Privacy-Focused Cryptocurrency GRIN Is Not As Private as Once Thought

    The privacy coin Grin has seen its privacy features being questioned lately. According to Ivan Bogatyy, who wrote a blog post called Breaking Mimblewimble’s Privacy Model, the privacy model used by the protocol is mainly flawed. He claims to have found a way to use Amazon’s Web Services (AWS) to uncover the addresses of people using the cryptocurrency in 96% of the transactions.

    Bogatyy suggests that this may be an inherent problem of the system and that there is no fix for it, which would cast some doubt on whether Mimblewimble could be considered a good alternative to cryptos such as Zcash and Monero or not.

    The main issue with the network is that the protocol sets the anonymity of all transactions on the same level, which enables people to track transactions easily by using just a single address. While each node should not connect to more than 8 nodes, Bogatyy was able to connect his node to the whole network, which created a supernode and allowed him to see the transactions.

    Despite proving the flaws, Bogatyy affirmed that Grin still was more private than Bitcoin, just not as private as people would like to think. When compared to solutions with a proven track record such as Monero, Grin was insufficient.

    Is the technology behind the Mimblewimble protocol salvageable, though? Bogatyy believes that this depends on some factors. It is important, for instance, to know that the protocol has some unique properties, but it needs to be combined with other technologies to really achieve privacy.

    If Grin is to remain as an attractive alternative in the privacy coin field, it has to upgrade its technology and find a way to fix these serious flaws.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Silvia A
    Silvia A
    Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Open Interest on CME Bitcoin Futures Outgrowing BTC Price

    If BTC closes above the 200-day moving average, just above $9,000, we could see $10k Institutional investors leading the way for a new...

    Here’s How DeFi’s Smashing Growth Puts a Trillion-Dollar Case for Ethereum

    Total USD value locked in DeFi surpasses $800 million creates “a new paradigm for global finance” with one common theme Ether The trillion-dollar...

    This Uncannily Accurate Bitcoin Chart from Dec. 2018 Predicts a New ATH in 2020/21

    Analyst ‘s post from Dec. 2, 2018, correctly predicts Bitcoin’s bottom and momentum in 2019 Bitcoin price is currently hovering around $9,000 after surging...

    Lawmaker Proposes Bill For State-Chartered Institution For Blockchain & Crypto Innovations

    An Oklahoma lawmaker has come forward with the proposition of creating a financial institution chartered by the state and that functions as a central...

    Block.One's ‘Voice' Social Network Has An Open Door Policy To Other Blockchains, Not Just EOS

    During its June ICO, had indicated that its Facebook rivaling social network dubbed Voice, would be launched on the EOS network. However, plans...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.