Monero (XMR)

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Official site (website): https://getmonero.org Reddit: https://www.reddit.com/r/Monero/ YouTube video (channel): https://www.youtube.com/channel/UCnjUpT9gGxyQ_lud7uKoTCg Official Wiki (Wikipedia): https://en.wikipedia.org/wiki/Monero_(cryptocurrency) Stack Exchange: https://monero.stackexchange.com Discussion forum: https://bitcointalk.org/index.php?topic=583449.0 CoinMarketCap (coin market cap): https://coinmarketcap.com/currencies/monero/

Truth and facts[edit]

What is Monero?

  • Monero is a decentralized, secure, private and untraceable cryptocurrency or electronic cash.
  • Monero is open-source and freely accessible to everyone everywhere.

Blockchain

  • Monero uses blockchain ledger technology to store information about transactions, just like Bitcoin.

Miners

  • Miners record and help to secure the transaction information into blockchain ledger. Miners will be rewarded a certain amount of Monero for adding a new block.

Transaction

  • A transaction is basically the transformation of old outputs belonging to one wallet, into new outputs belonging to someone else.

Wallet

  • A Monero wallet address consists of a 95 character string, which consists of a pubic view key and a pubic send key.

Privacy

  • You can choose to share a watch-only-version of your Monero wallet with the people you want them to view your balance but not spending your Monero in the wallet.
  • Monero uses 'ring signatures' technique for decentralization, scalability and complete privacy. Ring signature obscure the sender while stealth address hide the receiver. This enables total privacy even the blockchain is shared and open.
  • Stealth addresses prevent the output from being associated with the receiver wallet addresses.

Double spending

  • Monero uses key images to prevent double spending problem. Each transaction output creates a key image. Only one cryptographic key image can exists for each output on the blockchain. Due to the cryptographic property of the key image, it is not possible to determine which output created which key. A list of all used key images are maintained in the blockchain by miners to prevent double spending.[1]

Official

  • The ticker symbol for Monero is XMR.


What is Monero?[edit]

What Is Monero?

00:00 To most people, financial privacy is very important.
00:03 But banks, big corporations and even governments are having their records compromised.
00:07 The undeniable conclusion is that there's no safe place to conduct private transactions.
00:12 Well, there wasn't one, until now, meet Monero.
00:14 Monero is a secure private untraceable currency.
00:21 With Monero, you are your own bank.
00:24 Only you control and are responsible for your funds.
00:28 Monero is private, this means businesses can keep their suppliers in secret, as well as citizens escape government repressions and nosy neighbors are crooks.
00:38 Manero can also be selectively transparent and you can choose who you want to see the transactions.
00:45 Manero is dynamically scalable which makes it very different from a Bitcoin.
00:50 Also the block reward will never drop below point 3 XMR and the nominal inflation will stay at point three XMR per minute.
00:57 Manero is decentralized, it has an active development community with more than 30 contributors.
01:04 Take that control of your finances and start using Monero today.
  • Monero is a decentralized, secure, private and untraceable cryptocurrency or electronic cash.
  • Monero is open-source and freely accessible to everyone everywhere.

Stealth addresses[edit]

Monero: Stealth Addresses

00:00 Monero is secure, untraceable electronic cash.
00:03 It is open-source, decentralized and freely accessible to all.
00:06 In this video, we will focus on stealth addresses.
00:09 Let's take a step back and recap some concepts from the previous video.
00:14 We learned that Monero uses a distributed peer-to-peer consensus network to record transaction outputs in a blockchain.
00:21 If Alice owns Monero, it means that she has exclusive control over some of these outputs.
00:26 When Alice sends Monero to Bob, Alice is announcing to the network that she wishes to transfer the value of some of her outputs to a brand-new output for Bob, which only he can control.
00:36 In other words, a transaction is the transformation of old outputs belonging to one wallet into new outputs belonging to another.
00:46 Let's take this a step further, to see how stealth addresses enhancing users privacy.
00:50 In every transaction, a stealth address, also known as a one-time public key is automatically generated and recorded as part of the transaction to indicate who can spend an output in a later transaction.
01:02 An outside observer cannot tell if funds are moving from Alice to Bob, nor link wallet addresses together by just looking into blockchain.
01:09 Therefore when Alice sends Monero to Bob, the output Bob receives will not be publicly associated with Bob's wallet address.
01:18 However if Alice ever needs to prove that she in fact sent Monero to Bob, her wallet has the ability to verify that payment was sent.
01:24 Bob can rest assured that no one else can see when or if any Monero was sent to him.
01:29 If Bob were a merchant, this feature would be a great benefit, because no one can tell how many different customers he has.
01:36 Whether any of them are repeat customers or if he has any customers at all.
01:39 Now buckle your seat belts, because we are about to go over some fairly technical stuff.
01:46 A Monero wallet address is a 95 character string, which consists of a public view key and the public send key.
01:52 When Alice sends Monero to Bob, Alice's wallet will use Bob's public view key and public spend key as well as some random data to generate a unique one-time public key for Bob new output.
02:03 Everyone can see the one time public key on the blockchain, but only Alice and Bob know that Alice sent Monero to Bob.
02:10 The output is created in such a way that Bob is able to locate the output destined for him by scanning the blockchain with his wallets private view key.
02:20 Once the output is detected and retrieved by Bob's wallet, he would be able to calculate a one-time private key that corresponds with the one time public key and spend the relevant output with his wallet private spend key.
02:31 This whole process occurs without ever having Bob's wallet address publicly linked to any transaction.
02:37 As you can see, stealth addresses prevent outputs from being associated with wallet addresses.
02:42 The sender's privacy is shielded with the use of ring signatures.
02:46 Ring signatures help obscure the source of outputs.
02:49 In our next video, we'll discuss the ring signature concept in more detail.
02:54 I see how this feature creates untraceability in Monero.
02:57 If you are interested in what makes Monero the leading privacy centric cryptocurrency, please check out the other videos or visit get Manero.org.
  • Stealth addresses prevent the output from being associated with the receiver wallet addresses.

Frequently asked questions[edit]

  • Monero VS Bitcoin, what is the difference?
Although Monero and Bitcoin both uses the same blockchain technology, but Monero is a total anonymous cryptocurrency using 'ring signature' technology. In other word, Monero is an untraceable cryptocurrency which ensures your total privacy.

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