Monero - RingCT 2.0 and more causes XMR price spikesteemCreated with Sketch.

in #monero4 years ago (edited)

Ring Confidential Transactions 2.0 and more! 

Update from today's (20-08-2017) Monero Meetup: 

  • We've had contact from the RingCT 2.0 group
    • This appears to be a non-starter due to requiring a trusted setup.
  • Tim Ruffing has offered suggestions on improving Monero by using sublinear ring signatures + CT.
    • The authors on the paper are Tim Ruffing, Sri Aravinda Krishnan Thyagarajan, Viktoria Ronge and Dominique Schröder.
    • Knacc is going through the information and writing a Java implementation.
    • RuffCT GREATLY expands the ring signature sizes (100k+). "with a set-up like this, there should be no good reason to not simply sign every transaction with the top half of the blockchain every time"
    • <surae> "in a certain sense, this is like an alien came down and gifted us faster than light travel."
    • In a followup Reddit post, Tim explains that the 100k+ note may not be feasable - but still greatly expands current ring sizes. https://www.reddit.com/r/Monero/comments/6uxx90/20170820_monero_dev_meeting_summary_and_logs/dlwbky9/
    • This will likely affect MultiSig. Requiring a rewrite of the existing MultiSig work. MultiSig will likely be deployed as-is and then re-implemented when RuffCT is in place.
  • Mobile Wallets:
    • "app store accounts are waiting on the D-U-N-S number to be sent to Apple, I've sent scans of docs to Google and M$"
  • Monero has branched in preparation for the upcoming code release and scheduled fork (among other things).
  • Discussion about releasing more often, but there's a concern about taxing the devs. And we already have a few releases per year.
    • This may be solved by the branching noted above.
  • Tim Ruffing has offered suggestions on improving Monero by using sublinear ring signatures + CT.
    • The authors on the paper are Tim Ruffing, Sri Aravinda Krishnan Thyagarajan, Viktoria Ronge and Dominique Schröder.
    • Knacc is going through the information and writing a Java implementation.
    • RuffCT GREATLY expands the ring signature sizes (100k+). "with a set-up like this, there should be no good reason to not simply sign every transaction with the top half of the blockchain every time"
    • <surae> "in a certain sense, this is like an alien came down and gifted us faster than light travel."
    • In a followup Reddit post, Tim explains that the 100k+ note may not be feasable - but still greatly expands current ring sizes. https://www.reddit.com/r/Monero/comments/6uxx90/20170820_monero_dev_meeting_summary_and_logs/dlwbky9/
    • This will likely affect MultiSig. Requiring a rewrite of the existing MultiSig work. MultiSig will likely be deployed as-is and then re-implemented when RuffCT is in place.
  • Mobile Wallets:
    • "app store accounts are waiting on the D-U-N-S number to be sent to Apple, I've sent scans of docs to Google and M$"
  • Monero has branched in preparation for the upcoming code release and scheduled fork (among other things).

This is massive news for Monero adding privacy and usability. 


If you are new to Monero, see the below for more information:

GetMonero.org

Monero - Getting Started

Explaination of Monero: Ring Confidential Transactions

Monero - Roadmap

Sort:  

Signatures are indeed much more compact for larger ring sizes BUT the computation time required to verify them is similar to the time that the current RingCT would need for large size . So it's not possible to scale to ring sizes such as 100k+. One needs to see what ring sizes are reasonable but I assume a reasonable ring size is certainly below 1000, and probably also below 100.
Still, the improvement in terms of transaction size is tremendous given that space in the blockchain is a very scarce resource and can help Monero scale to larger rings than currently used.

Congratulations @nvaider! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

The Steem community has lost an epic member! Farewell @woflhart!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Coin Marketplace

STEEM 0.65
TRX 0.10
JST 0.099
BTC 49785.63
ETH 2321.25
BNB 503.26
SBD 5.55