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Monero Leader Accuses MobileCoin of Borrowing Code

Republished by Plato

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Monero Leader Accuses MobileCoin of Borrowing Code | Crypto Briefing


















Meanwhile, others have criticized the cryptocurrency for being overly centralized.


Shutterstock photo by TATSIANAMA

Key Takeaways

  • Riccardo Spagni of Monero has accused MobileCoin of using the former coin’s code without acknowledging its origins.
  • Others have criticized MobileCoin for being overly centralized.
  • The coin became more notable this week when Signal decided to adopt it as a means of payment.

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MobileCoin is facing criticism around the origin of its features following accusations from one of Monero‘s lead developers.

Did MobileCoin Borrow Code From Monero?

MobileCoin combines Ring Confidential Transactions (RingCT) for privacy and Stellar consensus for fast block times. Josh Goldbard, the CEO of Mobile, claims that it is the “only [coin] ever built that is both privacy-protecting and fast.”

However, those claims are now under fire. At the time of launch, MobileCoin claimed it implemented CryptoNote, a ring signature-based protocol that achieves transaction privacy.

This is now being challenged by Riccardo Spagni, a leading Monero contributor, who accused the project of copying Monero’s technology without giving any credit. “MobileCoin claims to be based on CryptoNote, but it’s not. It’s based on Monero…not sure why there’s no credit where credit is due?”

To justify his accusation, Spagni noted that MobileCoin includes features first seen in Monero such as RingCT, subaddresses, bulletproofs, and “any development at all since Jan 2016.”

In response, MobileCoin founding engineer Alex Graveley denied the claims and said the team didn’t use any Monero code. Graveley even called Monero “the worst codebase” in a now-deleted tweet.

Centralization Also Under Fire

It is not just plagiarism that has attracted critics. Peter Todd of the blockchain security firm Coinkite has expressed concern over MobileCoin’s centralization. He argues that MobileCoin’s consensus protocol relies on centralized technologies including Intel SGX, Stellar Consensus Protocol, and Amazon S3.

He added that this makes a fork impossible. “Putting the consensus in Intel SGX makes it impossible for a second dev team to even exist: unless you run the official binaries, you aren’t on MobileCoin.” Todd noted that the coin’s creator is “hostile to forks, so [it is] no surprise [that] he’s doing this with his coin.”

The Monero community has made similar criticisms toward the coin. “MobileCoin uses the Monero protocol to provide strong privacy for users, but sadly relies on Intel hardware guarantees and centralization,” wrote Monero contributor Seth Simmons.

MobileCoin has defended its use of Intel SGX, which it says will help in making crypto payments for mobile users by eliminating the need to download and sync the entire ledger.


MobileCoin and Signal

MobileCoin attracted positive attention this week when the messaging app Signal announced that it will launch a payments option using the coin. Signal creator Moxie Marlinspike previously provided technical guidance to the project, meaning that the coin has a close relationship with Signal.

Signal’s messaging app reported a 4200% increase in downloads after launching the payments feature. This integration could help Mobilecoin gain adoption from Signal’s 20 million users.

The recent surge of criticism could also be detrimental to the cryptocurrency to some extent. However, it is not clear that this will discourage Signal fans from using the coin.

Disclaimer: The author did not hold the cryptocurrency mentioned in this article at the time of press.

This news was brought to you by Phemex, our preferred Derivatives Partner.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptobriefing.com/monero-leader-accuses-mobilecoin-of-borrowing-code/

Blockchain

More Crypto Gains, Less Carbon Emissions: Platform Plants Trees for Every Trader

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By now you’ve probably already heard the scary headlines…

“Bitcoin is killing the polar bears!” – anon

Heads Up: If you aren’t ready to save the world, skip to the end of this article to get yourself access to some awesome trading signals and tools for free.

According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin sucks up around 147 Terawatt Hours per year — 0.68% of global electricity production. In more easy to understand terms that’s around the same power usage as the entire country of Sweden, or Poland.

But is it that simple? No.

