Despite the growing popularity of cryptocurrencies and continuous innovation in the industry, there are several serious issues that plague the crypto world, including security, privacy, and processing speed. There are many hacks being reported frequently, which really lowers the trust in certain platforms and cryptocurrencies, especially for crypto newbies.
However, with new crypto projects trying to establish in the sector, some of them are focusing on solving the current crypto industry problems and improving upon the shortcomings of existing crypto networks. Newcomer PrivaCrip (PRCR) joins Monero (XMR) to ensure the privacy and anonymity of the crypto community. Do these cryptocurrencies have what it takes to deal with the current problems in the crypto sphere?
Latest Multi-Million Dollar Hack: Is Solana (SOL) Safe?
The Solana ecosystem is one of the latest victims of cryptocurrency hacking, with users saying that cash from prominent internet-connected “hot” wallets like Phantom, Slope, and TrustWallet were emptied without their knowledge.
In a smash and grab attack on user wallets, the hacker successfully emptied roughly $6 million. Solana users were told to transfer all their funds to a hardware wallet. The actual pathway of the attack is unknown, causing the debate about the reason for the vulnerability and spreading panic among Solana’s community.
Crypto analysts advise that no blockchain is currently safe from hacking attacks like the latest one of Solana, and open-source networking and user privacy improvements are required to avoid them.
How Is Monero (XMR) Different From Other Altcoins?
Monero (XMR) was founded in 2014 as a response to the crypto industry’s concerns over anonymity. Its primary goal is to ensure data integrity and confidentiality. Furthermore, Monero’s encryption methods are distinctive in the crypto industry.
Monero facilitates all users’ anonymity by default. Crypto senders’ and recipients’ identities are concealed by powerful algorithms. The XMR token exchange record is completely disguised, making it impossible to monitor how the coins are used, including transfers.
Ring signatures ensure that, notwithstanding the shielding of users’ identities, transactions are totally verifiable on a transaction-by-transaction basis through signature verification.
Does PrivaCrip (PRCR) Have What It Takes To Improve Privacy Issues?
PrivaCrip (PRCR), a new crypto project, offers unique solutions to the most frequent obstacles in the decentralised finance (DeFi) area. The new cryptocurrency is a Layer-1 Cosmos-based platform. PrivaCrip aims to overcome the privacy and security concerns that have been troubling DeFi since its inception in the cryptocurrency industry.
It is commonly recognised that in order to achieve a speedy blockchain network, cryptocurrencies have to sacrifice anonymity or security. The PrivaCrip developer team, on the other hand, claims they may find a solution by boosting platform security using a proof-of-stake (PoS) protocol based on Tendermint’s Byzantine fault-tolerant consensus mechanisms.
The PrivaCrip (PRCR) network employs a number of approaches to protect data privacy. To store and process users’ data safely and effectively, a combination of encryption methods, key management, and “Trusted Execution Environments” will be used. In addition, when employed, the platform’s architecture will enable around 10,000 transactions per second (TPS).
To learn more about the new cryptocurrency, read this article.
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