Darknet Market Supports Monero, Draws Attention from Crypto Community

The privacy-focused Monero has been making waves within the cryptocurrency community recently after it was revealed that a leading darknet marketplace would be using the digital currency.

According to a post on the Darknet Market (DNM) Reddit forum, Monero will be used in two major darknet markets, Alphabay and Oasis. It is rumored that more darknet markets will add support for Monero in the near future.

With the release of this news, Monero has risen to the 8th place in the coin market capitalization rankings on Coinmarketcap.com, with its unit price reaching a maximum of US$5.2.

Launched in April 2014, Monero aims to facilitate completely anonymous transactions. This privacy-centric coin is not a Bitcoin clone, and unlike its competitor Dash, Monero uses the CryptoNote protocol to increase anonymity.

Additionally, Monero’s code has been praised by Bitcoin Core developer Wladimir J. van der Laan and other well-known cryptographers.

Many people believe that cryptocurrencies such as Monero and Dash have a greater advantage than Bitcoin in the dark web market. Recently, companies such as Block Seer, Chainalysis and Elliptic have launched software that can track and monitor Bitcoin transactions. These tracking services are a blow to Bitcoin users who want to remain anonymous.

Perhaps it is for this reason that the dark web market has turned its attention to cryptocurrencies with better anonymity, such as Monero.

It is reported that the price of Dash, a competitor of Monero, has risen sharply in the past three weeks. As of press time, the price of Dash is about $14. The Dash community has been steadily promoting the privacy protection function of this digital currency and has been recognized by the crypto community.

However, some critics believe that Dash is not the most private cryptocurrency.

Monero stirs privacy debate

With Monero being added to darknet markets like Alphabay, it could become a competitor to Dash and Bitcoin. As early as last year, there were rumors that the darknet market would add a Dash channel. It is worth noting that many people believe that this core-level market will integrate Dash. However, this news has not been confirmed so far.

Monero has obviously attracted a lot of attention after the announcement. It is obvious that the cryptocurrency community is very enthusiastic about privacy and anonymity, so coins like Monero, Zcash and Dash have received a lot of attention.

Meanwhile, some members of the Bitcoin industry have been working to improve Bitcoin’s anonymity, such as Mycelium’s recent announcement of the implementation of coinshuffle. In addition, the Bitcoin community is also discussing whether Schnorr signatures and confidential transactions should be added to the Bitcoin protocol.

What do you think?