Privacy Coin Monero May Be Facing Security Concerns of its Own

As the most effective of the so-called privacy coins, Monero is designed specifically to make it impossible for anyone to trace by breaking the chain connecting one transaction to another. But now, it’s facing a potential crisis on its home front as a growing concentration of power calls into question just how secure those transactions are.

Privacy Coin Monero May Be Facing Security Concerns of its Own Monero-coin-1000x600

Privacy Coin Monero May Be Facing Security Concerns of its Own Monero-coin-1000x600

While blockchain transactions are said to be immutable, there is one big asterisk next to that statement: A 51% attack, which allows anyone who gains control of more than half of the computing power used to mine rewards by adding a new block of transactions to a blockchain to seize control. This would let them double-spend funds used in transactions, making payments via Monero untrustworthy.

The problem is that one of the Monero mining pools — individual miners who pool computing power and rewards — has grown to control 44% of that computing power, known as hash power, putting it far too close to a majority stake for comfort.

That is especially worrisome for a cryptocurrency whose sole strength is the trust of users who want their financial transactions protected. That user list potentially includes criminals or others with something to hide. Still, in the libertarian-minded crypto community, it also has a lot of people who aren’t laundering money, evading taxes or hiding it.

There have been calls for a boycott of the pool, MineXMR, on Reddit’s r/MoneroMining community, with more than 62,000 members.

.https://www.pymnts.com/cryptocurrency/2022/privacy-coin-monero-may-be-facing-security-concerns-of-its-own/

Privacy Coin Monero May Be Facing Security Concerns of its Own

Privacy Coin Monero May Be Facing Security Concerns of its Own

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