Monero Challenges Bitcoin to Become Darknet Currency

A new cryptocurrency is giving Bitcoin a run for its money when it comes to the title of being the most favored currency on the dark net.

Monero, as the cryptocurrency is titled, is gaining recognition for its better-tha-Bitcoin privacy features. Unlike Bitcoin, the blockchain of which is open and transparent, and can easily trace users by their respective wallet addressed, Monero automatically generates a new wallet address for each transaction. In addition, the transactions on Monero blockchain remain private unless the party has access to the private viewkey.

Monero’s popularity gets further confirmed with its increased adoption among darknet circles. Alphabay, a well-known deep web marketplace for drugs, contraband, and other illegal substances, has announced its support for Monero effective September 20136. Furthermore, the digital currency’s trading volume has shot through the skies, confirming its increasing trend among end users as well.

The Bitcoin community, meanwhile, is relieved to see a new digital currency eating into Bitcoin’s darknet market share. They believe that as the new cryptocurrency gains mainstream status on the dark net, the backlash associated with Bitcoin as the “currency of crime” will fade.

Tyler Moffitt, a senior threat researcher from cyber security firm Webroot was quoted by a media website saying,

“It makes perfect sense for the dark net auction site to welcome Monero, it’s more secure than Bitcoin since the transaction blockchain of Bitcoin can be viewed publicly”

There are however apprehensions about the current user base of Monero, which is still small. In such a scenario, huge transactions on the network can’t be mixed with other similar sized transactions, and can be easily detected. But, the problem should solve itself as the CryptoNote protocol based digital currency gains adoption.

Once the adoption of Monero increases, the law enforcement agencies will have a tough time finding different ways of tracking the movement of funds over the network.

Ref: Sputnik | Image: Shutterstock