Riccardo Spagni, also known as “fluffypony” on Twitter, is the lead maintainer of Monero and recently expressed his thoughts on the Mobilecoin (MOB) project. Spagni claimed on Twitter that MobileCoin was originally based on Monero, not CryptoNote, as the project “claims.”
He said that he was “disappointed” that no credit was granted to Monero developers for the project and wrote:
Very, very disappointing. MobileCoin claims to be based on CryptoNote, but it’s not. It’s based on Monero…Not sure why there’s no credit where credit is due?
This sort of low-integrity behavior never bodes well, regardless of how well-intentioned a project is at the start.
Spagni clarified that CryptoNote lacks some functionality that demonstrate that MobileCoin is founded on Monero. RingCT, Subaddresses, and Bulletproofs are among these features.
He slammed Mobilecoin’s code as well as the project’s founding engineer, Alex Graveley’s, remarks on Monero’s code. The offending tweet was removed. Spagni, on the other hand, posted a screenshot of the comment, in which he said that crypto ventures “find it too difficult to be high integrity.”
On the other hand, some team members of the MobileCoin project claimed that “Monero isn’t fast enough” and that it “doesn’t support transaction recovery.” They addressed the fact that Monero “has probabilistic linkage which MobileCoin”. The note from the project representatives further stated:
We spent almost 18 months building MobileCoin Fog to solve the second problem (https://github.com/mobilecoinfoundation/fog). It’s a non-trivial stack of code to allow users to recover strings from servers they don’t control without the operators of those servers being able to learn what strings are being recovered. Don’t get me wrong, we stand on the shoulders of giants, but there’s a lot of new tech here.
Meanwhile, community activist Seth Simmons claimed on Twitter that MobileCoin employs the Monero protocol “to provide secure anonymity for consumers,” but it “relies on Intel hardware assurances and centralisation.”
Simmons was also worried about Mobilecoin’s token stock, claiming that all 250 million coins had been pre-mined.
He reported that while the project had not yet released any exchange listings, the price of MOB was vulnerable to whale exploitation. Particularly because he claimed the tokens were “solely” the property of the project and its VC investors.
The most disturbing aspect of MobileCoin, according to Simmons, is that “they now clearly censor and prohibit US people (among many others) from using MobileCoin in some way.”
Meanwhile, the price of MOB has risen 12.6 percent in the last 24 hours and was trading at $44.27 at the time of publication. The token made headlines earlier this week after reaching an all-time high of $71.96 two days ago.
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