The bug was discovered in the ring signature method, which is used to hide operations within the network. An update will be released to fix it
Monero Developers reported on Twitter that they discovered a vulnerability that allows them to identify a transaction on the network. The vulnerability was found in the ring signature method, which is used to hide transactions. The discovered vulnerability does not allow identifying the amount of the transaction and its participants. To fix the problem, the developers will release an update.
Monero (XMR) cryptocurrency was created on the basis of the ByteCoin token blockchain, developed in 2014. ByteCoin is the first cryptocurrency to use the CryptoNote protocol. This protocol includes mechanisms that make the blockchain completely anonymous.
This is far from the first time that developers have eliminated errors in the blockchain, which is used by well-known cryptocurrencies. In May, it became known that in the latest update of Ethereum – Berlin, the developers fixed a vulnerability that made it possible to attack the network. This vulnerability was discovered back in March 2019.
To increase the security of the blockchain, the project team changed the algorithm for calculating the cost of Gas (the currency that is used in the ether network to pay commissions) and made it more efficient. After the release of the Berlin update, the danger of a possible attack on the network has decreased 50 times.
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