I'm in LUB Again.. And don't know why!! Their name is "MONERO"

in #bitcoin7 years ago

monero-darknet-750x420-630x330.png

When I read Monero's love letters:

I will use a cryptographically sound system that allows you to send and receive funds without your transactions being publicly visible on the blockchain (the distributed ledger of transactions). I will ensure that your purchases, receipts, and other transfers remain private by default.

I will take advantage of "ring signatures", a special property of certain types of cryptography, Monero enables untraceable transactions. This means it's ambiguous which funds have been spent, and thus extremely unlikely that a transaction could be linked to particular user (that being you, Avva).

Ring signature is backed by more than ten years of academic research (first paper in 2001) and the CryptoNote implementation (which adds stealth addresses on top of ring signatures) actually works right here, right now. CryptoNote is decentralised mixing based on output, so you don't have to fear servers going rogue or hope to have someone with the same amount of tokens to mix with. There are still some edge cases where privacy can be compromised (and the Monero Research Lab, composed of academic cryptographers, is working on them) but for the most part, it works very well. The criticism of unusually large blockchain is in my opinion not much of an issue since storage is becoming cheaper and cheaper - even if Kryder's Law doesn't work anymore. Finally, the use of a viewkey (for the moment only usable with MyMonero.com, which is a webwallet for the Monero CryptoNote implementation) allows CryptoNote to "play fair" with regulators if the address owner wishes to - a viewkey basically allows selected persons/organisations a read-only access to an address to know the balance and amount/time of transactions, although the incoming and outgoing addresses stay unknown.

And when Monero says -- without you, Avva, I am nothing:

Using my power of a distributed peer-to-peer consensus network, every transaction is cryptographically secured. Individual accounts have a 25 WORD mnemonic seed displayed when created, which can be written down to back up the account. Account files are encrypted with a passphrase to ensure they are worthless if stolen from you, Avva.

My heart just .. STOPS.

Are we both in LUB with Monero? Call me and tell me all about it OR leave me a comment on just how GOOD they have been to you, so I can be rightfully jealous and happy for you at the same dam' time.


Monero is untraceable and unlinkable, exactly like cash (even a bit more if you consider that banknotes have serial numbers) - but contrary to cash, if cannot be falsified so you will never receive a "fake monero". And of course you have all the advantages of being electronic: takes no space, can be protected much better than physical items, transactions at the speed of light to anywhere in the world - no question asked.

Coupled with the OpenAlias technology, you can even get a very simple address, like [email protected], or [email protected]. IBAN, just better - and swifter than SWIFT.

Monero, is considered the prime contender (Peercoin being second) for the "catastrophic hedge niche", in case something fundamentally broken happened with the Bitcoin base.


In contrast, Bitcoin technology is getting easier and easier to track - #1, #2, #3, #4, #5, #6.

There are other privacy-focused cryptos like Darkcoin, Anoncoin and Shadowcash, but I think Monero is winning all my LUB right now.

monero-5-678x381.jpg

Wanna donate some BITCOIN, so I can buy some MONERO :-)

MyWallet.jpg

Sort:  

BitShares also implemented the option of ring signature transactions a few months back (Stealth accounts). Unfortunately, it's not possible for BTS to enforce ring signatures across the entire chain, because it would break the functionality of the DEX.

Monero has a great future.

Coin Marketplace

STEEM 0.30
TRX 0.12
JST 0.033
BTC 63935.07
ETH 3138.68
USDT 1.00
SBD 3.87