 

The reality is that yes the cryptocurrency industry is eating up a lot of power. But the same can be said for almost anything.

If you don’t enjoy Formula 1 racing, you might be tempted to say that it’s a total waste of time, money and a pointless contributor towards rising sea levels and climate change.

Whether or not Bitcoin is worth the environmental/energy cost is up for debate in much the same way.

Why care? Underwater trading is not fun!

Let’s go ahead and say we agree with scientific consensus that global warming is bringing us towards a period of extreme climate change and rising sea levels. Many island nations and countries with coastline are at risk including the densely populated cities such as London, UK.

If you already lose sleep over trades that are sat underwater for a few hours, it’s probably safe to assume that you aren’t going to have a good time if you need scuba gear to degen long your favourite alts a few years from now!

 

 

How you can save the world and make better trades

The ProfitFarmers platform is built from the ground up to be your Crypto Co-Pilot. Including expert level signals, copy-trade technology  and advanced trading terminals and tools!

So, Scuba Diver or Astronaut?

It matters not to us, our signal algorithms have been helping our users surf the WAVES…

 

And take interstellar voyages to VENUS…

 

Great gains are awesome, but we wanted to help traders all around the world reduce their carbon footprint without needing compromise on their trading performance.

We’ve decided to team up with One Tree Planted in an effort to stem the Earth’s bleeding.

 

Here’s the bottom line: For every user on our platform, every month we will be planting one Tree!Check out our blog post to find out how you can improve your trading game, make some great gains and start planting some trees now!

Want to get your toes wet for FREE?

If you aren’t ready to save the world just yet (or join us here at ProfitFarmers) then don’t worry. We’ve got something for you that can still help you make more gains from your crypto trading adventure.

We recently created the ‘ProfitFarmers Moon Bag’, free for serious traders. It’s a selection of our advanced tools and scanners as well as market intel and premium signals.
If you have Telegram you can dive straight in by using this link to join the party. Just don’t forget to get access to the tools and education afterwards!

All we ask is that you donate some of your trading gains to environmental causes.

Yep signals just like this for free!

 

Source :- Plato

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Blockchain

Chinese officials warn about risks associated with crypto trading.

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Chinese officials warned the public about the risks associated with trading cryptocurrencies. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other cryptocurrencies. Officials from China Securities Journal have called for better regulation and pointed out major risks involving crypto trading.

“Cryptocurrencies lack supervision and legal protection.”

Cryptocurrencies are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions. Another concern that Chinese officials expressed is that the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’ The report also noted that the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies. 

“There are no legal crypto trading venues in the country and no regulatory protections.”

The Chinese authorities advised that the crypto community must stay alert to prevent these hazards due to these factors. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections.” Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market,” the report noted. However, despite the Chinese government’s stance, the leading cryptocurrency bitcoin is highly popular in China – there’s a high number of miners situated in the large Asian nation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://chaintimes.com/chinese-officials-warn-about-risks-associated-with-crypto-trading/

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Blockchain

China Securities Journal Says Cryptocurrency Trading Is Risky and Calls for Strict Supervision

Republished by Plato

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Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies.

Tighter Regulations on Crypto Trading

According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other crypto assets. Officials from China Securities Journal have called for better regulation and pointed out three major risks that trading with digital assets may carry.

First, digital assets are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions.

Second, the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’

Third, the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.


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The Chinese authorities advised that due to these factors, the crypto community must stay alert to prevent these hazards. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections:

”Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market.”

China and BTC

Despite the government’s stance, the primary cryptocurrency is highly popular in China – there’s a high number of miners situated in the large Asian nation.

Recently, the country’s central bank announced that it was looking into bitcoin as an alternative investment. Zhou Xiaochuan, former governor of PBoC, outlined the potential of digital assets and their future implementation. However, he ascertained that whatever the case may be, cryptocurrencies must not be used for illicit activities such as drug or weapon trafficking, gambling, or money laundering:

”We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/china-securities-journal-says-cryptocurrency-trading-is-risky-and-calls-for-strict-supervision/

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