Wikipedia has "pillars", foundational commitments which guide its develoments. Similarly, Monero has three pillars.
The three pillars of Monero are privacy
Now what does it means?
Monero is true electronic cash
. With Monero, you can know that a transaction occured, but not whence, how much and whither, whilst it is getting increasingly easy to trace Bitcoin
(mixers, tumblers… do not work). See this illustration on how it positions compared to Bitcoin
and this animation on how it works
. Monero is a cryptocurrency that is based on the CryptoNote protocol and reference code, and that seeks to provide absolute transactional privacy (fluffypony
But Monero is more than a currency. Its official slogan is "secure, private, untraceable" for a reason. Other transactions than the monetary ones benefit from it. You may not want anyone to know you signed this contract. You may not want the forthcoming blockchain-powered internet of things
cloud around you to be accessible by anyone, and this requires an opaque blockchain
, that Monero provides.
We hired academic cryptographers to review
the security of Monero and started an external audit as well. Even Bitcoin developers and independent cryptographers (Andrew Poelstra/andytoshi
, Gregory Maxwell
, Nicolas Courtois
) speak high of Monero and Cryptonote.
Finally, security is a chain as strong as its weakest link. What is privacy of the transaction worth if your IP is revealed? This is why we are teaming up with Privacy Solutions to have an i2p router implemented in Monero
. IP obfuscation, amount obfuscation
, recipient obfuscation, sender obfuscation.
May I remind everyone that privacy is more than drugs and illegality
? Are you ready to give everyone (EVERYONE) read access to your bank account? Would your like your ex-wife, your son, your boss, your neigbour or (particularly if you are a company) your competitor to know how much money you have, where it comes from and what you doing with it, forever (and no, multiples addresses or mixers or tumblers just don't work)? Would you like your landlord to know that you just got some money, so s/he can raise the rent? Privacy is also making it possible for journalists fighting for the freedom of press to do their jobs when there are in a dictatorial (or not-so-dictatorial) country. This is also about not being incriminated because your money was tainted (two transactions before, it went from drug dealing, for instance).Countless studies showed that people behave differently when they know they might be watched.
As tacotime (a core team member) said back in April, when Monero was only one week old, Fuck the pump and dumps, we're here to create something with value that people can use.
Despite being decentralised at heart, cryptocurrencies are increasingly centralised. Webwallets, exchanges, pool mining and cloud mining, centralised seedings or masternodes… All of this is susceptible to attacks (both technical or legal - remember that "legal" doesn't necessarily means "legitimate"). Whilst Monero is decentralised mixing.
By contrast, we are trying hard to keep Monero decentralised. Our domain names for the most parts are meant to be resistant to such attacks (gun.io on choosing domain names and registrars
). The core team is composed of both public faces (myself and Riccardo Spagni/fluffypony) and private faces (the other core team members) located on various continents with widely different timezones, making sure that core devs are avaialble 24/7. This extends to technology too. When implementing something, we keep in mind how it will affect decentralisation. We recently released the first Monero torrent
and we also created an open standard for simpler sending of cryptocurrencies, OpenAlias
The smart mining
forthcoming feature will allow transparent CPU mining on your own computer, far from the de facto centralisation of mining farms and pool mining. We intend to pursue Satoshi's original vision of a true p2p currency. "Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized." (smooth
Monero is meant to stay. Long. This means it must be able to be adopted by anyone, that anyone can use it. Open-source is a given and smart mining participates of it too. But beyond this, we chose a currency code a.ka. ticker symbol (XMR) that adheres to the international monetary standard ISO 4217
. We are doing our best to follow technological best practices. Recently, we worked with Kitware to have our Cmake tool adhere to the best practices and we will soon transition to semantic versioning (semver.org
). Similarly, the block time, mixin count… are designed (and sometimes redesigned) with long-term scalability in mind.
More importantly maybe, Monero doesn't suffer from some of the inherent flaws of many orther cryptocurrencies. Monero is fair-launched and doesn't have a 1 MB blocksize which limits the ultimate amount of transaction per day. Today, it doesn't matter much, but tomorrow when Monero will be much more popular, this will be instrumental in ensuring that Monero can continue to grow - this is the whole point of scalability: it may not matter today, but it does for tomorrow when it will be so hard to change it.
The same consideration are given to the emission curve. We believe (and we are not the only ones), that relying only on transaction fees won't be enough of an incentive for miners (remember: the core of the blockchain is to rely on an economic incentive, because it is not possible to solve the Byzantine Generals' problem with math alone). This is why Monero implements a "tail emission" that will kick off once the main emission is over, in less than eight years.
