Monero (XMR) on Who Control the Code Will Control the Rules and Cipher Trace Cracking Their PrivacyNovember 21, 2020
Monero (XMR) points to a recent study by the Copenhagen Business School, which have to state that the privacy coins are unstoppable. Privacy coins have a disruptive potential. In the near now, it is not going to be possible for regulators to halt the privacy coins.
The reasons cited for privacy coins to be unstoppable goes like: “Those who control the code will control the rules.”
In this regard, Sydney Ifergan, the crypto expert tweeted: “Monero (XMR) is loved by all because unlike Bitcoin and Ether payments, Monero XMR transactions are untraceable. The Obfuscated Public Ledger is a plus.”
Privacy coins are all set to play a major role in the future of the cryptocurrency ecosystem. Governments obviously are not going to like the idea of cryptocurrencies, which provide a great level of privacy and they are surely going to ban it. Governments will find a way to oppose cryptos and they are going to start it from privacy coins. Authorities are surely going to do what it takes to stamp out privacy preserving payment systems.
The Copenhagen Business School points to “much like how users are starting to realize the nefariousness of [Big Tech companies like] Facebook and Google.”
Though, it is not clear as to whether they will make it to main stream adoption private cryptocurrencies are here to stay.
Justin Ehrenhofer, hailed to be a community lead for Monero, pointed to how privacy for all tokens is becoming in the top of mind for many.
Monero (XMR) Tracing Patent Application
CipherTrace have filed for a second Monero tracing patent application. They have also published their techniques and probabilistic methods for tracing Monero. The patent covers the systems and methods for investigating Monero.
The patent is pointing to forensic tools that they use to explore the Monero transaction flows to help in financial investigations. They claim that they have developed original tracing methodologies which are based on simulation techniques and Bayesian approaches.
Further they have filed statistical and probabilistic methods that they will use for scoring transaction and clustering the likely owners; Monero decoy reduction; Probabilistic approaches used in risk-based Monero money laundering controls; transaction visualization tools and methods to track the stolen Monero currencies or illicit Monero; methodologies for gaining intelligence about transactions which might rely on the third party nodes, and also on active participation in the Monero network to gain intelligence.
Monero is working hard to sustain privacy and someone else is working hard to crack through it. This fight will continue.