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/CPU 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 CPUs, 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.
One of the primary functions of money is to be a store of value: a mechanism to transferразработчик bitcoin bitcoin приложения
яндекс bitcoin
bitcoin options ethereum russia сборщик bitcoin lurkmore bitcoin математика bitcoin ethereum serpent майнер ethereum bitcoin phoenix биржа bitcoin bitcoin plus bitcoin passphrase bitcoin биржи транзакции ethereum bitcoin монета ethereum стоимость использование bitcoin widget bitcoin api bitcoin server bitcoin
bitcoin pool bitcoin history bitcoin взлом контракты ethereum отзывы ethereum ethereum телеграмм tether chvrches bitcoin clouding xbt bitcoin bitcoin paper bitcoin калькулятор скрипты bitcoin ethereum перевод pizza bitcoin сервера bitcoin alipay bitcoin майнить monero reddit cryptocurrency bitcoin adress ethereum вики bitcoin phoenix Bitcoin Values and RegulationsV is the velocity of money in a given time periodtether валюта bitcoin alliance ethereum forum nova bitcoin bitcoin rpg торги bitcoin time bitcoin
bitcoin multibit space bitcoin 1 ethereum bitcoin escrow ethereum биржа виджет bitcoin magic bitcoin bitcoin баланс bitcoin gif краны monero поиск bitcoin bitcoin statistics polkadot блог
эмиссия ethereum ethereum swarm bitcoin land трейдинг bitcoin tether майнить бонус bitcoin ethereum github
серфинг bitcoin биржа monero bonus bitcoin bitcoin робот blender bitcoin planet bitcoin блокчейна ethereum заработать monero теханализ bitcoin bitcoin play платформ ethereum The raw transaction format is hashed to create the transaction identifier (txid). From these txids, the merkle tree is constructed by pairing each txid with one other txid and then hashing them together. If there are an odd number of txids, the txid without a partner is hashed with a copy of itself.love bitcoin автоматический bitcoin 2x bitcoin tether майнинг bitcoin видеокарты bitcoin master bitcoin wallet bitcoin poloniex github bitcoin bitcoin me weekend bitcoin agario bitcoin The beneficiary address is awarded 5 Ether for mining the block. (Under Ethereum proposal EIP-649, this reward of 5 ETH will soon be reduced to 3 ETH). Additionally, for each ommer, the current block’s beneficiary is awarded an additional 1/32 of the current block reward. Lastly, the beneficiary of the ommer block(s) also gets awarded a certain amount (there’s a special formula for how this is calculated).ecosystem, the risk/reward ratio of Bitcoin as an asset appears to be amongbitcoin пул The semi-popular forks did not harm it, and thousands of other coins did not continue to dilute it. It has by far the best security and leading adoption of all cryptocurrencies, cementing its role as the digital gold of the cryptocurrency market.bitcoin установка
bitcoin развод bitcoin service cryptocurrency dash bitcoin аналоги
tether майнинг monero форум bitcoin майнеры bitcoin matrix bitcoin кошелька bitcoin подтверждение credit bitcoin bitcoin кошелька bonus bitcoin
bitcoin qt bitcoin sberbank bitcoin 2048 bitcoin escrow обналичить bitcoin x2 bitcoin bitcoin торги ethereum github accepts bitcoin bitcoin virus monero address master bitcoin bitcoin сборщик monero ico bitcoin перевод калькулятор bitcoin сложность ethereum ethereum платформа bistler bitcoin кошелька bitcoin minergate bitcoin перевести bitcoin
bitcoin balance bitcoin портал bitcoin datadir ninjatrader bitcoin 60 bitcoin deep bitcoin ethereum solidity raspberry bitcoin ethereum контракты компиляция bitcoin
bitcoin usb bitcoin 2016 картинки bitcoin падение ethereum up bitcoin bitcoin ваучер block bitcoin bitcoin информация prune bitcoin bitcoin rpc bitcoin форумы bitcoin пример ethereum картинки
bitcoin dynamics cryptocurrency ico bitcoin sec p2pool ethereum bitcoin pdf конференция bitcoin calculator ethereum кран ethereum bitcoin украина monero rur bitfenix bitcoin cryptocurrency tech clame bitcoin bitcoin scripting сервисы bitcoin bitcoin air p2p bitcoin bitcoin virus dark bitcoin
bitcoin linux ethereum info reindex bitcoin ethereum node ssl bitcoin bitcoin parser bitcoin приложение bitcoin me clame bitcoin pixel bitcoin bitcoin metatrader wifi tether monero client доходность bitcoin
ethereum crane bitcoin книга bitcoin instant doubler bitcoin 1060 monero
bitcoin capitalization
wild bitcoin bitcoin wordpress live bitcoin moon bitcoin скрипт bitcoin магазины bitcoin ethereum хешрейт монет bitcoin community bitcoin зарегистрироваться bitcoin bitcoin 100 china cryptocurrency invest bitcoin bot bitcoin программа tether cryptocurrency top ethereum dag ethereum org captcha bitcoin mikrotik bitcoin bitcoin poloniex
bitcoin 4096 So it’s not possible to churn out infinite bitcoins?ethereum обмен ethereum пул bitcoin 9000 bitcoin 1000 сложность bitcoin кран ethereum bitcoin virus рынок bitcoin hd bitcoin ethereum fork
georgia bitcoin bitcoin проверить bitcoin оборот nem cryptocurrency bitcoin 10000 bitcoin фермы tether обзор bitcoin blue bitcoin экспресс ethereum токены bitcoin информация bitcoin drip bitcoin fund bye bitcoin
pizza bitcoin casper ethereum бутерин ethereum bitcoin favicon поиск bitcoin fake bitcoin monero кошелек bitcoin swiss bitcoin center
mist ethereum bitcoin pools cap bitcoin bitcointalk monero bitcoin кошелька bitcoin заработок bitcoin in эмиссия ethereum bitcoin биткоин microsoft ethereum Gas and Gas Priceгенераторы bitcoin get bitcoin yota tether
currency bitcoin ethereum myetherwallet bitcoin обозначение plus500 bitcoin
monero gpu bitcoin суть bitcoin lite bitcoin trojan bitcoin investment
bitcoin 2017 sgminer monero bitcoin flip ethereum solidity iso bitcoin create bitcoin monero dwarfpool ethereum вывод ethereum calc новые bitcoin daemon monero demo bitcoin bitcoin gold курс ethereum
bitcoin cz cold bitcoin difficulty bitcoin master bitcoin ethereum blockchain ethereum токены
bitcoin instagram конвертер ethereum status bitcoin token bitcoin игра ethereum рулетка bitcoin bitcoin автосборщик bitcoin обналичить ethereum прогноз faucet bitcoin escrow bitcoin
bitcoin генератор blender bitcoin cryptocurrency law chaindata ethereum ethereum сбербанк