Monero (XMR) Is Top Trending, But Not For The Reason You Think
If you have been an active digital currency fanatic, then you must have known that Monero (XMR) emerged in 2014. In the first quarter of the year, a new and unique cryptocurrency came to scale. Here is why it is unique.
Unlike other digital currencies that run on the blockchain technology, Monero happens to have significant differences. For instance, Monero uses a CryptoNight Proof-of-work hash algorithm.
According to their website (link), the currency aims to enhance existing cryptocurrency architecture. For example, Monero brings up security, privacy, and resistance to analysis. The dream of every investor is to see these values fulfilled. Let us see if these latest Monero trends make it a favorite currency.
The Malicious Software – A malware known as Smominru has been confirmed to affect at least 500,000 computers. The malware infected computers and mined an average of 24 Monero coins every day.
Reports claim that Proofpoint researchers discovered the malicious bot – Smominru. Having been in action since May 2017, Smominru mined Monero (XMR) coins worth $3.6 million. While every Monero user gets the concern over the malware reports, the most affected countries were Taiwan, India, and Russia.
Monero Threatens Bitcoin’s Popularity – Monero is increasingly becoming more popular than Bitcoins. This trend doesn’t happen in our everyday Internet. According to recent forensic research, the amount of Monero used on the Darkweb is higher than the number of Bitcoins used.
Philip Gradwell, an economist at the Chainanalysis forensic firm, confirmed there was a rapid increase of Monero coin or illegal means.
A report by Wikipedia reveals the Darknet has a 6.2% composition of cryptocurrencies. These claims attribute to Bitcoin theft. As can be seen, XMR is not just prevalent in Asian countries like North Korea, but the Darkweb at large.
Government Sites At Risk – Coinhive is a well-known cryptocurrency script, which uses a computer’s C.P.U to mine digital currencies. Fortunately, Coinhive was able to mine Monero.
Despite garnering a massive following of almost half a million Internet users, Coinhive script went beyond its boundaries.
It affected popular government websites in the U.K and U.S. The Cyber Security Council and Cyber Security consultants confirmed the news.
The script affected financial websites, U.S court websites, Student loan websites, and the U.K information Commissioner’s office. An Engineering and Technology website says you can protect yourself from such scripts through normal antivirus software.
New Monero Wallet Proposal – Since python programming projects were not perfect for Monero, the new proposal suggests to build a new wallet on Ruby. Through this, users can generate addresses, check balances, and transact.
The proposer is a web and software developer with over 9 years of experience. The proposer did not reveal his real name.
Monero could be a good investment because many people consider investing in digital currencies. Since our technological world is changing, you can transact fast, secure, and anonymously. It uses a technology similar to the Virtual Private Network, thus defining itself as untraceable.
Everyone has a favorite cryptocurrency. If Monero (XMR) happens to be your favorite, then keep following its latest news.