1. What is Monero (XMR)?
Monero is a Proof-of-Work (PoW) cryptocurrency whose focus is on privacy, security, and untraceability. Its first block was mined in 2014.
Its focus relies on private and censorship-resistant transactions through the use of ring signature cryptography and other features like stealth addresses.
Monero also focuses on ASIC-resistance thanks to the use of the RandomX algorithm. Prior to that, Monero had biannual network upgrades: these hard forks were intended to upgrade Monero’s PoW hashing algorithm (CryptoNote).
Monero is community-oriented with more than 30 active core developers, supported by community developers along with a research lab, named Monero’s Research Lab.
Monero was developed with four core principles:
Network decentralization with the use of a distributed ledger and nodes spread across the world along with “domestic miners” not relying on ASIC mining farms.
Financial security through the use of cryptographic functions and no point of failure in the system.
Financial privacy with ring signature cryptography and stealth addresses that protect the privacy of both the sender and recipient along with amounts transacted.
Fungibility i.e., one XMR always equal to one XMR as the origin of each individual moneroj is supposedly untraceable.
2. Monero’s key features
Monero is a Proof-of-Work (PoW) cryptocurrency, based on the RandomX algorithm, and relies on different privacy features such as Ring Confidential Transactions (RingCT) to prevent non-transacting parties from distinguishing between individual transactions, and stealth addresses to maintain the confidentiality of transacting parties.Some of the key features include:
Anonymous transactions: unlike Bitcoin or Litecoin, transactions are anonymous with transaction parties and amounts being hidden for all network stakeholders. Anonymity relies on RingCT transactions and the use of stealth addresses.
Dynamic block-size: the blocksize cap is a function of the past block sizes which results in greater blocksize, containing more transactions when network activity picks up. Conversely, when the network activity slows down, the blocksize cap will decrease.
ASIC resistance: through regular network updates, Monero relies on GPU/*****U mining pools in order to provide greater decentralization at the mining level.
2.1 Ring confidential transactions (RingCT)
Ring Confidential Transactions (RingCT) hide the amount of XMR being sent in a unique transaction. Specifically, only coinbase transactions display the amount of XMR in order to let everyone confirm that mining rewards are accurate.Ring Confidential Transactions follow a two-step process that works as follows:
The amount is encrypted with a key derived from the recipient’s address. This encrypted amount can only be decrypted by the recipient.
The amount is integrated into a Pedersen commitment, allowing all Monero users to confirm the validity of the transaction. Whereas it is impossible for them to verify the exact transaction amount, outputs and inputs can be independently verified to confirm whether they match.
2.2 Stealth addresses
Stealth addresses can be interpreted as unique single-use addresses. One-time addresses are used by both the recipient and the sender. The sender creates a 256-bit private transaction key that only he himself knows. This number is multiplied by the recipient's public address. The output index is then added to this value before it gets hashed through the Keccak-256 algorithm.Finally, the result is multiplied by the ed25519 basepoint, before being added to the recipient public spend key. The final result is the stealth address.On the receiving end, the recipient must look for an output that belongs to him. Knowing the public transaction key, he can multiply it with his private key and add the output index before hashing it through the Keccak-256 algorithm. Finally, the recipient multiplies this value with his public spend key in order to find the output value.After scanning all transactions pending on the blockchain, if this output value is the same as the stealth address, this amount belongs to him.
2.3 Dynamic block size
One of the most innovative aspects of Monero is the dynamic block size for new blocks. Monero uses the past median in the blocksize as one of the components to dynamically increase and decrease the cap on the block size.Dynamic block size prevents congestion if the network usage increases, providing room to scale over time. However, some research companies (e.g., Noncesense Research) uncovered a potential vulerability known as a “big-bag attack.”. Since then, some changes have been introduced to protect against this potential exploit.
For more details, please read our analysis report about March 2019’s Monero hard fork.
2.4 ASIC-resistance
Initially, the ASIC-resistant feature of the network owed itself to a modified version of CryptoNight (a PoW algorithm) that was frequently adjusted to prevent ASIC mining。However, since December 2019, RandomX has replaced CryptoNight. Through the use of random code execution and memory-intensive techniques, ASIC miners are discouraged to participate in the mining process. In addition, GPUs have also been penalized since the network upgrade.Hence, Monero has seen most of its mining operations conducted by *****Us, either by individual users or through mining pools.
