Veil as a project that focuses on the process of privatized payment transactions and displays them in an anonymous form. This privacy system can be realized using technology. One of them is by integrating Zerocoin (coin privacy) as one component of the technology. But basically every component of technology must have weaknesses and strengths. Like the weakness of a technological component that is vulnerable to virus or cyber attacks.
Precisely in early April, Zerocoin informed all parties of the platform that made Zerocoin as one of the technological components used. Like PIVX, Gravity Coin, Navcoin and NIX. This is related to the problem with the expenditure patterns of the 100 XZC denominations. At that time Zerocoin notified the partners to immediately deactivate use.
Which at the time of this non-active period the analysis will continue to try to uncover the problems that occur. So that later Zerocoin can function again in a safe and controlled manner. So from that before Zerocoin has formed a community that consists of all partners, which in the forum, Zerocoin can share all information intensely related to the development and problems that occur. In addition, in this forum it is also expected that each partner can exchange ideas and work together in finding solutions to existing problems.
Peter Shugalev as a team of experts from Zerocoin, in his analysis revealed that the cause of the problem of this system damage is a failure in the Zerocoin cryptographic process that affects all its operation processes. This is called Domino effect, because one system damage that occurs on Zerocoin will affect the performance of all technological components in a row. These technological components include internal and external technology components. actually the process of non-activation itself is not an easy thing to do by partners. This non-active process can be implemented if, the platform has spork.
The attack that occurred on Zerocoin was carried out in the form of forgery. Which amount of counterfeit coins is no more than 1% of the supply of coins in circulation. Though at that time if analyzed, actually Zerocoin can still be used if repaired in sufficient time. But according to directions from the “Road Map” or road map, Zerocoin must be transferred to Sigma. When viewed in terms of security and privacy, Zerocoin is still superior to Sigma. Because the use of Sigma which can reduce the proof of 25 kb becomes 1.5 kb.
Until the right time, the analyst team will provide detailed information or notification to the partners regarding damage to the cryptographic system, the number of components of the damaged technology, and the recovery methods used. In delivering information about the damage to this cryptographic process, Zerocoin does not directly disseminate this information publicly. This means that this damage is only notified to several important and trusted parties. Because by notifying this damage widely, it is feared that this will encourage the attacker’s desire to make a more fatal attack strategy. As well as giving time to the analyst team to really do the test accurately, related to the level of damage to Zerocoin. Which if the level of damage is still at the standard line, means that Zerocoin can still fix it internally. This is different from what is happening now, where the level of damage to Zerocoin itself has affected the performance of other components in bulk. Notification was made to partners even suddenly, with Zerocoin also providing opportunities for partners to prepare themselves by integrating other technological components. For example, such as activating the use of spork, which is useful in the non-activation process of Zerocoin.
Some of the main steps taken by Veil in the face of this system damage are like modifying the structure or the so-called Veil Core Wallet 1.0.3.0 version. This update is of course only temporary, until Zerocoin can function properly again. But the non-activation of Zerocoin will eliminate some of the things that concern user privacy. Which is all the user’s transaction history from the beginning to the occurrence of damage to this system is no longer displayed anonymity. So from that repair / modification of the is only done to protect the quality of the network to always maintain the speed and accuracy in transferring some data. The good is that the performance of the CT and CT Ring technology components will not be affected by the damage and renewal of this .
In choosing a component of technology, it should be better if you don’t just see how sophisticated the component is. But it is also seen from the management side of the company that houses all operations. This management side can be seen from how from the beginning the company explained the advantages, disadvantages or all the risks that will be faced in the future. Besides that, it can also be assessed when the company faces a problem with an unhurried attitude and panics. This proves that in terms of (personal) people — people who work for the company are people — people who think everything carefully and strategically. At least this can make the partners who work together to make a “plan b” backup plan that can be applied if a sudden system failure occurs. This is why the importance of the principle of morality is instilled and maintained by the company.
Reference
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Bitcointalk username: Munikasi
Veil Address: bv1qv0vkv74atyadtjftm7tk4pyuqwm0s3j7pcy02j
Published at Wed, 01 May 2019 04:06:08 +0000
