What's the deal and who is offering it...?
Yes , you heard it right. you can earn $625000 if you think that you can break monero's privacy.
The US Internal Revenue Services (IRS) has announced that they will pay $625000 to anyone who cracks the untraceable cryptocurrency Monero , and other privacy coins.
IRS-CI is looking for a solution with one or more contractors to provide innovative solutions for tracing the privacy coins , such as expert tools , data , source code , algorithms and SD services.
Monero is one of those privacy coins which allows the user to transfer their funds with really strong security.
In monero obfuscating the transaction amouts and the wallet adresses of the sender and reciever are one of the methods used for making the monero more secure.
while in Crypto's like Bitcoin and Ethereum it is not the case , here one can trace the adresses back to known wallets and to crypto exchanges.
The Bounty...!
So the IRS has invited private contractors and individual to submit a working prototype on how are they planning to crack monero. You are free to do anything , be it a system that keeps track on monero in terms of user info , date , time , and amount for a particular transaction on the network. you can showcase tools that will predict when a certain address is likely to make a transaction.
Who can apply...?
If you are confident and think that you can crack monero you can apply for the bounty to be yours. The IRS will be taking applications until 16 September for the proposals. Those who take the challenge will receive their bounty in two phases.
First bounty of $500000 will be provided to the developer after providing a working concept of privacy crack tool (Due eight months from proposal acceptance) and then the remaining $125000 will be provided after a pilot testing in completed and approved by the government.
Why Do IRS wants to crack Monero...?
The agency has been noticing rise in criminal usage for privacy coins like Monero as one of major reasons for the bounty and cracking of monero.
They stated that privacy coins are becoming popular and are used by illicit actors.
It is also said that future ransoms payment will shift from bitcoin to monero due to privacy concerns.
Posted Using LeoFinance
!hw ban
Identity theft.
Banned @kamranrkploy.
!hw ban
ID theft
They are already banned.