Home Altcoins News Monero (XMR) Privacy Features Made Easy to Understand by Cenan K Twitter Handle

Monero (XMR) Privacy Features Made Easy to Understand by Cenan K Twitter Handle

Monero XMR

A more detailed thread about Monero’s built-in privacy features in contrast to Bitcoin‘s public ledger from Cenan K Twitter handle is good for those who are getting used to XMR.

With stealth addresses Monero ensures that only the sender and receiver can determine where a payment was sent.

A Monero wallet address consists of a public view key and a public spend key. When Alice wants to send Monero to Bob, her wallet automatically uses Bob‘s view key and public spend key to generate a stealth address, also known as a one-time public key.

The encrypted output amounts include an output for Bob and a change output for Alice. Only Bob is able to locate his output and to spend it by scanning the blockchain with his private view key and calculating a one-time private key that corresponds to the one-time public key.

Ring signatures are used to protect the sender‘s privacy by hiding the origin of a transaction. The digital signature is made up of the actual signer combined with non-signers to form a ring.

The actual signer is a one-time spend key that corresponds to an output of Alice‘s wallet. The non-signers are arbitrarily picked past transaction outputs from the blockchain. All these outputs make up the input of the transaction and are equally likely to be Alice‘s output.

The key image which is derived from an output is used to prevent double spending. As there is only one key image for each output, miners are able to verify that no output has been spent twice.

Ring confidential transactions (or Ring CT) were implemented to hide transaction amounts. When Alice wants to send Monero to Bob, the output amounts include an output for Bob and a change output back to Alice.

Alice is required to commit to the amount of an output without revealing it such that miners are able to confirm that the output sent to Bob is the same as the amount of funds available.

Pedersen commitments allow Alice to send Monero without revealing or changing the Monero value of the inputs and outputs.

This is done by verifying that the encrypted output amounts which include an output for Bob, a change output for Alice and the unencrypted transaction fee are equal to the sum of the inputs that are being spent.

With Monero you are able to digitally transfer value to whomever you like and nobody will ever know how much was sent nor who the sender and recipient were.

Meanwhile Justin Ehrenhofer expressed that, JP Aumasson has completed the second Bulletproofs+ audit. No major issues were found. Further pointed to the statement “We didn’t find anything that we believe qualifies as a security issue.”

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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