Exclusive Mining; A tool for laundering money & evading tax
Being incentivized, cryptoasset miners tend to keep to keep the transactions secret on the blockchain or exclusive which allows people to evade the taxes and launder their money.
As you might know, the crypto miners keep the transactions secret as they are incentivized for this. This could also be used for laundering the dirty money and/ or tax evasion. The miners do not send the transactions to anyone, they keep the transactions secret in the hope of being the one who gains the transaction fee.
When a new blockchain is formed, the miner is supposed to inform the other miners of it via P2P network. There is another unintended choice to P2P propagation and that is "exclusive mining."
Exclusive mining happens when a transaction initiator and a single miner agree on collusion and by which the initiator sends a transaction via a private channel which is located outside the blockchain directly to the miner (or the mining pool) and not through the usual path which is the P2P network.
Doing this gives that miner the exclusive privilege to verify the transaction and collect the block reward. Upon confirmation, the transaction is added to the blockchain and then the other people are informed.
NFT and NFC tech to combine in digital postage stamps
The Austrian post intends to integrate near-field communication to its non-fungible token postage stamps. ...
MAY 27, 2021
SDK is Polygon’s new tool to deploy Ethereum-compatible standalone chains
To empower themselves to build Ethereum-compatible standalone chains and layer-two protocols, the Polygon team is going to launch SDK or software development ki ...
MAY 26, 2021
Whales accumulate 122.5K BTC while crypto market is a bloodbath
Last week, the market experienced a collapse and the whole market suffered except for some big holders who bought the dip and added 122.5K BTC to their portfoli ...
MAY 23, 2021
Bitcoin mining yields in Iran may exceed $1B annually
Bitcoin has turned into a way of bypassing the oil sanction by the Iranian government and a payment method for their imports. ...
MAY 21, 2021