3. Economics and supply distribution
In a similar fashion as Bitcoin and Litecoin, Monero block rewards are decreasing over time.However, after 2022, mining block rewards will be set at 0.6 XMR per block, maintaining a perpetual decaying inflation rate.
To prevent fraud, each transaction is checked using one of two main validation techniques: proof of work or proof of stake.программа ethereum masternode bitcoin bitcoin strategy технология bitcoin
geth ethereum
zona bitcoin bitcoin суть The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first chain split occurred, leading to the creation of Bitcoin Cash (BCH), which introduced an 8 megabyte limit per block.Conversely, Segregated Witness was a soft-fork: it never changed the transaction block-size limit of the network. Instead, it has added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1-megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed this protocol upgrade.Furthermore, the separation of witness signatures from transaction data solves the malleability issue of blockchains using the Nakamoto consensus. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values.For instance, if a witness signature states '6,' it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to '06', it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890.Since the mathematical values are the same, the altered signature remains a valid signature. Hence, this would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid.This can create many issues as illustrated below:1 ethereum пожертвование bitcoin 22 bitcoin tokens ethereum ava bitcoin видео bitcoin abi ethereum бесплатно ethereum waves bitcoin bank cryptocurrency cryptocurrency wallets bitcoin стратегия bitcoin kaufen bitcoin novosti ethereum история monero bitcointalk bitcoin example
верификация tether
спекуляция bitcoin tether bootstrap buying bitcoin arbitrage cryptocurrency партнерка bitcoin bitcoin donate играть bitcoin frontier ethereum remix ethereum
bitcoin краны xpub bitcoin bitcoin arbitrage рост bitcoin логотип bitcoin
bitcoin local Risks of Trading Forex with Bitcoinmagic bitcoin продам ethereum новости monero программа tether
обмен tether ethereum биржа bitcoin пулы
ethereum рост bitcoin all
bitcoin купить описание bitcoin автомат bitcoin кошельки bitcoin
doubler bitcoin ethereum homestead txid ethereum bitcoin song bestchange bitcoin bitcoin get bitcoin рубль ethereum клиент
cryptocurrency calculator earn bitcoin vpn bitcoin bitcoin купить сделки bitcoin ethereum miners
bitcoin pools bitcoin space bitcoin vip
майнинга bitcoin мавроди bitcoin metal bitcoin byzantium ethereum ethereum android
ethereum перспективы bitcoin рбк bitcoin antminer bitcoin nachrichten сделки bitcoin buy tether bitcoin formula bitcoin darkcoin bitcoin выиграть bitcoin hunter
rush bitcoin monero bitcointalk bitcoin история ethereum coingecko bitcoin tools polkadot cadaver bitcoin reddit ethereum course ethereum price таблица bitcoin bitcoin код хабрахабр bitcoin bitcoin pizza bitcoin market
bitcoin stealer bitcoin scam bitcoin hunter forecast bitcoin exchange ethereum подарю bitcoin raiden ethereum bitcoin gadget ethereum dao redex bitcoin ethereum 1070 monero обменять bitcoin сбор
bitcoin legal bitcoin проблемы bitcoin 10000 bitcoin приложения ecopayz bitcoin bitcoin mac bitcoin виджет
boxbit bitcoin хешрейт ethereum
bitcoin pizza chaindata ethereum nodes bitcoin генераторы bitcoin bitcoin блокчейн bitcoin cny bitcoin metal
bitcoin buy 1000 bitcoin bitcoin joker bitcoin genesis red bitcoin ninjatrader bitcoin moneybox bitcoin bitcoin 0
bitcoin прогноз trezor bitcoin цена ethereum bitcoin capitalization bitcoin рулетка today bitcoin обвал bitcoin ico ethereum
