Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Monero Forum => Topic started by: Niko on September 22, 2018, 02:11:31 PM
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Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility and decentralization. Monero uses an obfuscated public ledger, meaning anyone can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Monero uses a Proof of Work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.
The privacy afforded by Monero has attracted illicit use by people interested in evading law enforcement during events such as the WannaCry Ransomware Attack, or on the dark web buying illegal substances. [1] [2] Despite this, Monero is actively encouraged to those seeking financial privacy, since payments and account balances remain implicit hidden, which is not the standard for most cryptocurrencies. [3] [4]
Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNight proof-of-work hash algorithm, which comes from the CryptoNote protocol. It possesses significant algorithmic differences relating to blockchain obfuscation.[5][6]
In particular, the ring signatures mix the spender's input with a group of others, making it exponentially more difficult to establish a link between each subsequent transaction.[2][7] Also, the "stealth addresses" generated for each transaction make it impossible to discover the actual destination address of a transaction by anyone else other than the sender and the receiver.[8] Finally, the "ring confidential transactions" mechanism hides the transferred amount.[9][2]
Monero is designed to be resistant to application-specific integrated circuit mining, which is commonly used to mine other cryptocurrencies such as Bitcoin. It can be mined somewhat efficiently on consumer grade hardware such as x86, x86-64, ARM and GPUs.
History
In 2014 Bitcointalk forum user known as thankful_for_today forked the codebase of Bytecoen into the name BitMonero, which is a compound of Bit (as in Bitcoin) and Monero (literally meaning "coin" in Esperanto). [2] The release of BitMonero was very poorly received by the community that initially backed it. Plans to fix and improve Bytecoin with changes to block time, tail emission and block reward had all been ignored, and thankful_for_today simply disappeared from the development scene. A group of users lead by Johnny Mnemonic decided that the community should take over the project, and five days later they did while also changing the name to be Monero. [5]
Due its privacy features, Monero experienced rapid growth in market capitalization and transaction volume during the year 2016, faster and bigger than any other cytocurrency that year. This grew was motivated by its uptake in the darknet market, where people used it to buy stolen credit cards, guns, and drugs. [2] Two major darknet market were shut down in July 2017 by law enforcement. [10] From the beginning, Monero has been used by people holding other cryptocurrency like Bitcoin to break link between transactions, with the other cryptocoins first converted to Monero, then after some delay, converted back and sent to an address unrelated to those used before. [7 ]
On January 10, 2017, the privacy of Monero transactions were further strengthened by the adoption of Bitcoin Core developer Gregory Maxwell's algorithm Confidential Transactions, hiding the amounts being transacted, in combination with an improved version of Ring Signatures. [11]
After many online payment platforms shut down access for white nationalists following the Unite the Right rally in 2017, some of them, including Christopher Cantwell and Andrew Auernheimer ("weev"), started using and promoting Monero. [12] [13]
The operators behind the May 2017 global ransomware incident WannaCry converted their proceedings into Monero. [1] In June, The Shadow Brokers, the group that leaked the code used in WannaCry, started accepting payments in Monero. [1]
Malicious hackers have previously embedded Monero mining code into websites and apps seeking profit for themselves. [14] In late 2017 malware and antivirus service providers blocked a JavaScript implementation of Monero miner Coinhive that was embedded in websites and apps, in some cases by hackers. Coinhive generated the script as an alternative to advertisements; a website or app could embed it, and use website visitor's CPU to mine the cryptocurrency while the visitor is consuming the content of the webpage, with the site or app owner owning a percentage of the mined coins. [15] Some websites and apps did this without informing visitors, and some hackers implemented it in that way drained visitors' CPUs. As a result the script was blocked by companies offering ad blocking subscription lists, antivirus services, and antimalware services. [16] [14]
As of May 2018 Monero was led by 7 members, 49 developers and 3 researchers, with the unofficial figurehead of pseudonymous Luigi1111. [17]
In the first half of 2018, Monero was used in 44% of cryptocurrency ransomwareattacks. [18]
In July 2018, Change.org implemented a Monero miner on their screensaver to raise funds for the Change.org Foundation. [19]
Transaction linkability
In April 2017 research highlighted three major threats to Monero users' privacy. The first relations on leveraging the ring signature size of zero, and ability to see the output amounts. [20] The second, described as "Leveraging Output Merging", involves tracking transactions where two outputs belong to the same user, [20] such as when a user is sending the funds to himself ("churning"). Finally the third threat, "Temporal Analysis", shows that predicting the right output in a ring signature could potentially be easier than previously thought. [20]
Monero #DevelopmentTeam addressed the first concern in January 2017, prior to the actual release of the research paper, with introduction of Ring Confidential Transactions (RingCT) [21] as well as mandating a minimum size of ring signatures in the March 2016 protocol upgrade. Monero developers also noted that Monero Research Labs, their academic and research arm, already noted and outlined the deficiency in two public research papers in 2014 and 2015. [21]
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Monero is a decentralized currency that was created in 2014, and Monero has the potential to be used in investing, because Monero has a very good price increase.
