Cryptocurrency

Craig S Wright’S Claims on Monero (XMR) Meets Strong Come Back from Riccardo Spagni

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Recently Craig S Wright also known as Faketoshi posted some claims on Monero XMR on his official handle on Twitter. Craig S Wright is the Chief Scientist at nChain and a Bitcoin SV proponent. His post met a strong come back from the lead maintainer of Monero Riccardo Spagni. (He is also known as fluffypony on the social platform.)

The claims or the statements from Craig S Wright (Faketoshi) challenged the privacy and security features of Monero XMR. Since the company (Monero) has made a name for itself in the user privacy sector, the statement from Faketoshi kind of hit the core. The company’s crypto token is the 13th largest in the market based on the market capitalization. It is well known for the privacy features it offers. XMR is constructed on the cryptographic layer system. This makes the source of the funds obscure. In other words, the traceable ring signatures get hidden. Also, the amount of funds also gets obscured, along with hiding the destination of the fund’s transfer. This confidentiality of the transactions and hiding of the wallets address allows good privacy for the Monero XMR users. The only information that gets revealed to the public is the required data that is needed for approving the transactions.

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These cryptographic qualities of the XMR offer an untraceable exchange of funds and offer separate characteristics by default. Whereas looking at the ZCash, functions differently. It offers two types of addresses. The first one is ‘z’ private address, also known as a shielded address. The second one is known as – ‘t’ address. ‘T’ address stands for transparent address, just like the address used in for BTC transactions. Usually, the crypto exchanges use ‘T’ address, which of course reduced the privacy, and using ‘z’ addresses doesn’t guarantee the security, as there is no assurance that the other party will also be using ‘z’ address as you. The usage of the ‘t’ address is widely spread because of the lower fees for the transaction.

Coming to the statement from Craig S Wright on Twitter, it read as-

https://twitter.com/ProfFaustus/status/1102880821759885312

This naturally stirred deep with Riccardo Spagni or fluffypony. As a response to the above Twitter post, he said-

“All talk, no action. This moron is just a snake- oil salesman in a cheap, ill-fitting suit, wearing a gaudy watch that he thinks looks expensive because a store clerk told him as much, bragging about money he does not have & skills he can’t demonstrate. It is just sad & pathetic.”

This trail of messages attracted a response from a BTC user and coder- Udi Wertheimer. He also posted the following on twitter-

“Keep trolling, horseman. I deanonymized all your txs and have the location of your sunk boat and whatever else. My team is underwater fishing for your keys, and once we find them, we will dump them all for Bitcoin (BSV) and then release 78 papers describing how. Risk. Finance.”

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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