How to Install I2P To Access TheMarketplace Darknet ...

Monero: the secure, private, untraceable currency

This is the official subreddit of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
[link]

Payfair.io: Decentralized Escrow and P2P Crypto-exchange

PayFair is a person-to-person cryptocurrency trading platform. We bring people from different countries together to exchange their local currency to a cryptocurrency of their choosing. The decentralized escrow service is enabled by the PAYFAIR token (PFR), which is an ERC-20 token based on the Ethereum blockchain. We provide extremely low fees for all transactions in a safe, private and decentralized environment.
[link]

LitecoinMarkets

This is a subreddit devoted to long-term and short-term trading of Litecoins.
[link]

I2p bitcoin darknet exchange

I2p bitcoin darknet exchange submitted by matthewh3 to Bitcoin [link] [comments]

In Light of CipherTrace, Let's Talk Opsec

So I was very skeptical at first, but Dave maybe convinced me about 10% that they have some level of capability in the direction they're suggesting. The techniques are stuff we've known, and it would require large computational resources, combined with loads of offchain data, but maybe they have taken efforts to the next level. It's my belief that govts and banks really dislike Monero. So with that in mind lets give them some small benefit of the doubt and take some creative license:
Again, they would need some serious computational power and off-chain data feeds. I also imagine that their models suffer from time-decay, especially without a constant stream of hueristic data. Notice at the end he emphasized opsec. Here, I really do believe him. So finally, lets talk opsec.
I have mixed feelings on this. One of our selling points is default privacy made easy. A lot of what I wrote above doesn't exactly sound simple. On the other hand, crypto is about self responsibility and knowledge. Most people ought to have been adhering to at least the basics (ToVPN, new subaddresses, run your own node). But even if we give CT the benefit of the doubt, the following is still true:
Newb use of Monero is far more private than ninja use of Bitcoin.
submitted by bawdyanarchist to Monero [link] [comments]

Official ColossusXT Q2 2020 AMA!

Official ColossusXT Q2 2020 AMA!
Welcome to the 10th official ColossusXT AMA! As we move into the 2nd half of 2020 we can look back and see how blockchain as a whole is moving forward, and we've seen how COVID-19 has affected the world globally. It's been interesting to hear from the community how it has affected everyone all over the world. Certainly ColossusXT has been affected along with many other blockchain projects, but since the entire team has been working remotely from all of the world from the start, the affect directly to us has been minimal.
Moving forward into 2020 we will be updating the roadmap, providing more social activities for the community to participate in, as many have participated in the Armis beta, and helping us resolve some bugs within the mobile wallet which is back up and running thanks to many of the dedicated community members. We will be listed on tokens.net, and will continue to bring alternative trading opportunities to the community, if there are certain exchanges you're interested in please don't hesitate to shout them at us here, and shout ColossusXT #COLX $COLX on social media. 2020 is sure to be an exciting year and we look forward to your questions. This is your opportunity to publicly gripe at us, or ask us any direct question about development, business, and/or financial progress of ColossusXT and the Colossus Grid.

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This AMA will start on 10 June and end on 30 June.
The team will review and answer your questions no later than 10 July.
Before the AMA begins, everyone from the community can ask questions on this page and upvote/downvote according to your interest.
Rules:
Please do not reply to other user's questions until the team has answered. Try to be precise with your questions and be polite.
Contest: One person who asks a question will be chosen to receive 100,000 ColossusXT (COLX) and a ColossusXT T-Shirt!

ColossusXT (COLX) Ask Me Anything

ColossusXT AMA Shirt
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About ColossusXT (COLX):
ColossusXT is an open source, community-driven, environmentally conscious cryptocurrency and an alternative to bitcoin that features better anonymity. It allows people to store and invest their wealth in a non-government controlled currency and make almost instantaneous and completely anonymous transfers with close to zero fees. Colossuscoin V1 was founded as an long-standing, energy-efficient and environmentally friendly digital cryptocurrency and this concept is being continued.
Question format can be seen below:
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Q: What is the Colossus Grid?
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A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of Armis (I2P). These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Why does your blockchain exist and what makes it unique?
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A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through obfuscation, and Armis (I2P) these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
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Follow ColossusXT on:
Twitter
Facebook
Telegram
Discord
Forums
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Interested in joining the ColossusXT team?
Contribute an Idea!
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AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to ethereum [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to privacycoins [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to CryptoCurrencies [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to ethtrader [link] [comments]

ColossusXT Q2 2020 AMA Ends!

