Vitalik Buterin Eyes Research on Privacy Coin Monero’s Traceability
A research report suggests that Monero’s privacy protocol is vulnerable to a “low-cost transaction flooding attack.” Vitalik Buterin wants to see Monero “overcome its obstacles.” | Source: (i) Flickr/TechCrunch (ii) Shutterstock; Edited by CCN
By CCN: Vitalik Buterin has expressed an interest in incorporating privacy features into Ethereum. He is partial to the ZK-SNARKS technology that is used in privacy coin Zcash. Nonetheless, his senses appear to be particularly keen about any developments surrounding privacy protocols. This became clear when a research paper was published entitled: “FloodXMR: Low-cost transaction flooding attack with Monero’s bulletproof protocol.”
The researchers decided to explore what they call a “flooding attack with Monero’s bulletproof protocol.” In a nutshell, it involves an attacker flooding the network with their own transactions and then eliminating “mixins from transaction inputs.” In doing so, the attacker could potentially trace nearly 50% of inputs at a cost of less than $2,000.
Incidentally, Monero Lead Developer Riccardo “Fluffypony” Spagni is in New York for the Magical Crypto Conference. He had not responded to the FloodXMR report as of press time.
Vitalik did, however, and caused a small stir on Twitter when he said:
Privacy schemes where the anonymity set of a single transaction is smaller than the entire set of users of the scheme are looking weaker and weaker with every passing month… https://t.co/vTHNQRsVUT
— Vitalik Non-giver of Ether (@VitalikButerin) May 10, 2019
Monero and Ethereum Both Face Headwinds
Some people in the crypto community pointed out that Monero isn’t the only project with challenges to overcome. One follower on the Twitter thread replied to Buterin,