How and when Monero entered the dark web domain, and its complex ecosystem still remains a mystery to many like the entry of the Bitcoins. Its inception was considered a fresh start in the crypto business, and it was believed Monero could overcome the shortcomings of Bitcoins, for which the crypto industry had dearly suffered. Monero came with the promise of better anonymity strength, which is the heart of the dark web links business. But it’s not that Bitcoins failed entirely to provide its user anonymity. The design of the blockchain makes the source of the transactions traceable.
Another major issue with Bitcoins was the in the ability to determine the amount of Bitcoins stored in another user’s account. So, it becomes crucial for the users to conceal their identities by any means necessary.
It is also not advised to put up one’s real name in any of the Bitcoins related transactions. This may enable other users to snoop up information about other people, and may prove dangerous and unsafe if one is looking to operate any illegal business and transactions onto the dark net. Monero was successful in identifying this problem and fill in the void.
But a recent hard fork brought havoc onto the dark net markets.
What was the issue?
Monero tends to upgrade the protocol as a prerequisite. This upgrade follows a hard forking procedure, which happens every six months. However, this forking led to repercussions and a large number of complaints were lodged on various forums on the dark net.
One of the Dream Market user ‘ddr5ram’ stated that after the forking procedure, he was unable to receive funds via his new updated Monero wallet. The wallet still showed his old transactions record. In addition to that, he was now unable to tell his balance on Dream Market.
Another user by the username of ‘kron4user’ showed his dismay and disappointment on transferring Monero to his wallet following the crypto coin’s hard fork. He also expressed his wish to temporarily shift to another darknet market.
One of the Dream Market administrators ‘Speedstepper’ assured the online vendors that all their funds were secure and safe and that they would be refunded as soon as the issue was resolved. In the same post, he explained the problem saying that these issues were present due to the fact that the Monero software was probably shifting to a mistaken blockchain fork, and that the Monero services would be suspended until the problem was fixed.
Later in April, the Monero issue was fixed on Dream Market and it became fully functional.
The Silk Road 3.1 discussion forums were also filled with similar such complaints about Monero’s loss of deposits.
One of the users on this forum by the name of ‘mapsusbgrg‘ complained that he had lost an order after making transactions with Monero. When he attempted to deposit Monero into his Silk Road 3.1 wallet, the transaction failed, and the coins were not reflected in his account. The user created a discussion forum in hopes of finding others with similar problem. Finally, he concluded by blaming the Silk Road to make announcements and proper measures like Dream Market had done. Following this, other users joined the thread and discussed how much they had lost during this incident.
An overview of the Monero Hard Fork
The Monero hard fork brought about some new features which included mechanisms which would accommodate bigger transactions. These mechanisms also extended to increase the privacy as well.
In addition to this, the coin’s portfolio came with an improved wallet support and multisig transactions. The Monero’s hashing algorithm (CryptoNight) was also fixed with this hard fork.This type of hardware undermined the ASIC mining apparatus, and also posed a concern to other algorithms having the same function as that of CryptoNight. In essence, this meant that the ASIC users could target DoS attacks on non-ASIC miners operating in the same network. The concerns expressed by ASIC mining hardware must have influenced a widespread acceptance of changes presented by the Monero team.
A hardware manufacturer Bitmain announced via Twitter that they were producing ASIC machines designed for the CryptoNight algorithm. Other manufacturers like Halong Mining and Pinldea were aboard the same train as that of Bitmain, and surprisingly the Monero hard fork would render their products useless. So technically, the recent projects have decided to stick to the pre hard fork protocols, and such they would be operating on the same network under different names. These projects include Monero Classic: XMC, Monero-Classic: XMC, Monero 0: XMZ and Monero Original: XMO.
The Last Words
Finally, it is possible that both the new Monero blockchain and the pre-hard fork blockchain are mined. The maintenance of pre-hard fork protocols by the projects will cause Monero some dire complications too.