It was revealed in a recent report that a tracing attack on Monero (XMR) is indeed possible. However, in spite of that in recent times, Monero (XMR) is consistently rising. Instead of this report coming out, in the past seven days, Monero (XMR) has risen from $ 66-$ 88. It indicates that Monero (XMR) users have not lost confidence in it.
It is participating in the broad-based cryptocurrency rally, which indicates that more and more users are either using Monero (XMR) or investing in Monero (XMR). However, the question in the back of the mind of many Monero users is how it can become more secure.
How can Monero make itself more secure?
Monero currently uses Ring Signature to ensure that no one can trace back the transactions. Due to this very reason, even if you TrackBack the Ring signatures, you will not find the originator of the transaction. According to Andrew Poelstra, director of research, there are a few ways in which Monero can become more secure. He believes that the logarithmic sized Ring Signature scheme can help Monero maintain anonymity. The problem with this Signature scheme is that it will grow the number of Ring signatures exponentially. With the current technology and the transaction volume, it might not be possible to generate and maintain so many Ring the signatures.
Currently, generating such a large number of signatures might be possible, but if it will work practically or not is still not known. That is why the logarithmic sized ring Signature scheme is still a while away.
The director also believes that once such a large number of signatures are incorporated, there is no need to go for bullet-proof transactions. However, with the help of such a large number of signatures, that will be a redundant measure. It means that the Monero transactions can take place at an even faster pace.
While this is just one of the ideas in which Monero (XMR) can become more secure but now that there is a report out in the open, the developers need to act quick and incorporates specific measures to avoid such traceback attack. The macro factors might be in support of Monero (XMR), but if such an attack emerges, it can turn down the confidence in Monero (XMR). Due to this very reason, it is essential for the developers to act now to prevent loss of confidence in the future.