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What is monero?
Monero is one of the leading cryptocurrencies with a focus on private transactions. Most existing cryptocurrencies, including Bitcoin and Ethereum, have a transparent blockchain, which means that transactions can be openly verified and tracked by anyone in the world. Besides, the sending and receiving addresses of these transactions can potentially be associated with a person's identity in the real world.
What is Monero used for?
The creators of Monero have made a lot of effort to make their currency more secure. To achieve a good result, the following measures were taken:
The use of ring signatures. This technology allows you to "confuse" public keys and thus avoid the possibility of identification of any user of the system.
One-time address generation
A unique protocol is used that creates one-time addresses, which allows you to hide information about the recipient of the transaction, the balance of your account and others.
Cryptographic algorithms provide the security of digital currency in users' wallets.
Thanks to these characteristics, cryptocurrency has attracted attention. In 2016, the online store AppStore added Monero as a payment method. It was decided to work with this cryptocurrency and add it to applications used in iOS. Currency is actively used in some online games and casinos, which makes it an ideal tool to hide gaming addiction.
prove Monero XMR payment
To confirm the payment, you need to have a record of TXKEY, which is stored only in a local copy of your Monero wallet. If you have created several portfolios for the same address, you cannot use any other wallet to receive the TXKEY, which you will need to confirm the payment.
Monero transaction key
If you pay the subject and he claims that he did not receive the funds, you may need to prove to a third party. Monero is a private network, so you can't just indicate your transaction on the blockchain. However, it is possible to provide a TX key (transaction key), where if you are the owner of the account, you can check on it whether the money has arrived in your account or not.
Monero view key
Cryptonight was created to make the digital currency system more equitable and decentralized. This algorithm aims to avoid creating mining pools, in order to try to make the Monero token more evenly distributed. Multiple keys: Monero is not as simple as Bitcoin or Ethereum. To ensure the confidentiality of your transactions, the Monero system includes several keys. View key: Monero has public and private keys. The public one is used to generate a unique public key where funds will be sent, and the private is transferred to the recipient to unlock the funds.
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In cryptography, a ring signature is a type of digital signature that each member of a particular group of users can make. Therefore, a message signed in a ring signature is approved by a member of the group, which is randomly selected. The random approach in choosing a signer ensures anonymity and confidentiality. This method was invented by Ronald Rivest, Adi Shamir and Yaelu Tauman in 2001.
The Monero cryptocurrency ring signature technology uses account keys and several public keys randomly selected from the blockchain using the triangular distribution method. In the process of choosing a signatory, the system considers all participants of the "ring" as equal members. Due to this, it is impossible to determine which of the participants was chosen to sign a specific transaction, which allows them to be made untraceable.
The stealth address technology allows the sender to create a random one-time address for sending a transaction to the recipient. The recipient can provide only one address for sending payment. However, all incoming payments come to the unique (each time new) blockchain addresses, which cannot be associated either with the recipient's public address or with the addresses to which transactions were previously sent to this recipient. When using hidden addresses, only the sender and receiver can determine where the payment was sent.
Advantages of Monero
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