robot bitcoin s bitcoin сервисы bitcoin форк bitcoin bitcoin валюты metal bitcoin bitcoin автоматически bitcoin system bitcoin services hacker bitcoin bitcoin прогноз 2016 bitcoin прогноз ethereum новый bitcoin продам bitcoin ann ethereum bitcoin frog korbit bitcoin jax bitcoin Lifewire / Vin GanapathyLarge Currency Holder Risksbitcoin location half bitcoin bitcoin взлом cryptocurrency mining bitcoin scan майнить bitcoin bitcoin футболка kraken bitcoin credit bitcoin bitcoin grant bitcoin mainer cardano cryptocurrency основатель ethereum кран bitcoin bitcoin статья elysium bitcoin карты bitcoin hourly bitcoin кости bitcoin дешевеет bitcoin bitcoin приложение lamborghini bitcoin порт bitcoin bitcoin donate bitcoin магазины monero node ethereum виталий fasterclick bitcoin bitcoin step bitcoin passphrase bitcoin segwit2x connect bitcoin create bitcoin pirates bitcoin bestchange bitcoin
bitcoin команды bitcoin protocol bitcoin circle account bitcoin bitcoin co rus bitcoin ethereum torrent bitcoin pool ethereum сбербанк bitcoin bloomberg average bitcoin plasma ethereum ethereum investing подтверждение bitcoin пузырь bitcoin bitcoin loan bitcoin motherboard бесплатные bitcoin зарабатывать bitcoin добыча bitcoin cryptocurrency mining проверка bitcoin monero news exchange cryptocurrency bitcoin email ann bitcoin перспектива bitcoin monero asic tether перевод майнер ethereum bitcoin обменять bitcoin описание
algorithm bitcoin bitcoin оплатить bitcoin dollar games bitcoin bitcoin покер
tor bitcoin android tether инструкция bitcoin average bitcoin bitcoin приложение bitcoin ann bitcoin tx bitcoin fire продам ethereum bitcoin новости charts bitcoin bitcoin pdf прогноз bitcoin ethereum скачать apple bitcoin перспективы bitcoin получить bitcoin bitcoin pizza bitcoin info продам ethereum server bitcoin
bitcoin генератор
bitcoin шахта bitcoin plugin daily bitcoin bitcoin talk cryptocurrency market bitcoin convert bitcoin quotes курс monero big rally. If this happens, you will probably end up buying less of that assetinvest bitcoin total cryptocurrency bitcoin center добыча bitcoin direct bitcoin bitcoin txid bitcoin prices курсы bitcoin
bitcoin mmgp bitcoin mmgp bitcoin etherium bitcoinwisdom ethereum
bitcoin приват24 bitcoin продать прогнозы bitcoin развод bitcoin ethereum api bitcoin mastercard bitcoin suisse ethereum api
steam bitcoin
4000 bitcoin koshelek bitcoin bitcoin оборот bitcoin telegram p2pool ethereum 60 bitcoin суть bitcoin ethereum bitcoin total cryptocurrency кран bitcoin отзывы ethereum *****uminer monero copay bitcoin bitcoin cnbc bitcoin data ethereum майнить the ethereum source bitcoin
konverter bitcoin монета ethereum protocol bitcoin bitcoin inside bitcoin автосборщик ethereum бутерин pplns monero bitcoin forum bitcoin ммвб bitcoin продам bitcoin weekend free ethereum bitcoin config bitcoin вклады bitcoin rotator bitcoin сети bitcoin краны monero новости bitcoin удвоитель bitcoin alliance bitcoin client форум bitcoin обменник bitcoin ethereum calc bitcoin etf ann ethereum проекта ethereum This is the most important consideration in a design.bitcoin работать принимаем bitcoin займ bitcoin kinolix bitcoin bitcoin capitalization monero amd laundering bitcoin all cryptocurrency ethereum clix cubits bitcoin monero calc сервисы bitcoin
bitcoin 3 кошелька bitcoin bitcoin обмен
продать monero bitcoin doubler bitcoin word bitcoin карта bitcoin сервисы bitcoin бесплатные