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The privacy afforded by Monero has attracted illicit use by people interested in evading law enforcement during events such as the WannaCry Ransomware Attack, or on the dark web buying illegal substances.[1][2] Despite this, Monero is actively encouraged to those seeking financial privacy, since payments and account balances remain entirely hidden, which is not the standard for most cryptocurrencies.
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Thanks for this post. I believe this will give a brief enlightenment for community members who do not know much about monero and it’s operations.
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Monero is a coin that was created in 2014 with cryptographic alogariteme code. This coin is a type of digital currency that has better security than other coin alternatives. This is because Moner has security access that makes transactions, source of transactions until the purpose of the transaction remains private.
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Monero is a cryptocurrency which focuses on being untraceable and private.also Monero is an potential project and best technology.
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thats nice info to understand monero thanks
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Monero is not a 'privacy coin'. Bitcoin is already private, see section 10 of the white paper. Monero is based on a misunderstanding of how privacy works in Bitcoin. Rather than privacy, it seeks to lose records and be anonymous. Privacy and anonymity are total opposites. Anonymous coins require onerous regulations to be compliant. Ironically, you destroy privacy by trying to lose records.
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Monero(XMR) is a cryptocurriency.monero is an privacy oriented cryptocurrency that is built and operates on the blockchain technology.it has huge potential and trading volume.also this project is best for long-term investments.
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I think the coin of the mind is also a very good coin because it is a popular currency that catches the eye of all investors and they find Moniro a safe, private and non-renewable currency system to invest in this currency. Monaro uses a special kind of cryptography to ensure that all its transactions are 100% unlinked and non-continuous. Looking forward to the views of the senior brothers
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Monero beats Bitcoin on privacy, fungibility, transaction fees, and mining algorithm. Bitcoin beats Monero when it comes to transaction speed, scalability, network effect, supply, and price. Therefore, it's hard to pick a clear winner when comparing these two crypto assets.
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Monero beats Bitcoin on privacy, fungibility, transaction fees, and mining algorithm. Bitcoin beats Monero when it comes to transaction speed, scalability, network effect, supply, and price. Therefore, it's hard to pick a clear winner when comparing these two crypto assets.
The bigger the Token the the more the service and security is strictly implemented.
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Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility and decentralization. Monero uses an obfuscated public ledger, meaning anyone can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Monero uses a Proof of Work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.
The privacy afforded by Monero has attracted illicit use by people interested in evading law enforcement during events such as the WannaCry Ransomware Attack, or on the dark web buying illegal substances. [1] [2] Despite this, Monero is actively encouraged to those seeking financial privacy, since payments and account balances remain implicit hidden, which is not the standard for most cryptocurrencies. [3] [4]
Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNight proof-of-work hash algorithm, which comes from the CryptoNote protocol. It possesses significant algorithmic differences relating to blockchain obfuscation.[5][6]
In particular, the ring signatures mix the spender's input with a group of others, making it exponentially more difficult to establish a link between each subsequent transaction.[2][7] Also, the "stealth addresses" generated for each transaction make it impossible to discover the actual destination address of a transaction by anyone else other than the sender and the receiver.[8] Finally, the "ring confidential transactions" mechanism hides the transferred amount.[9][2]
Monero is designed to be resistant to application-specific integrated circuit mining, which is commonly used to mine other cryptocurrencies such as Bitcoin. It can be mined somewhat efficiently on consumer grade hardware such as x86, x86-64, ARM and GPUs.