Scalability is not only about technology. It also about making sure that everyone gets their side of the bargain or else it will be rejected. That's why Monero is also optionally transparent. This means that, on a completely voluntary basis, one can give read access to someone else. Quoting fluffypony on reddit
: "A view key can be used to reveal all transactions for an account. This means that companies could still be audited, charities could make their accounts publicly visible, and parents could see what their kids are spending the money on. Additionally, details of a transaction can be revealed via a similar mechanism on a per-transaction basis."
This is also to increase legitimacy that the Monero Economy Workgroup (disclaimer: I am an executive of the MEW) was created (what is MEW?
- join MEW
). The MEW takes decision (that, granted, the core team is not bound to accept, but refusing a widely adopted decision would cause turmoil) and since the MEW is meant to represent the will of most holders, it will increase legitimacy: something decided by the MEW is something most holders are willing to do. The debate on the emission curve is a perfect example: the MEW unanimously decided to not change the emission curve, and confidence went back immediately. Consistent confidence is part of scalability.
Security, decentralization, scalability. These are the three pillars of Monero. The vision of Monero is to be as future-proof
This is not reality changing quantum computing meta-science / Mandela Effect / parallel universes
The following is at least trying to be factual
I some information for you of which you may not be aware, as well as speculation related to such events.
Here is the gist... TIMELINE
May 11th: WannaCry ransomware was released into the public. WHAT YOU NEED TO KNOW
May 15th: A small flurry of news articles on websites about quantum computation not effecting RSA encryption showed up.
June 13th: IOTA is added to the bitfinex exchange.
June 14th: Quantum market value passes 5 billion. Through D-Wave and IBM-Q
June 25th: The Petya ransomware released.
June 27th: A second test revision of the Petya ransomware released as NotPetya.
July 3rd or 4th: We will see. (This is only speculation.)
The WannaCry ransomware is a private sector project disguised as a ransomware. The Petya ransomware is a revision of this project with some fixes re-released for testing. NotPeta was released shortly after, so that it was not as noticeable over the current threat.
IOTA is a cryptocurrency that you should probably put some money into, it will be important later. It is not generated via mining. It is does not have a blockchain. It is quantum computationally proof by design. It is currently worth more than 1 billion USD, becoming the 8th largest traded cryptocurrency in 14 days.
The major project is a programming project with the following goals.
@ This might be an attempt by combined forces to create a viral remote administration tool.
@ The active function of this secret tool would be primarily
malicious. With goal to install this on as many internet of things devices, cellphones, and computers as possible in order to steal an unnoticeable amount of CPU and GPU resources (1%), from computers that stay idle for more than 6 hours. Effectively a world wide zombie botnet.
@ Here is the list of currently involved entities: TPTB, Google, D-Wave Systems
, Microsoft, Intel, IBM
, CERN, Cisco
, a counter-collective group of approximately 2,200 people with backgrounds in information security, cryptography, mathematics, and quantum physics. REVELATIONS
This is very important so listen.
@ I feel this is to use this computing power, piping it into the Google network in order to mask the internet traffic as legitimate.
@ These computing resources are being used to assist Google Deepmind
in order to finish a computation project that when successful will result in artificially generated design
for a cold operating quantum computer, possibly through carbon computation.
@ IOTA may have known about this project in advance. Developing a quantum proof cryptocurrency in order to capitalize from the downfall of other cryptomarkets. IOTA also is working in a very short timescale, implementing smart contracts
to automate transactions over internet of things devices, presumably to prevent them from becoming idle.
@ After the project is complete, I assume TPTB will be able to effectively break nearly all encryption, and then all hell will break lose. CAVEATS
@ I am not saying you should not drop all your bitcoin, because the timescale for this will be a few years. However, just keep in mind I feel this coming. If it is, there is nothing we can do.
Security firm Netlab 360 has discovered a new botnet named Fbot in a strange case of fighting fire with fire. Fbot appears to be very different from almost any other botnet because it is seeking and destroying another botnet called ufo miner, known to install crypto mining malware on computers. Additionally, this malicious program can inject infected systems with the Supreme botnet mining client and the Poullight information stealer. Thereby, broadening the malware's functionality and increasing the potential risks associated with its infections. BitCoin Clipper redirects cryptocurrency transactions by replacing clipboard data. “I guess if you control a very large botnet of like medium-sized PCs, you are not able to compete with people mining bitcoin in one of these farms or using GPUs or using more advanced hardware.” Suarez-Tangil specifically pointed to Monero’s somewhat recently implemented policy of hard forking the PoW hashing algorithm in response to the ... The calculation demonstrates that botnet represents an excellent way to monetize Bitcoin mining. We must consider that the malware used to infect machines are usually complex agents that are also able to steal Bitcoin wallets and other information from the host, such as user’s banking credentials. Bitcoin is Secure. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Links. We Use Coins - Learn all about crypto-currency. Bitcoin News - Where the Bitcoin community gets news.
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