Thank you for being a part of the ColossusXT Q2 2020 AMA! Below we will summarize the questions and answers. The team responded to 46 questions! If your question was not included, it may have been answered in a previous question or AMA. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the AMA contest is: ookhimself
Congratulations. I will send you a DM on Reddit.
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Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy-efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize the grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video, and audio streams-all will be reborn as services that live in cyberspace, assembling, and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
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Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of I2P (Armis). These features will protect end-user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end-users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Is there any estimated date for the grid? What will set you apart from the opposition?
A: We are hoping to have something released for the community in Q4 this year. The difference between other competitors is that ColossusXT is putting consumer privacy first and we’re actively in the process of working with federal and state agencies in the United States.
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Q: How do you plan to get people to implement the technology? At your current rate of development, when do you foresee a minimum viable product being available?
A: We have been strategically networking with businesses, and we are currently undergoing the verification process in the United States to make bids on federal and state projects. We are working on an MVP and our goal is to have at least a portion of the Colossus Grid ready by Q4 2020.
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Q: When we can expect any use-case for COLX? A company or service that uses COLX for its activities/tasks.
A: We’re aiming for Q4 of this year to have an MVP, throughout 2021 we will be strategically making bids on federal and state contracts in the United States with a goal to expand operations exponentially.
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Q: Are there any plans to be listed on the more prominent exchanges e.g binance, kraken?
A: Yes, we have applied to some of these exchanges that are considered Tier 1 or Tier 2 exchanges. Many of them upfront will tell you there are no fees associated with the listing, that is not entirely true most of the time. Regardless, have applied and are awaiting more responses as we move forward. Listing on these exchanges often requires that we cannot announce this information until ColossusXT is live on its platform.
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Q: Partnerships are the norm these days in crypto world. Which partnership would you consider feasible, if any, in order to grow the Colossus Grid project?
A: The Colossus Grid is a huge undertaking both in development and business partnerships. We are moving in both these directions strategically. One of the most important partnerships is not really a partnership but approval to bid on state and federal contracts. Working with the governments around the world will be a big part of the Colossus Grid use-case.
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Q: If the ability to annonymise coins is turned off, can CLX still be marketed as a privacy coin? Do we have a date we can start using this feature again?
A: Yes and No. It’s frustrating right now having a lack of privacy for consumers as we don’t see privacy as a feature but a right. EVERY platform online should have some levels of privacy for their consumers, especially as technology continues to evolve and bad actors continue to use your personal information for their own nefarious purposes. Obfuscation will be implemented in the coming weeks, and Armis will follow suit shortly thereafter.
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Q: When can we expect the grid to come out?
A: We are looking at releasing an MVP towards the end of the year. Stay tuned during Q3 and Q4 as we ramp on technical and business developments.
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Q: Can you tell the current budget for development work?
A: Much of the development work budget comes from Core team member's disposable income, we also use the self-funding treasury that Masternode owners vote on each month.
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Q: Will cold staking be implemented somedays? I like the model of Cardano. Hope you will implement kind of Cardano staking in our wallet. I would love the easiness.
A: ColossusXT staking has been enabled since 2017. We have calculators on the website that will estimate your average staking returns and you can join numerous pools to increase your staking power within the pools. Cold staking is on our radar and will make it into the roadmap when our budget allows us.
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Q: Which part of grid technology are you planning first to go live? Storage/RAM/CPU/GPU/all at once? Separately?
