XMRWallet.com has finally bowed to pressure and decided to launch a web-based wallet for Tor users, making them the very first providers of the service.
So now, those who wish to carry out transactions on the Tor network using this type of privacy coin for increased anonymity have the chance to do so.
The message was posted on the official subreddit of Monero (XMR) by a user going with the alias “WiseSolution” who is a representative of the company.
One of the challenges faced by the company is that in the development of the wallet on Tor, the company found it quite tedious in coming up with the .onion address because there were hundreds of options, which meant that they had to pick a unique identifier that’s simple for users to remember.
Also, in the process of integrating the wallets on Tor, the developers had to follow a lengthy and somewhat complicated procedure as explained on Monero’s GitHub.
The reason is that when the cryptocurrency was undergoing development, its use on Tor was not put into consideration.
Now that this has happened, those aspiring to achieve higher levels of anonymity when sending Monero can do so with ease.
It is however not the the first time that the integration of Monero has caused a challenge as sometime back a similar issue was experienced by users of the Monero GUI wallet, which launched in 2017.
During this time, the user of the interface had to go through the process of downloading the entire blockchain, which meant more sophisticated procedures.
Despite this, users of this cryptocurrency were not very much affected because the average person found no reason whatsoever to use Tor for more privacy because of the complicated setup.
XMRWallet Prone to Phishing Attacks
The other thing which should not be overlooked is the use of phishing sites, which pose a wide array of risks to those who are fond of using a particular service.
For a fact, Monero is a valuable asset, and its popularity has grown significantly—making it one of the most widely used cryptocurrencies in the dark web.
For this reason, we can say that it is necessary for users of the Tor-based wallet to ensure that they take extra caution when visiting the site.
The nature of the addresses that operate on the Tor network make it relatively easy for hackers to clone sites because they consist or alphanumeric characters or just jumbled letters somewhere in the URL that do not make a complete word.
That, in particular, can hoodwink visitors who intend to use the Tor version to transact funds, but either way, the good news is that such platforms monitor the internet for cloned sites and if they find any, they work to redirect their customers to the legitimate platforms.
Feedback from Reddit Users
Others thanked the company for their contribution towards achieving internet freedom which is something a majority of crypto users desire to achieve.
Then there are those who expressed doubts because of the number of scams out there that happen on a daily basis.
In one comment, a particular Reddit user said he would wait for the official website, but the owner of the original post assured him that he is in control of the address given to the public.
Another Reddit user wondered whether if there will be any additional security features besides the implementation of wallets on Tor.
These are just a summary of some of the comments posted within the thread.
Use of Monero on the Rise
We are in an era where innovation is going a notch higher by day, and one cannot precisely predict who will do what next.
In the past, many developments have occurred in the cryptocurrency arena, and when you least expect, something else transpires—making what was earlier developed look less useful.
The end result is that there will be a gradual shift from one thing to the other and so on.
Take for example Monero, which has slowly begun gaining more preference within the darknet community.
Previous Bitcoin users found out that the asset was no longer secure and they have now started using Monero.
Its use of ring signatures has enabled it to offer more anonymity, making users choose it over other coins that do not have this feature.
More so, a privacy-centric coin like this one doesn’t necessarily require the use of tumbling services for enhanced anonymity because it’s already nearly impossible to trace.
So now that users can be able to send and receive Monero via Tor, it is a win for the community and especially for those who seek to have absolute anonymity whenever facilitating transactions using the asset.
Also, in a survey by Weiss Ratings, the currency was ranked above Zcash and Dash.
Despite the rise in the use of Monero, its price is highly volatile just like that of other crypto assets and follows a trend, more or less.
For example, when the likes of Bitcoin, Ethereum and the rest drop, the same is the case for Monero.
Law Enforcement Agencies Trying to Trace Monero
Because of the additional privacy it offers, law enforcement bodies operating within the United States have sought to come up with a means to control the use of the cryptocurrency.
The latest incident involved the United States Secret Service, whereby they sought for the intervention of Congress in regulating the cryptocurrency sector.
Then again, some months earlier, a leaked memo indicated that the U.S. Army together with the NSA (National Security Agency) were working hand in hand not only to compromise several anonymity tools, but also to trace the users of Monero.