What is Monero? In this video, I will go over the basics of this cryptocurrency.
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Monero was launched in 2014 and is a currency platform that focuses on privacy and decentralization. Monero’s transaction system obscures the sender, recipient, and amount of every transaction. In most cryptocurrencies, the transaction history of a particular coin can be traced back using the shared ledger. This allows for the possibility of a particular transaction chain to be blacklisted on exchanges for illicit use. With Monero, coins are interchangable. And it is not possible to determine the transaction history of a coin just by looking at the ledger. If a sender wants to send currency to a recipient’s public address, the sender is required to generate a one time stealth address based on the public address each time they send currency.
Every transaction is sent to a separate stealth address. Only those with the recipient’s view key can determine the recipient of a transaction by looking at the ledger. A wallet holder has the option but not the obligation to share their view key with other participants. Allowing them to see transactions and balances. Whenever sending a transaction, the sender takes multiple random outputs from the blockchain and mixes them into their transaction. The number of dummy transactions added are determined by the senders ring size parameter. Since the true output is bundled with dummy outputs, it is difficult to determine which sender actually sent the transaction. In order to validate that their currency has been received.
The recipient is required to examine every unspent transaction output on the ledger against their secret view key in order to find ones they are able to unlock. Once they validated their transaction, the recipient can now spend this currency in a future transaction. Every transaction comes with its own key image, generated cryptographically. Each transaction has only one key image. It is not possible to determine which previous output created which key image. However it can be used to verify that an output has not been spent twice and to avoid double spend.
RingCT was implemented in 2017. It hides the transaction amounts on the blockchain, further increasing privacy. Kovri is a method of hiding Monero traffic by rerouting through I2P nodes, similar to how Tor works. Kovri is currently in the pipeline and currently not implemented. Thank you for joining me today. If you enjoyed this video, please like and subscribe. Have a wonderful day.