A: We will be rolling the Colossus Grid out in two phases. The first phase will be storage, and then we will roll out computing power (RAM/CPU/GPU).
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Q: Is Armis I2P technology in development testphase I mean, I have read something like that… If Armis goes live, will there be some kind of option in deskopt wallet to transfer anonymous or will every transaction be fully anonymous like e.g. monero?
A: We recently had a testing phase with the community earlier this year, there will be another test phase with community participants who sign up. If you’re interested in this stay tuned on our socials and apply when the next testing phase happens All transactions will be fully anonymous behind Armis.
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Q: What programming languate is being used for developing COLX? How well this programming language do you think is more suitable for developing crypto, in comparison with other programing languages?
A: C++ is what we’re using at ColossusXT. Each crypto project is different but with what we're developing at ColossusXT. We are best suited to utilize C++.
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Q: What is the second biggest milestone other than launching the grid network for the team. What do you think of your competition like Golem network?
A: Armis will be a big milestone, and I don’t think we go back to our Polis partnership which allows users in Europe and Mexico (they do plan to expand to the US and other countries) the ability to spend their ColossusXT (COLX) wherever Mastercard is accepted. I don’t think the Golem network is taking consumer privacy far enough, in the blockchain industry I also see a lack of drive to push adoption within the United States. This is likely due to unclear regulations right now. ColossusXT is at the forefront of these issues and we intend to lead blockchain through these somewhat murky waters.
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Q: I don’t have a lot of knowledge about crypto-technology… but are there any risks of sensitive data-hijacks through Colx infrastructure? Will the Colx-grid be available for individuals or only larger corporations, and how would one get access to the computing power?
A: There are always risks with technology. We are doing extensive testing and more testing prior to releasing anything. Consumer privacy is apart of the foundation of what we’re building at ColossusXT and we want to ensure any and all of your personal information is secure and private. As technology evolves, we will be right here evolving with it to ensure that consumer privacy protections are always in place.
The Colossus Grid will be available to anyone with a computer. You will access it through the desktop wallet.
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Q: Do you have any new exchange listings planned in the near future?
A: Yes, but unfortunately with these things, every day it’s not something we can often say before the exchange makes their own announcements. If you have certain exchanges that you prefer, do not be shy and tag us on Twitter letting us and the exchange know. You can also reach us everyday at all hours of the day and night on Discord and Telegram.
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Q: Given that Colx had no ICO, are we able to ramp development efforts in case we have potential partnership deal on the table?
A: It really depends. We strategically spend every dime we spend on development. We do not like even a single penny to be waisted, so we don’t move as fast as the projects that raised millions of dollars, but we continue moving none the less. Ramping up our development is something we are working on by securing additional funding and we’re currently working on securing funding. 😊
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Q: How is the project development advancing? What are your plans for the next 5 years and what more can we expect from ColossusXT?
A: Our development is continuing on at a steady pace, we’re looking to ramp this up over the next year as the Colossus Grid will take much of our time but we’re excited. Over the next 5 years, you can expect the Colossus Grid to be live in all forms (storage and computing power), Armis will be released and we will share many technical details on how this consumer privacy protection rivals some of the other privacy protections in the blockchain industry. We expect to be verified and approved to work with the agencies in the United States long before then as well and will be aggressively pursuing federal contracts to utilize the computing power of the Colossus Grid. In 5 years, we plan to be a key player not just in the blockchain industry, but throughout the world. If you do not know ColossusXT now, expect to in 5 years or less.
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Q: Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of COLX? There are so many privacy coins now, all of them claiming to have better features that ColossusXT. Moving forward, what do the next 10 years look like for ColossusXT in navigating the wave of privacy projects coming. How can ColossusXT continue to shine in the midst of seemingly legit projects that have come to challenge ColossusXT like mimblewimble projects and Monero, Zcoin, ect.?

A: The Colossus Grid and Masternodes will have a strong relationship with each other. When the Colossus Grid goes live we expect the masternode demand to continue to rise. Masternodes are a great incentive mechanism to increase network strength and will play an important role within the Colossus Grid. The more masternodes online, the less available coins in the circulating supply; which we expect will eventually reflect ColossusXT (COLX) coin value.
Over the next 10 years, ColossusXT (COLX) will solidify itself as a key player in the blockchain industry, and outside the blockchain industry. Following our strategic business plans, we intend to be one of the first, if not the first to truly bring government and other businesses into the blockchain industry through the Colossus Grid. Armis will be our defining privacy feature, which we expect in time will begin to be adopted by other projects. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: How have the number of Masternodes (MNs) increased/decreased over time/in the past few years? What proportion (%) of MNs actively take part in Governance? How do you see the number of MNs increasing/decreasing in the next couple of years? Is there a trend upwards or downwards?
Is there a specific number (or range) of MNs the team would like to attain ideally? Is it better to have as many MNs as possible or is there a point at which too many MNs start to have an adverse effect on the performance of the blockchain?
Hope this wasn’t too many questions in one :), Ahmed

A: The number of masternodes in the active network is more or less the same, fluctuating around 200-220. About 40% - 50% of masternodes participate actively in governance (see https://governance.colossusxt.io). We expect a number of masternodes to grow as they will have additional benefits with Colossus Grid (see business plan: http://bit.ly/COLXBPLive).
As the team had no premines, only the dev fund can be used for masternodes which is hard to maintain due to actual budget flow. It’s better to have as many masternodes as possible for the network, there is no adverse effect.
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Q: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?
A: It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.
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Q: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

A: Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the [email protected] initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.
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Q: How will you fight with regulators who are trying to stop privacy coins?

A: We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding. It's time the world stops looking at privacy as a feature and as a right, especially when you read about different applications and platforms using your personal DATA for their benefit. ColossusXT will continue to push this, and we're prepared to lobby this to lawmakers. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

A: The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.
The second part of this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.
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Q: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY
A: The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)
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Q: What would you say is the $COLX killer feature that sets it apart from the rest of the competition.
A: We believe that Armis is our killer feature. We recently had a beta this year with the community and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in the Colossus Grid resource marketplace in the future.
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Q: I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid
A: We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development funds to marketing funds to raise further awareness.
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Q: "Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

A: This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though too much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.
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Q: "For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?
A: ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.
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Q: According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?
A: It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States.
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Q: Does Tokens.net plan any kind of staking ($COLX or other coins)?
A: We will reach out to the tokens.net team and see if they have any plans to allow staking.
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Q: How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?
A: The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.
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Q: Do you have any special development funds for programmers?
A: Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future, we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.
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Q: Why Android Wallet Revision hasn't been done? Any problems?
A: The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.
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Q: Whats the second biggest milestone other than the grid network for COLX team?
A: Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.
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Q: How is COLX team going to contribute to crypto adoption, other than building a robust network?
A: We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.
We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.
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Q: Are their industry partners to COLX that are awaiting your network to go live?
A: Yes, although I hesitate to go into too much detail here. We are talking with business leaders.
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Q: The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?
A: I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.
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Q: I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?
A: Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.
  1. Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
  2. The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
  3. Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
  4. They allow the community voting option of only truly decentralized projects after a thorough screening.
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Q: Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.
A: ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA to running scientific simulations, to even mining PoW cryptocurrencies.
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Q: When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.
A: There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.
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Q: What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?
A: ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.
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Q: Will you try to convince users to trade on tokens.net if so how will you do it?
A: There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.
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Q: How will you try to create liquidity for your pairs?
A: We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being, we can hint this as a side business till we deliver fully operational Colossus Grid.
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Q: How big is a development team of #COLX?
A: The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.
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Q: Do you have some security guys in the team?
A: Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.
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Q: Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?
A: This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid.
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Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
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Follow ColossusXT on:
Twitter
Facebook
Telegram
Discord
Forums
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AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

Official Q4 2019 ColossusXT AMA!

Official Q4 2019 ColossusXT AMA!

Welcome to the 8th official ColossusXT AMA!

Another year comes to an end as we close out our journey through 2019 and begin to enter the 2020 arena. As a community we've had some high's and some low's throughout 2019, but we have continued our perseverance as we've seen many projects and exchanges tumble or falter along the way. Speaking with the community members through social media channels offer the team great opportunities to hear feedback, gripes, ideas and directions directly from the community. We strive always be available to you in these platforms in a timely manner, so at the end of every quarter we host an online AMA on Reddit. This AMA will start on 10 December and end on 31 December.
The team will review and answer your questions within the first week of January 2020.
Before the AMA begins, everyone from the community can ask questions on this page and upvote/downvote according to your interest.
Rules:
Please do not reply to other user's questions until the team has answered. Try to be precise with your questions and be polite.
Contest: One person who asks a question will be chosen to receive 100,000 ColossusXT (COLX).

Q4 2019 AMA Contest!

About ColossusXT (COLX):

ColossusXT is an open source, community-driven, environmentally conscious cryptocurrency and an alternative to bitcoin that features better anonymity. It allows people to store and invest their wealth in a non-government controlled currency and make almost instantaneous and completely anonymous transfers with close to zero fees. Colossuscoin V1 was founded as an long-standing, energy-efficient and environmentally friendly digital cryptocurrency and this concept is being continued.
Question format can be seen below:
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Q: What is the Colossus Grid?
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A: ColossusXT is an anonymous blockchain through obfuscation. Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Why does your blockchain exist and what makes it unique?
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A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through obfuscation, and Armis (I2P) these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
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Important Information:

Website
Whitepaper
Roadmap
Wiki
Governance
Partners
GitHub
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Follow ColossusXT on:

Twitter
Facebook
Telegram
Discord
Forums
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Interested in joining the ColossusXT team?
Contribute an Idea!
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AMA History:

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

Pros of Monero

Pros of Monero submitted by john_alan to Monero [link] [comments]

From the creators of LocalMonero: AgoraDesk! An unprecedented Local* (i.e. P2P OTC) exchange for trading not only Monero and Bitcoin but also physically settled XMR- and BTC-based option contracts! This is the first exchange of its kind. Trade XMR and BTC options as you'd trade XMR on LocalMonero!

Introducing AgoraDesk

We've been working on this one for quite some time now, but we're very excited to present you guys with AgoraDesk, which, in addition to being essentially an alternative LocalMonero front-end which adds Bitcoin to the platform, also happens to be the world's first P2P OTC cryptocurrency options exchange. With physical settlement, no less. And straight out of the gate we support both XMR- and BTC-based contracts.

Features

AgoraDesk's features include everything you expect from LocalMonero and more:
As can be noticed from our feature set, since we come from a Monero background, AgoraDesk inherits the same privacy bent as LocalMonero.

Why P2P OTC options?

Because until today one could only have access to these sorts of instruments if they went through tedious verification processes of the centralized exchanges. In addition, many countries/regions (even the US in some instances) are simply banned from accessing these instruments on most popular centralized exchanges. Since our platform is completely P2P and OTC (no standardized instruments), we can afford not to impose any such restrictions.

Leveraged Trading for All

Call options (i.e. the right to buy), for instance, can serve as an alternative to a leveraged long position upon the underlying asset. If you buy a call option for an underlying of $100 worth of BTC for a premium of $1 then you're in a position similar to a x100 leveraged long position. Initially, you only pay the $1 premium to the call option seller, and if the price increases x2 then you profit $99. Pay $1, get 100$. If the price drops, you simply let your call option expire, and your losses are limited to the premium you payed - $1.
Put options (i.e. the right to sell), likewise, can serve as alternatives to a leveraged short position.

Risk Hedging for All

In addition to "leveraged trading", calls and puts can be used to hedge yourself against price fluctuation risks if you happen to receive or make payments in BTC and/or XMR.
For example, you sell beautiful Monero-inspired art and receive payment in XMR. Every month you pay expenses in USD: rent, electricity, internet bills, food, and so on. Assume your monthly USD expenses are $1000. Under the current XMR price, you make enough per month to cover your expenses, but you are worried that a sudden drop in the price might affect your ability to pay at the end of the month. To guard against this, you simply buy a put option with an underlying of $1000 worth of XMR that expires at the end of the month. If the price goes up - you let the option expire, sell your XMR on the spot market and reap the profit. If the price goes down - you exercise the option and are able to cover your expenses despite the price going down.
These and many more advantages to be reaped from being able to trade options in a P2P OTC manner are now, for the first time in the cryptocurrency industry, available to the you.

What if the seller or buyer runs off? How does AgoraDesk guards against counterparty risk in option trades?

Through a special escrow and trade process. You can read more about it here.

What is the relationship between AgoraDesk and LocalMonero?