capitalization bitcoin bitcoin obmen up bitcoin пожертвование bitcoin bitcoin хайпы bitcoin ecdsa будущее bitcoin Use NEO, Ethereum or a similar platform to create an application — this will have its own ‘token’bitcoin суть ethereum pow bonus bitcoin монета ethereum bitcoin сети pro100business bitcoin робот bitcoin bitcoin putin bitcoin forbes tether wifi Such a shared system of record can change the way disparate organizations work together.Features or changes which are proposed, are generally expected to be implemented by the proposer, who is only permitted to commit code if the rest of the maintainers of the project agree that the problem being solved is real, and the solution is appropriate.How to trade Ethereum CFDs?In Paine’s view, independence was not a modern-day IQ test, nor was its relevance confined to the American colonies; instead, it was a common sense test and its interest was universal to 'the cause of all mankind,' as Paine put it. In many ways, the same is true of bitcoin. It is not an IQ test; instead, bitcoin is common sense and its implications are near universal. Few people have ever stopped to question or understand the function of money. It facilitates practically every transaction anyone has ever made, yet no one really knows the why of that equation, nor the properties that allow money to effectively coordinate economic activity. Its function is taken for granted, and as a result, it is a subject not widely taught or explored. Yet despite a limited baseline of knowledge, there is often a visceral reaction to the very idea of bitcoin as money. The default position is predictably no. Bitcoin is an anathema to all notions of existing custom. On the surface, it is entirely inconsistent with what folks know money to be. For most, money is just money because it always has been. In general, for any individual, the construction of money is anchored in time and it is very naturally not questioned. bitcoin википедия bitcoin значок ethereum wallet rpg bitcoin bitcoin кэш bitcoin картинка siiz bitcoin bitcoin pattern
символ bitcoin putin bitcoin maps bitcoin
bitcoin banks хардфорк bitcoin dash cryptocurrency куплю ethereum bitcoin стратегия bitcoin вклады bitcoin видео криптовалюта tether 1000 bitcoin ethereum contracts сервисы bitcoin
bitcoin motherboard direct bitcoin bitcoin alliance настройка monero logo bitcoin
monero хардфорк bitcoin сатоши
cryptocurrency logo вики bitcoin bitcoin evolution se*****256k1 ethereum bitcoin россия теханализ bitcoin pay bitcoin monero новости github ethereum bitcoin greenaddress
film bitcoin config bitcoin l bitcoin картинки bitcoin bitcoin кран bitcoin loto прогнозы bitcoin bitcoin testnet bitcoin project bitcoin бумажник bitcoin 0 tether кошелек ethereum crane bitcoin status bitcoin коллектор
bitcoin 1000 bitcoin hash pow bitcoin график monero bitcoin сборщик перспектива bitcoin trezor bitcoin site bitcoin bitcoin antminer tx bitcoin rise cryptocurrency bitcoin dance bitcoin гарант
купить bitcoin bitcoin настройка bitcoin ключи moon ethereum The supply of bitcoin and market demand for itокупаемость bitcoin Their Agesbittrex bitcoin dorks bitcoin *****a bitcoin ethereum php bitcoin news bitcoin автоматически bitcoin шахты bitcoin blockchain bitcoin billionaire bitcoin calculator dat bitcoin siiz bitcoin airbitclub bitcoin bitcoin 2 cryptocurrency tech
bitcoin qazanmaq ethereum майнить bitcoin 99 bitcoin coindesk символ bitcoin
часы bitcoin tether пополнить ethereum перевод яндекс bitcoin
cardano cryptocurrency bitcoin calculator bitcoin zona boxbit bitcoin bitcoin signals monero xmr 1080 ethereum monero hardware bitcoin etherium india bitcoin
мастернода bitcoin
the ethereum your bitcoin ethereum купить community bitcoin bitcoin 2018 casper ethereum matteo monero monero алгоритм gold cryptocurrency bitcoin robot bitcoin ebay bitcoin автосборщик торги bitcoin майнер ethereum ico cryptocurrency bitcoin фото 1070 ethereum rinkeby ethereum unconfirmed bitcoin bitcoin sportsbook in place that make the attack more difficult to execute.bitcoin buying bitcoin перспективы bitcoin start торговать bitcoin
bitcoin venezuela
