Monero

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About[ ]

MoneroLogo.png
Monero (XMR) is a new privacy-centric coin using the CryptoNote protocol. The open source reference implementation of CryptoNote was coded from scratch based on the CryptoNote reference implementation, and is not a fork of Bitcoin.

Monero aims to be a fungible and untraceable digital medium of exchange. It intrinsically has a higher degree of privacy than Bitcoin or any of its various forks. It was launched on April 18, 2014 (preannounced and no premine/IPO/etc.).

The official core team members are tacotime, eizh, smooth, fluffypony, othe, Davidlatapie, NoodleDoodle

Specifications[ ]

  • PoW algorithm: CryptoNight
    • CPU + GPU mining (about 1:1 performance for now). Memory-bound by design using AES encryption and several SHA-3 candidates.
  • Max supply: ~18.4 million
    • Actual number of atomic units is M = 264 - 1. A minimum subsidy may be implemented in the future with <1% annual inflation to preserve mining incentives.
  • Block reward: Smoothly varying
    • Uses a recurrence relation. Block reward = (M - A) * 2-20 * 10-12, where A = current circulation. Roughly 86% mined in 4 years.
  • Block time: 60 seconds
  • Difficulty: Retargets at every block


Monero versus others[ ]

Adapted from[1]

  • I2P integration in the works (if your transaction is anonymous but your IP is visible to anyone, you are not anonymous anymore) - partnership with Privacy Solutions.
  • Impossible to examine blockchain for tracking funds (except if you decide to give the viewkey to someone), behaves like cash. "True electronic cash".
  • Very active and open development. Read the weekly Monday Monero Missives on the OP or Monero interview.
  • "Underpromise, overdeliver". No false promises, no bullshit. Growth is mostly by word-of-mouth. High signal-to-noise ratio.
  • The highest concentration of reputable Bitcointalk members supporting it, beside Bitcoin itself. Look at the name/status/reputation of the people interested in it, that should speak by itself. One of the few cryptos to have reached 7 stars at the Coinssource Trust Index.
  • Pure PoW, no Proof of Scam.
  • Number one in volume on Poloniex from day 1, it even has its own market now. Much more liquid than most cryptos (liquid = good).
  • No premine/ninjamine/instamine/fastmine/hidden lauch; devtome-sanctioned.
  • Algorithm meant for better balance between CPU and GPU, pretty good ASIC resistance.
  • No blockchain halving generating artificial price moves - instead, smoothly decreasing emission rate.
  • RPC wallet incoming.
  • Adaptive limits. No artificial 1MB blocksize limit
  • Fast 60 second block confirmations
  • Some testimonials: Aminorex, rpietila
  • Sophisticated future-proof alias system
  • jehst's long post
  • Animated GIF explanation
  • Reply to Darkcoin, Anoncoin, Shadowcash, Monero, extensive reply to a "buying advice"


Links[ ]


References[ ]