ForexMinute.com – The competition inside the cryptocurrency market is definitely getting ugly, proves a recently published article on DeepDotWeb.COM. The article, whose basic propaganda was to speak of a newly launched anonymity-offering cryptocurrency Cloakcoin, went somewhere out of the line when it started providing falsified information on Darkcoin; literally.
As per written in the July 17th article, Darkcoin’s mixing protocol is insecure and “centralizes the Anonymization process by using nodes to mix transactions.” It further states, “Those nodes may be altruistic or evil, they may log and capture de-anonymizing information, they may be controlled by adversarial entities, or they may simply be poorly maintained by inexperienced operators.”
Please note that that the above statement was made while describing Cloakcoin’s superiority over Darkcoin. However, the writer needs to understand that his/her analogy is definitely based on two assumptions which are:
- Darkcoin using only one masternode
- The used masternode is malicious
The reality however is completely the opposite. A transaction inside the Darkcoin network could never be de-anonymize just because it uses multiple masternodes to conduct them. To actually implement de-anonymization, the attacker needs to first compromise each and every masternode (there are up to 8 for now, selected by voting which can only be manipulated by modifying 6 blocks; as difficult as double spending). Moreover, to get control of each masternode, the attacker will be required to purchase around 350,000 DRK on the open market, which means he only have 0.4% chance to de-anonymize any given transaction.
And even if one entity takes controls of the majority of Darkcoin masternodes, the developers can simply increase the number of masternode “hops”.
Any comment on this analogy is welcome; meanwhile, best of luck Cloakcoin!
To contact the reporter of the story: Yashu Gola at email@example.com
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter