CryptoURANUS Economics: 07/08/19

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Monday, July 8, 2019

Cryptocurrency-Explained

Cryptocurrency-Explained





Cryptocurrency-Explained: Today we dive into the future of finance and talk about cryptocurrencies! What they are, how they work, and their implications for the future. Grab your juice bottle and let's get this going!

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.[1][2][3]

Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.[4]
 
Cryptocurrency-Explained: The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[5]
 
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.[6]

Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.













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Political Juice - What is Cryptocurrency?

RingCT: Cryptocurrency


RingCT (Ring Confidential Transactions)



Ring Confidential Transactions, or RingCT, is an algorithm that allows the amount transacted to be concealed.

This Ring Confidential Transactions is Combined with a stealth address which is one of the most private way to move cryptocurrency today.

Monero is a privacy coin which utilizes the RingCT algorithm.






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Monero Ring Confidential Transactions (RingCT)

RingCT is based on the Confidential Transactions research you cited (combined with ring signatures)...

RingCT just like Confidential Transactions hides the amount of each transaction. Unlike Confidential Transactions, RingCT will also make the payments unlinkable.

Confidential Transactions include a cryptographic proof that the sum of the input amounts is the same as the sum of the output amounts, without revealing the actual numbers. You are still able trace which address sent and received BTC.

RingCT protects the privacy of more than just the transaction amounts. Monero transactions are already untraceable thanks to ring signatures and unlinkable thanks to stealth addresses. There are also plans to use I2P to protect IP address with the Kovri C++ router project.


Monero ring confidential transactions, also known as RingCT, is a privacy feature that was implemented into the Monero protocol.

With ring confidential transactions, the privacy transaction of users are improved, and the value of funds being transferred is obfuscated.

Prior to the implementation of ring confidential transactions, Monero required transaction amounts to be divided into denominations.

Example RingCT: if Bob wanted to initiate a transaction of 12.5 monero on the blockchain, this output would be denominated into 3 separate rings of: 2, 0.5 and 10. The advantage of this technique is that it ensured that there was always an ample amount of ring members that could be found on the network, since a ring signature could only ring together outputs that were of the same value.

The limitation of this technique is that, from the perspective of an outside party, they would be able to see the amounts that were being transacted. The implementation of the ring confidential transaction feature was specifically designed to tackle this issue.

Here is an example transaction on the Monero blockchain below:

Bob possesses 10 monero, and would liked to send 5 monero to Alice. Because an output on the Monero blockchain cannot be spent twice, Bob is required to spend the output in its entirety, and return the change to himself. Thus, Bob’s transaction would be the following: one input of 10 monero, and 2 outputs. One output that is 5 monero designated for Alice, and the other 5 monero that is sent back to Bob as change.

The objective of the ring confidential transaction privacy feature, in the transaction between Bob and Alice, is to allow only the participants of the transaction to see the amount of monero that is being transferred, and otherwise obfuscate this amount from outside parties. However, at the same time, it is also necessary that the network is able to confirm the validity of this transaction that has been initiated. In order to prove that the transaction between Bob and Alice is not fraudulent, the sum of the transaction’s input must equal the sum of its output. In this case, in the transaction between Bob and Alice, the input of 10 monero, must also equal the output of 10 monero.

Furthermore, as a result of the cryptographic properties of ring confidential transactions, Bob is required to commit to the amount of an output. Meaning that just enough information about the transaction is revealed, which allows the network to confirm the validity of the transaction. Another crucial element of ring confidential transactions is the utilization of range proofs. A range proof allows the Monero network to cryptographically prove that the amounts used in a transaction is greater than 0, and less than any given arbitrary number. Monero makes use of range proofs to prevent senders, for example Bob, from committing to transactions of a negative value, which allows the network to secure the supply of Monero in circulation.

BitcoinTalk: Cryptocurrency

BitcoinTalk

BitcoinTalk is a message board where people interested in the technical details and the development of Bitcoin software can talk to each other. The forum also has places for people who are interested in bitcoin mining, in trading with bitcoin, and in the economics of Bitcoin.

The domain name is owned by Sirius. The forum is administrated by theymos.



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History

Before the creation of the current BitcoinTalk Forum, Satoshi used a SourceForge forum, which is lost. When Sirius provided hosting, the forum was moved to bitcoin.org/smf. Satoshi made several custom modifications to the forum software and theme.
Satoshi's first non-test post on the forum was:
I left the admin account set to the original SMF theme so if I somehow completely wedge the custom theme I can still get in to fix it.
I've got a neat little 12x12 coin image to replace those pip stars with. Should look nice. Also some nice button images to try.
The registration page has "hide your e-mail address" unchecked by default. I must fix that in php before we can open up.
The Announcements forum is currently moderator access only.
The forum was at some point moved to forum.bitcoin.org. The bitcoin.org domain name was also transferred from Satoshi to Sirius.
In July, 2011 the forum was moved to bitcointalk.org in order to make it explicitly unofficial. The "forum" link on the bitcoin.org homepage was made to simply return the Google search results for the search terms "bitcoin forums". This was followed by Bitcoin Community members, very much in bitcoin's spirit of decentralisation, creating a number of alternative forums offering different moderatorial policies and using different software platforms. None of these alternative forums have yet reached the size of Bitcoin Talk.
Later, the "forum" link was simply removed, further distancing Bitcoin Talk from the official bitcoin.org. As of April 21, 2012, Bitcoin Talk remains the first search result on Google thanks to its high page rank.
On July 22, 2012, Bitcoin Talk reached its one millionth post.