The price of Monero (XMR) has continued to climb as the price action is now trading at a 3-year high above the $ 300 level.
Fundamental Analysis: Developer Accuses MobileCoin Of Borrowing Code
Monero’s maintainer, Riccardo Spagni, has accused MobileCoin of borrowing the Monero code without acknowledging its origins.
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MobileCoin uses Ring Confidential Transactions (RingCT) for privacy and Stellar consensus for faster lockdown times. The group’s chief executive, Josh Goldbard, said it is “the only [moneda] ever built that protects privacy and is fast.
Goldbard’s claims have faced criticism and MobileCoin also said it implemented CryptoNote, a ring signing protocol that enables the privacy of transactions. Spagni responded to those claims and said that MobileCoin was using the Monero code without acknowledging its source.
“MobileCoin claims to be based on CryptoNote, but it is not. It is based on Monero… not sure why there is no credit to whom the credit belongs? »Said Spagni.
To back up his allegations, Spagni said that MobileCoin uses features that were first seen on Monero, including “RingCT, subaddresses, and bulletproof.”
MobileCoin senior engineer Alex Graveley denied Spagni’s allegations, saying that MobileCoine did not borrow Monero’s technology and even said that Monero has “the worst code base” in a tweet that he later deleted.
But Spagni is not the first to criticize MobileCoin. Coinkite’s Peter Todd recently raised concerns about MobileCoin’s centralization, stating that its consensus protocol is based on centralized technologies such as Intel SGX, Stellar Consensus Protocol, and Amazon S3.
“Putting consensus on Intel SGX makes it impossible for a second development team to exist – unless you run the official binaries, you are not on MobileCoin,” Todd said. He also added that MobileCoin is “hostile to forks.”
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Technical Analysis: New Multi-Year Highs
The price of Monero (XMR) surged more than 30% in April to extend its impressive monthly bullish streak. The privacy-oriented digital asset previously gained more than 12% and 59% in March and February, respectively.
Monero Weekly Chart (XMR) (TradingView)
Price action is now trading above the $ 300 mark where a key resistance line is located. For the first time in 3 years, the price of XMR has been able to extend above this mark. The next upside target for crypto traders looking to buy Monero is $ 375, while broken resistance will now transform into support.
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Monero developer Riccardo Spagni has accused MobileCoin of using the Monero code without giving any credit. Separately, XMR’s price is trading above the $ 300 level for the first time in more than three years.