History
In 2014 Bitcointalk forum user known as thankful_for_today forked the codebase of Bytecoen into the name BitMonero, which is a compound of Bit (as in Bitcoin) and Monero (literally meaning "coin" in Esperanto). [2] The release of BitMonero was very poorly received by the community that initially backed it. Plans to fix and improve Bytecoin with changes to block time, tail emission and block reward had all been ignored, and thankful_for_today simply disappeared from the development scene. A group of users lead by Johnny Mnemonic decided that the community should take over the project, and five days later they did while also changing the name to be Monero. [5]
Due its privacy features, Monero experienced rapid growth in market capitalization and transaction volume during the year 2016, faster and bigger than any other cytocurrency that year. This grew was motivated by its uptake in the darknet market, where people used it to buy stolen credit cards, guns, and drugs. [2] Two major darknet market were shut down in July 2017 by law enforcement. [10] From the beginning, Monero has been used by people holding other cryptocurrency like Bitcoin to break link between transactions, with the other cryptocoins first converted to Monero, then after some delay, converted back and sent to an address unrelated to those used before. [7 ]
On January 10, 2017, the privacy of Monero transactions were further strengthened by the adoption of Bitcoin Core developer Gregory Maxwell's algorithm Confidential Transactions, hiding the amounts being transacted, in combination with an improved version of Ring Signatures. [11]
After many online payment platforms shut down access for white nationalists following the Unite the Right rally in 2017, some of them, including Christopher Cantwell and Andrew Auernheimer ("weev"), started using and promoting Monero. [12] [13]
The operators behind the May 2017 global ransomware incident WannaCry converted their proceedings into Monero. [1] In June, The Shadow Brokers, the group that leaked the code used in WannaCry, started accepting payments in Monero. [1]
Malicious hackers have previously embedded Monero mining code into websites and apps seeking profit for themselves. [14] In late 2017 malware and antivirus service providers blocked a JavaScript implementation of Monero miner Coinhive that was embedded in websites and apps, in some cases by hackers. Coinhive generated the script as an alternative to advertisements; a website or app could embed it, and use website visitor's CPU to mine the cryptocurrency while the visitor is consuming the content of the webpage, with the site or app owner owning a percentage of the mined coins. [15] Some websites and apps did this without informing visitors, and some hackers implemented it in that way drained visitors' CPUs. As a result the script was blocked by companies offering ad blocking subscription lists, antivirus services, and antimalware services. [16] [14]
As of May 2018 Monero was led by 7 members, 49 developers and 3 researchers, with the unofficial figurehead of pseudonymous Luigi1111. [17]
In the first half of 2018, Monero was used in 44% of cryptocurrency ransomwareattacks. [18]
In July 2018, Change.org implemented a Monero miner on their screensaver to raise funds for the Change.org Foundation. [19]
Transaction linkability
In April 2017 research highlighted three major threats to Monero users' privacy. The first relations on leveraging the ring signature size of zero, and ability to see the output amounts. [20] The second, described as "Leveraging Output Merging", involves tracking transactions where two outputs belong to the same user, [20] such as when a user is sending the funds to himself ("churning"). Finally the third threat, "Temporal Analysis", shows that predicting the right output in a ring signature could potentially be easier than previously thought. [20]
Monero #DevelopmentTeam addressed the first concern in January 2017, prior to the actual release of the research paper, with introduction of Ring Confidential Transactions (RingCT) [21] as well as mandating a minimum size of ring signatures in the March 2016 protocol upgrade. Monero developers also noted that Monero Research Labs, their academic and research arm, already noted and outlined the deficiency in two public research papers in 2014 and 2015. [21]
Monero is a good coin and you make good define about the monero coin and this future is very bright and good and i hope that soon its price touch the sky in a short time.
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I have no idea about the Monero currency. Because I am a new user of this cryptocurrency. I don't know all the coins well yet and don't know about the currency. So I have no idea about it. I have read the comments of many senior brothers well and tried to understand. Many brothers have given ideas about this coin in many different ways. I got some ideas from their post. Thanks bro for your topic I got an idea about this coin and understood.
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Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.
The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.
Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.
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Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination.
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I am getting 10000 coins but I was showing a lot of dollars but there is no news at present. I don't think the project will be much better because if it was good the tokens could be sold. I don't know what will happen in the future, if the exchange comes, please let us know.