FxWirePro: A look at highly popular privacy-focused cryptocurrency “Monero”

Monday, September 3, 2018 12:18 PM UTC

Monero is an open sourced highly popular privacy coin and tenth most valuable cryptocurrency in terms of market cap.

There are two types of privacy coin:

  1. Completely privacy – E.g Monero and Enigma
  2. Optional privacy- E.g Dash and Navcoin

Monero comes under completely privacy coins which means that addresses of both sender and receiver and transactions amount involved in the transactions are private on the ledger. It is a version of Cryptonote that hides sender, amount transaction broadcast, and receiver with ring signatures, RingCT, kovri and stealth addresses.

Why Monero is safe?

  1. Untraceable
  2. Unlinkable
  3. Secure
  4. Private
  5. Analysis resistant

Consensus algorithm: Cryptonight

It uses Proof- of-Work algorithm known as CrytpoNight which comes from Cryptonote protocol. It is designed to be suitable for ordinary PC CPUs

CryptoNote is the technology mostly used by anonymous cryptocurrencies. It uses open source public ledger like Bitcoin but only difference is privacy. It groups sender’s public key with several other keys make it impossible to tell which party sent money and which party has received money.

The algorithms behind Cryptonote will protect double spending proof, Egalitarian proof of work and adaptive network limits.

Ring Signatures

It is a type of digital signature that can be performed by any member of a group of users that each have keys. The signature only proves the message was created by someone from the group, but computationally infeasible to determine which group members keys was used to produce the signature

Unlinkable transactions:

Unlinkablity is nothing that we can display your receiving address publicly but payments made to this address cannot be linked to it. This is possible using Diffie- Heliman exchange protocol , a receiver has multiple unique one -time address derived from his single public key.

The sender can produce only the public part of the key, whereas only the receiver can compute the private part. Hence the receiver is the only who can release funds after the transaction is committed because they are the one who knows the secret view key.

Double Spending Proof:

Double spending are prevented in Cryptonote protocol using key images. Every signature has key image a kind of fingerprint of the secret key. These key images are used to prevent double spending.

BlockChain analysis resistance:

Monero promises high resistance against block chain analysing. It reveals only one time addresses and amounts that cannot be linked to any other transaction. Not repeating addresses and mixed keys in ring signature make whole blockchain resistant to analysis.

Egalitarian Proof -of-Work

Egalitarian Proof -of-Work is a version of POW that attempts to restore equal voting privilege to all participants in the consensus . It is easily applicable in normal CPU but difficult to implement in special devices.







Monero

Bitcoin

Blockchain protocol

POW

POW

Privacy

Untraceable

No

Algorithm

Cryptonote

SHA-256

Block time

120 seconds

10 mins

Recent Updates:

Monero major update was Monerujo app. The major significant changes in the new version compared to previous version are

  1. Ledger Nano S support over OTG
  2. NFC Support for Receive & Send (like QR Code)
  3. Minor bug fixes
  4. New translations in the following languages: Greek, Hungarian, Romanian, Russian, Swedish
  5. Select App Language

Moneroworld Premium Beta is to be launched soon. According to the reports on Reddit, users can build their own infrastructure on the Monero blockchain and bypass mining pool decentralization.

Bloomberg has mentioned in recent report complied by Sherwin Dowlat of Satin group that Monero and Cardano are most valuable cryptocurrencies of the future.

Technical:

Bitcoin has broken $7000 level after long consolidation and is holding above that level. The pair hits high of $7429 and is currently trading around 7245. Any consecutive weekly close above 7000 confirms minor bullishness and a jump till 7965 likely. Major altcoins also trading higher in footsteps bitcoin.

XMRUSD has shown a good jump of more than 65% after hitting low of $76. It hits high of $128 and is currently trading around $121.

XMR declined continuously from the minor top of $151.95 till $76 almost more than $75. The pair is trading high for past two weeks.

The near term resistance is around $128.25 and any break above targets 151.95/180 (200- day MA).

On the lower side, near term support is around $113 (55- day EMA) and any break below targets $100/$95.70.

It is good to buy on dips around $107-$108 with SL around 95 for the TP of $151/$180.

Mycryptonext.com is a completely independent publication covering cryptocurrency, the Blockchain, decentralized applications, the Internet of finance and the next generation Portal. We offer the latest news, prices, breakthroughs and analysis with emphasis on expert opinion and commentary from the digital currency community. The world of digital currencies flourishes with the greater fervor with each passing day. With an increasing number of businesses, entrepreneurs, startups and consumers adopting this technology, we are proud to spend every day at work and play increasing awareness of the many intricacies and advantages offered by these innovations. About one thing we are certain: it is increasingly important to educate oneself in and be aware of new financial and technological innovations.

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