CipherTrace Cryptocurrency Analytics Company has made contradicting statements against the Monero community that have created much confusion. In a recent press release it has said that Monero cryptocurrency has the ability to trace the cryptocurrency movement, only to add much debate on social media platforms through videos, statements and memes.

Transparent blockchain is used in many Cryptocurrencies such as Bitcoin and Ethereum where addresses are sent and received to be viewed by everyone. If such addresses are linked to people using data outside the blockchain, the cost and reception patterns and connexions of individuals shall be disclosed.

Monero is a community-based, open-source cryptocurrency designed to prevent such monitoring. Monero’s cryptographic algorithms prevent most of the blockchain analysis. When viewing the Monero blockchain, the senders, receivers and transaction amounts cannot be determined. It protects users of Monero, even if the owner of the address is found outside the blockchain by means of information.

Dave Jevans, CEO of CipherTrace, said that Monero (XMR) is one of the most confidential cryptocurrencies. He also said CipherTrace is proud to announce Monero’s first traceability through his press release. Both the statements are quite contradictory.

The Monero community, which develops and promotes cryptocurrency, responded to the press release with questions and criticism, as expressed by the Reddit and Telegram panels.

Members of the community of Monero had a public discussion online with Mr. Jevans. During the discussion, Sarang Noether expressed theoretical concern about the claims of CipherTrace that remain unresolved. Dr. Noether, in the discussion, said that it is very subjective that that is a 90% probability or not.

Monero Outreach has published a description of the new algorithmic development called Triptych after the CipherTrace press release. Triptych promises to further protect Monero users by obstructing CipherTrace’s limited information. Concurrence has emerged between government-funded surveillance efforts and community efforts to protect privacy and freedom. The battle of the privacy-focused open-source Monero seems to take a while to reach a conclusion.

About Monero

In April 2014, the Monero cryptocurrency was launched in response to Bitcoin’s privacy issues. Continuous improvements have made Monero more secure and confidential and easier to use since its launch. It has attracted more than 500 developers, the third-largest number of cryptocurrencies. In order to be the most fungible cryptocurrency, it is going forward with the undisputed goals of privacy and security. Monero Outreach is a semi-autonomous working group focused on Monero Public Relations, Education and Marketing as a separate member of the Monero Core Team.

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