masternodes. The anonymity of Monero is mandatory. Transparent transactions cannot be supported. Despite the obfuscation, you can see how much money a user spends with Dash; Coinjoin only disguises who the money goes to. Dash’s Coinjoin has many attack scenarios, which require a lot of effort but are still possible. Another problem is when, for example, Large crypto exchanges, for example, could block all addresses to which the coins of a blocked address were sent if they wanted to block an address together (do not allow sales). Monero does not allow such actions.

Zcash is a privacy coin that also provides optional anonymity. Zcash developers have succeeded in completely disguising the station with zero-knowledge proofs. By using the new cryptographic method, the sender can prove that he has the private key without divulging the public key.

 Analyzing this is impossible. Zcash would not have a problem with FloodXMR, for example. Creating zero-knowledge proofs is still extremely time-consuming and not possible with all devices.

With a high degree of anonymity, Monero is an extremely secure cryptocurrency. Although there are now more anonymous procedures, they are still not applicable.

Monero’s value increases over time?

Like Bitcoin and Ethererum, the cryptocurrency Monero has also shown a dramatic bullish trend recently. Based on the performance of the past month, the XMR/USD pair has gained +$ 150, nearly 300%, to trade at $ 220s. On a yearly basis, the XMR/USD pair has gained +$ 150, or 273.54%, over the last six months. According to the XMR/USD Live Price chart, Monero (XMR) is trading at $ 198. The market cap of Monero is USD 3,653,624,934, and currently there are 17,837,278 XMR circulating.

Monero (XMR) is a cryptocurrency that focuses on being untraceable and private. It differs in a few key ways from Bitcoin, but it can be understood as a cryptocurrency. The coin can be used to buy and sell things, as well as exchanged for other coins or tokens. As mentioned before, Monero XMR focuses on privacy and anonymity, so transactions with XMR coins can be completely anonymous, just like physical cash. Monero is a fork of the Bytecoin blockchain, which was originally called Bitmonero, created in 2012.

Monero (XMR) is fungible, and you have full control over your currency and transactions. Unlike Bitcoin, Monero has no pre-set size limit, which means malicious miners can clog the system with disproportionately large blocks. Monero (XMR) is expected to become one of the top three cryptocurrencies in 2020, according to the oracle time, and Monero’s privacy policy is gaining widespread acceptance.