Monero (XMR) No Wonder They Are Extraordinarily Anonymous

Fibo Quantum

Triptych is one of Monero’s research protocols which is set to replace the current MLSAG ring signature scheme.

In the current MLSAG ring signature scheme, the transaction outputs store coins in one-time addresses.  The spending is done from the unique address through a ring signature over several other one-time addresses.

The spender selects a random one-time address from the blockchain.  It creates a ring signature with the private key for the one-time address.  The observers will thus know that the coins in one of the addresses are spent.  To prevent double spending, linkable ring signatures are used.  The two linkable ring signatures which are created using the same private key can be thus identified.

The Triptych compares anonymous transactions protocols from the linkable ring signatures.

Monero (XMR) will also be implementing the Dandelion++, which is a technology-focused on improving on the privacy of the network at the network level, thereby making it harder for an attacker to link a transaction to a particular code.

Monero (XMR) Decentralization with Smaller Mining Pools

Sydney Ifergan, the Crypto Expert, tweeted:  “Whether in Monero XMR or others, it is indeed tempting for miners to be a part of leading pools for high payouts.  Mining pool centralizations were there with Bitcoin too.  Monero keeps doing it to sustain decentralization.”      

The Monero mining process is multifaceted, and larger pools are commented on for being a threat to decentralization; however, it is not as complex as it seems to be. Higher hash rates bring in improved rewards, and smaller hash rates bring in less rewards.  In worse cases, if the big pools are acting bad, the smaller pools would be given higher rewards, and miners would eventually separate from larger pools and migrate to join or form small pools, thus protecting network integrity.

Previously, Riccardo Spagni alias Fluffy Pony of the Magical Crypto Friends reportedly showed a high level of mining pool dominance in the past.  The Monero developers; therefore, hard forked to prevent the formation of viable, “Application Specific Integrated Circuit (ASIC) mining hardware.”

The mining centralization issue keeps coming up time and again.  The two major mining pools are a problem.  However, the option is for the individual developers to switch pools at any moment.

The concentration of mining pools will happen now and then, and the key to resolving is to split and redistribute the mining pools.

Monero (XMR) is a privacy coin backed by nearly seven developers who have chosen to remain anonymous.  No wonder they are extraordinarily anonymous.