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81

It is the only private cryptocurrency in use today which is truly fungible as all transactions are private and created equal. It satisfies the 3 important properties of electronic cash: decentralized, private, digital. These are the major features that distinguish it from all the rest, on a protocol level: Nobody inspecting the blockchain can tell from ...


57

As described by Monero Research Lab academic Shen Noether with regard to the anonymity set: Monero (although the zcash proponents note that a ring signature is a "smaller" anonymity set, they usually don't mention that the stealth address factor actually means that each transaction is masked, whereas the ring signatures provide additional plausible ...


41

There are several advantages where I2P implementation is more suitable over Tor, e.g. I2P is significantly faster when routing internal traffic, where Tor is optimized for low-bandwidth clients and high-bandwidth exit nodes, I2P doesn't have floodfill routers hardcoded as Tor's directory of servers, I2P is a packet-switched network (as opposed to circuit-...


27

Despite both being advertised as privacy-focused cryptocurrencies, they are very different. Summary Monero uses ring signatures, RingCT, and stealth addresses to hide information on the blockchain. For every transaction, there is no way for an outside observer to determine the sending address, the amount sent, or the receiving address. Optional ...


26

Does Monero have any Android or iOS wallets available? No Monero iOS or Android wallet currently existed in the Apple App Store or Google Play Store for a long time with the custodial Freewallet exception related to Bytecoin/Minergate. This wallet has been marked as distrusted by the Monero community in the Monero Reddit wiki: Freewallet – Please read ...


25

Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are "capable of being substituted in place of one another." For example, since one ounce of pure gold is equivalent to any other ounce of pure gold, gold is fungible. Other fungible commodities ...


24

Privacy You won't find your standard address on the blockchain. Every single output is its own one time address, there is no choice about it (as opposed to Bitcoin, where address reuse is discouraged, but commonplace, and easy to do). Ring signatures allow transactions to be ambiguous about which outputs are spent, since any one of the N inputs in a ring ...


24

The Monero Research Lab is a team of voluntary researchers, scientists and academics that did analyse Monero and its predecessor CryptoNote in the past, explaining both past attacks and possible privacy issues in the current network. Their research is mostly funded by donations from the Monero community and is publicly available. In the following segment I ...


18

Using a third party node has drawbacks in two main categories: privacy, and performance. When you refresh your wallet, the daemon sends blocks and transactions to your wallet, which then inspects each transaction to see if you received any monero. If you did, the wallet will, at least currently, ask the daemon for more information about that transaction (...


18

This is a complex topic that loses many in forest of cryptographic trees, but the following highlights important points required to understand and follow stealth address concepts. Stealth address technology originated from Cryptonote technology, but Bitcoin (e.g. libbitcoin) and its altcoins can also implement stealth addresses. For Bitcoin and its ...


17

An incomplete list of explorers with unique features would include Moneroblocks, ChainRadar, and The Onion Monero Blockchain Explorer, of which the clearnet version can be found here. Moneroblocks is the most popular explorer (and one of the first if you include its previous .eu domain). It tracks a number of useful statistics, such as mixin usage and ...


17

Adding this answer to make it simpler to those who can not understand the top response. ZCash uses a new cryptography tool called zk-SNARK (don't worry about the name). This is different than the ring signatures that Monero uses. Without getting into too much detail, this is how they both work: zk-SNARKs use the entire blockchain when making transactions, ...


17

First, there is no stealing possible, so your funds are safe ASSUMING THE MONEROV (OR OTHER KEY REUSING FORK) SOFTWARE IS NOT A TROJAN. If it is not, then the key reuse only affects one of the privacy layers Monero offers, and does not allow either double spending nor stealing. Of course, since monerov is currently closed source, it may be that the binaries ...


16

We can get a rough idea of a cost lower bound by doing the following: This command looks at the tx_outputs database, which lists all the outputs on the blockchain: mdb_stat -s tx_outputs ~/.bitmonerod/lmdb We see that this database holds 17896556 entries. In order to get 20% of the entries, an attacker would have to create about 4.5 million new outputs (...


16

Stealth addresses take care of the receiver's privacy, not the sender's. In cryptocurrency, the ability to spend a certain amount of coins is the same as the knowledge of the private key to the public key associated with the coins. So (simplifying a bit), in Bitcoin if there is 1 bitcoin associated to the public key P and if Bob knows the corresponding ...


