Monero Web Wallet XMRWallet.com Launches On Anonymous Tor Browser
Monero (XMR) wallet provider XMRWallet.com has announced via Reddit that it has released a web wallet for the anonymous Tor web browser.
XMRWallet.com has responded to high demand within the Monero crypto community by releasing a new web-based wallet.
The open-source, client-side wallet provider announced the new Tor web browser wallet on Reddit at the end of August.
According to the post, users can now access their Monero wallet anonymously through the Tor network by at xmrwalletdatuxds.onion. This is the first web-based XMR wallet to use Tor network’s anonymizing technology.
The provider hopes to offer users a way to send and receive their privacy-focused coins more securely than ever before.
The new web-based wallet can be found at. The service joins Pro Publica and Facebook I offering a highly secure login option available only through the highly secure Tor network.
“After long consideration, and hundreds upon hundreds of onion addresses generated to choose from, this was the best pick and easy to remember.”
Monero’s privacy-centric technology means that it has gained considerable attention since its launch in 2014. In the last few years, XMR has seen increased use within the Tor network, adding to the already formidable advantage of according users near-complete privacy.
Pairing XMR with Tor adds an extra layer of anonymity and reinforces Monero as the cryptocurrency of choice on the network.
A recent crypto rating survey by Weiss Rating suggested that a large number users consider Monero the top coin when it comes to privacy. According to the survey, 65 percent of survey respondents said that they preferred XMR over other coins where privacy and security were the two main considerations
— Weiss Ratings (@WeissRatings) September 4, 2018
Integration of XMR wallets into the Tor network has been thorny, as Monero was not initially designed with integration into the privacy browser in mind. Users must follow a complex setup guide if they want to take advantage of the Tor network’s anonymity features.
The same problems facing XMR wallets and Tor integration today also affected Monero GUI wallets at their release in 2017. The Monero Graphical User Interface (GUI) is a full node wallet, which means users had to download the entire blockchain, adding to the complexity.
However, it was most hampered by the complications associated with a long and arduous setup process. Most normal users simply did not need the level of privacy offered by Tor, when weighed against the difficulty of setting it up.
Monero is the gold standard for privacy
Monero’s privacy features already make it one of the top cryptocurrencies preferred by users of the dark web. Dark web transactions have seen XMR beat top coin Bitcoin and other privacy-focused coins in this ever-growing marketplace.
However, it has also meant that authorities have trained their focus on XMR use, especially because of its untraceability. Cryptocurrencies are still largely seen as a potential vehicle for criminal activities such as money laundering and terrorism financing.
Therefore, when it comes to monitoring, countries and law enforcement agencies are most concerned about privacy-focused coins like Monero, Zcash, and Dash.
While privacy alone isn’t a crime, the lack of transparency often draws attention from government agencies. For instance, Japanese regulators have advised against the trading of XMR and have hence tightened its oversight on trading exchanges.
None of that has stopped the coin from becoming the top choice as seen in the Weiss Rating survey. And according to XMRWallet.com, the new .onion web-wallet increases the likelihood of the coin becoming even more widely used in darknet marketplaces.
Increased use of XMR via the Tor browser will only serve to ensure Monero continues to dominate other privacy coins in the dark web marketplace.
XMR popular among hackers and cryptojackers
Monero offers users a lot of positive features like untraceability, fungibility, and privacy. However, recent events brought to light questions concerning just how safe it is for holders.
Monero draws its safety from being a decentralized cryptocurrency that utilizes a distributed consensus system. This means transactions are safe and immutably recorded on the blockchain. Still, it is not immune to attacks.
XMR has continued to attract hackers who are using crypto jacking malware and phishing to acquire the coins. The appeal comes from the private nature of the coin, which makes it hard for anyone to track the transactions.
These attacks were responsible for infecting over 200,000 routers that ended up secretly mining XMR using the hardware of unsuspecting owners to mine.
A similar attack early this month saw the Google Chrome extension for MEGA.nz attacked by a malicious code. The compromised extension was capable of stealing private keys and accessing XMR funds on MyMonero wallet.
Additionally, in the last few weeks, the crypto exchange Changelly has started to withhold customer funds transferred in XMR if it deems them suspicious, risky and potentially fraudulent.
The Czech-based platform has pointed to Monero’s privacy and untraceability as a reason for demanding KYC verification for large transfers of XMR.
While Monero continues to struggle with these and other problems, none of them point to a weakness in its blockchain. These problems are likely to persist for a long time, as they stem more from Monero’s popularity than its technology.
Monero (XMR) market performance
Monero’s performance in the market has largely mirrored that of the rest of the market for much of the year. The recent wave of negative news, including crypto jacking attacks, Changelly, and a general market drop, have caused the XMR to drop for 7 consecutive days.
XMR is currently trading at about $102 against the US dollar. Its price has dropped from a high of $140 on September 5. Even though it’s among the few coins to trade in the green today, its value is down by over 22 percent in the last seven days.
Despite this drop in prices, the coin retains a strong medium-term outlook. If a market upside materializes, XMR will rely on supply zones at $135, $150, and $160. A downside brings in demand at $104 and $100.
The 10th ranked crypto has a market valuation of $1.7 billion and has an average intraday trading volume of about $30 million.