Monero discovers error that may affect transaction privacy – BeInCrypto

The team of developers behind Monero announced the detection of “a very significant bug” that can affect the privacy of transactions.

The news was offered on the night of July 26 by the Monero team through a thread posted on Twitter:

“A fairly significant bug has been detected in Monero’s decoy selection algorithm that may affect the privacy of your transaction. Please read this entire thread carefully. Thanks @ justinberman95 for investigating this bug. “

Fountain: Twitter

Software developer Justin Berman (@JEhrenhofer) was the one who investigated the detected error. According to their pointing and Twitter:

“A significant decoy selection error has been found that can severely limit spending privacy shortly after funds are received. This error persists in the current wallet code. This is not good at all. #monero #xmr ”.

Fountain: Twitter

Error characteristics

In the thread posted on the Monero Twitter account, the developer team noted the characteristics of the error detected:

“If users spend funds immediately after the lockout time in the first 2 blocks allowed by the consensus rules (approximately 20 minutes after receiving the funds), then there is a good chance that the result can be identified as the actual spend.” .

However, the Monero team highlights that the error does not reveal the addresses or amounts of transactions:

“This does not reveal anything about addresses or transaction amounts. The funds are never at risk of being stolen. This error persists today in the official purse code ”.

An important element to highlight is the recommendation made by Monero to minimize risks derived from the existing error:

“Users can substantially mitigate their privacy risk by waiting 1 hour or more before spending their newly received Monero, until a fix can be added in a future wallet software update. A complete network update (hard fork) is not required to fix this error ”.

Networks react

Users on Twitter did not miss an opportunity to voice their views regarding the Monero disclosure. The user @FreddieRaynolds he pointed:

“If outputs can be identified as actual spending, this affects the privacy of all other XMR transmitters, even those waiting to spend, as their rings now contain decoys that can be excluded. Any idea what the extent of the impact is here? “

Fountain: Twitter

Faced with concern, developer Justin Berman answered:

“Okay. It is likely that it will only affect <1% of transactions, so the risk of compromising other txs is almost impossible ”.

Finally, the Monero team highlighted that work to provide an update to correct the error:

“The developers at Monero Research Lab and Monero take this matter very seriously. We will provide an update when wallet fixes are available. “

At the same time they pointed out that users can follow event updates through GitHub, the Currency forum Y Reddit.

What is Monero (XMR)?

The most widely used privacy coin on the market is Monero (XMR). Its use of hidden addresses and ring signatures makes transactions untraceable.

Stealth addresses act as a hidden layer through which transactions are made. Each Monero wallet has a public display key and a public send key as part of a public address.

When a transaction occurs, the sender’s wallet uses the recipient’s two keys to generate a one-time hidden address. Although the ledger public records the stealth address, only the recipient is aware of its ownership.

The hidden address has a corresponding private view key. This allows recipient’s wallet scan the blockchain Monero looking for the hidden address. Once found, the funds are sent.

The “ring signatures” anonymize the sender. A “ring” of users signs the transactions together with the sender when the funds are sent, making it nearly impossible to determine who the actual sender was.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.

We would like to give thanks to the author of this post for this incredible content

Monero discovers error that may affect transaction privacy – BeInCrypto

Dispensary Business News