Are Monero and PrivaCrip a solution to problems with crypto giants like Solana?

Despite the growing popularity of cryptocurrencies and continuous innovation in the industry, there are several serious issues plaguing the crypto world, including security, privacy and processing speed. There are a lot of hacks that are frequently reported, which really reduces the trust in certain platforms and cryptocurrencies, especially for crypto newbies.

However, with new crypto projects trying to establish themselves in the sector, some of them are focusing on solving current crypto industry problems and improving the shortcomings of existing crypto networks. Newcomer PrivaCrip (PRCR) joins Monero (XMR) in securing the privacy and anonymity of the crypto community. Do these cryptocurrencies have what it takes to handle the current issues in the cryptosphere?

Latest Multi-Million Dollar Hack: Is Solana (SOL) Safe?

The Solana ecosystem is one of the latest victims of cryptocurrency hacking, with users saying cash from prominent internet-connected “hot” wallets such as Phantom, Slope and TrustWallet were drained without their knowledge.

In a smash and grab attack on user wallets, the hacker drained around $6 million. Solana users were asked to transfer all their funds to a hardware wallet. The actual path of the attack is unknown, causing debate about the cause of the vulnerability and spreading panic among Solana’s community.

Crypto analysts advise that no blockchain is currently safe from hacking attacks like the latest from Solana, and open source networks and improvements to user privacy are needed 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 about anonymity. The main goal is to ensure data integrity and confidentiality. Furthermore, Monero’s encryption methods are unique in the crypto industry.

Monero facilitates the anonymity of all users by default. The identity of crypto senders and receivers is hidden 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, despite shielding users’ identities, transactions are fully verifiable on a transaction-by-transaction basis through signature verification.

Does PrivaCrip (PRCR) have what it takes to improve privacy concerns?

PrivaCrip (PRCR), a new crypto project, offers unique solutions to the most frequent obstacles in the decentralized finance (DeFi) space. The new cryptocurrency is a Layer-1 Cosmos-based platform. PrivaCrip aims to overcome the privacy and security concerns that have plagued DeFi since its inception in the cryptocurrency industry.

It is widely recognized that in order to achieve a fast blockchain network, cryptocurrencies must sacrifice anonymity or security. The PrivaCrip development team, for its part, claims that it can find a solution by increasing platform security by using a proof-of-stake (PoS) protocol based on Tendermint’s Byzantine fault-tolerant consensus mechanisms.

The PrivaCrip Network (PRCR) uses a number of approaches to protect privacy. In order to store and process users’ data safely and efficiently, a combination of encryption methods, key management and “Trusted Execution Environments” will be used. Additionally, when deployed, the platform’s architecture will enable around 10,000 transactions per second (TPS).

To learn more about the new cryptocurrency, read this article.

PrivaCrip (PRCR)

Pre-sale: http://join.privacrip.io/
Website: http://privacrip.io/
Telegram:

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent Bitcoinists. Bitcoinist does not guarantee the accuracy or timeliness of the information available in such content. Do your research and invest at your own risk.