15

There are three main ways to fix this. The first one is to attempt to select outputs which are unrelated, if possible. This only works if you are sending an amount of monero that can be represented with unrelated outputs. This means that if you have received a single payment, you won't be able to select unrelated inputs, since they're all related - unless ...


15

With Deep Packet Inspection, you can filter/block almost any traffic you want. In the I2P projcet, on which Kovri depends, the devs are aware of blocking possibilities in restricted countries and they are working on solutions to make it as hard as possible to detect and block I2P traffic. The mentioned "meek" is one of the Pluggable Transports (PT) to ...


15

MoneroV is a chain split off Monero. It will inherit Monero's history going forward. MoneroV is widely regarded as an attack on the Monero network. Any initial transactions made on MoneroV will be directly linked to their Monero counterpart. For instance, suppose I have money in Monero address A at the time of the chain split. I then spend my MoneroV and ...


13

Churning means simply sending the entire balance back to yourself. There's a privacy increase because by doing so, you increase the distance of your funds from some source. Each churn serves to fuzz the trail by some factor. For example, if you send to me, you know where that money sits on the blockchain because you're the one who created the output. When ...


12

You are asking two different things here: what are the risks in using the same daemon They're typically small, and mostly either privacy leaks or denial of service. Obviously, whoever runs the daemon may either withhold new blocks, and try to inject fake blocks. The wallet will not check PoW, etc. A daemon who knows the user's standard address could make ...


12

Yes, that is true, but that is not the only thing. The main privacy enhancing features of Monero are: Ring signatures: make transactions harder to trace by obscuring the output of the true sender in a set of n other outputs on the blockchain, indistinguishable with respect to their amounts, which are all the same (currently), or all hidden (under ringCT, ...


12

Despite both being advertised as privacy-focused cryptocurrencies, they are very different. Monero uses ring signatures, RingCT, and stealth addresses to hide information on the blockchain. For every transaction, there is no way for an outside observer to determine the sending address, the amount sent, or the receiving address. Optional transparency can be ...


11

A few other security related things that weren't mentioned in the other answers. In contrast to Bitcoin's 10 minute block time, Monero has a 2 minute block time. Additionally, Monero uses a different elliptic curve. Instead of secp256k1 / ECDSA as used in Bitcoin, Monero uses Ed25519 / Curve25519 / EdDSA. This doesn't make any perceivable difference for ...


11

Remote Nodes Patches have been made to limit the information leak to a remote node. It does not know what inputs you control, and it does not know what blocks your receiving transactions are from. However, there are still some concerns: The remote node knows your IP address, and it can associate each transaction you send to the node with your IP address. ...


11

The simple answer would be no. The codebases simply aren't in any way similar. Bitcoin devs would need to do a massive rewrite of the code to implement ring sigs with confidential transactions, it would require a hardfork and would likely break functionality with code outside of Bitcoin such as wallets and such. The longer answer would be maybe. It could ...


10

It will always be a sliding scale, much like how many confirmations will give me full security? The answer is neither can give you "full" security, but they can make it so that it's enough to thwart even the most determined attacker. Right now RingCT hasn't been rolled out so privacy is "OK", but once it is in effect it will not only obfuscate better, but ...


10

Advantages of CryptoNote coins Common to all Bytecoin derived coins Monero transactions are untraceable and un-linkable by default. Meaning that there is ambiguity of where the monero came from and the destination address (or account in Monero lingo) is unknown. There is the option of providing the viewkey, which allows someone to check for incoming ...


10

Update 2018.02.04 In light of recent of environment changes, this answer needs update, since blockchain scalability cannot be ignored anymore. TumbleBit's mixing technique became completely uneconomical, due to high fees. Although Monero has a similar fee problem, not as bad as TumbleBit has. That being said, TumbleBit has a Payment Hub mode, which is just ...


10

Monero mixin 0 is still superior to a Zcash "T" transparent transaction due to the fact that Monero uses stealth addresses for every transaction whereas Zcash does not have this feature. I do not imagine there would be any scenario for Zcash to eliminate transparent transactions as this would break a lot of the intentional bitcoin compatibility that is ...


9

Fungibility makes a coin very much like physical cash: Fungibility is a property of money that makes every unit if this money interchangeable: you can pay someone with a paper note and the receiver won’t care where it came from. Quote taken from this article, which explains what it is and what it means in respect to other cryptocurrencies: On ...


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