We've made a Venn diagram to illustrate the overlap in functionality.

So, what does this mean for LocalMonero, what if I don't care about trading Bitcoins or options?

Everything on LocalMonero will stay exactly as it is. If you don't care about BTC and/or options then you can keep using the platform exactly as you used it before. There will be no new complex extra buttons or other interface changes that shoehorn BTC and options into the LocalMonero experience.

How does my LocalMonero account relate to my AgoraDesk account? Is the XMR balance shared?

LocalMonero and AgoraDesk accounts are completely shared. You don't need to register on AgoraDesk if you have a LocalMonero account, just use the same login/pass on AgoraDesk to login and you'll see your balance, reputation, ads, trades and everything else will be visible within AgoraDesk.
The same is also true for any account that gets registered on AgoraDesk - the XMR balance, XMR ads, XMR trades and everything XMR related will be visible when you login to LocalMonero using the AgoraDesk login/pass.

If I create an ad on LocalMonero, will it be visibile to people searching for XMR ads on AgoraDesk?

Yes! Anyone browsing AgoraDesk searching for XMR ads will be able to see your ad and open a trade with you, and you will be able to undertake the trade exactly as you did before. For all intents and purposes it's as if the counterparty was replying to your ad on LocalMonero.

If I create a BTC or option ad on AgoraDesk, will it be visible on LocalMonero?

No. We wanted to keep the LocalMonero core functionality exactly as it is so as to not force unnecessary extra complexity on the people who just want to deal with Monero.

If I create an XMR ad on AgoraDesk, will it be visible on LocalMonero?

Yes! And any LocalMonero user would be able to open a trade with you, just like they would on AgoraDesk.

Find us:

Site: https://agoradesk.com
Onion portal
I2P portal
Reddit: /AgoraDesk
Telegram: @AgoraDesk
submitted by Alex_LocalMonero to Monero [link] [comments]

Monero (XMR) Outperforms Bitcoin Amid Turbulent Crypto Sector Prices

Monero (XMR) Outperforms Bitcoin Amid Turbulent Crypto Sector Prices

The Privacy-Oriented Altcoin Recorded Bigger Price Gains Than Bitcoin, Despite Its Relatively Low Market Capitalization
The crypto sector made a rebound over the course of this week, with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) recording 20% increases in the past seven days.
Bitcoin soared 15% in just 24 hours, despite the fact that the stock market continues to fall. However, Monero has managed to outperform Bitcoin by gains day by day last week.
Monero, a privacy-oriented cryptocurrency, is currently at 11th place in CoinMarketCap’s rankings. Despite the low market share of little under $1 billion, Monero has been making better gains than Bitcoin since last week. Monero is also dubbed as a better privacy option than the world’s best cryptocurrency.
The reason behind Monero’s price peak was at first unclear, but crypto analysts discovered the possible reason behind Monero’s price peak. The Monero development team recently released an update to XMR’s Carbon Chameleon software protocol. The software aims to improve transaction execution and the crypto workings with Tor and I2P.
Also, Monero, as well as other privacy-oriented cryptos, gained increased interest from high-profile investors and tech giants. For example, the CEO of Coinbase Brian Armstrong stated his confidence about the creation of privacy-oriented coins and tokens in a blog post in January 2020.
“My opinion is that privacy will be integrated into one of the biggest networks to date in the 2020s. Just like the HTTPS protocol, the implementation of privacy tokens will receive mass adoption across the tech sector in the next decade,” Armstrong added.
Monero also saw support from John McAfee, a key figure in the field of antivirus protection. McAfee gave Monero, as well as Ethereum, praises for being innovative, stating that “Despite Bitcoin being the first blockchain network to go mainstream, its underlying technology is ancient.”
“Most of the newest blockchain projects offer increased privacy options, smart contract usability, as well as distributed applications.”, McAfee concluded.
Marketwise, most of the top-50 cryptocurrencies are performing well, wiping out the damage inflicted from the recent market drops. Bitcoin (BTC) is up to nine percent, currently trading at $6,913.61. Ethereum recorded a double-digit price increase, jumping 10,36% over the week. As of press time, Ethereum trades at $144.44.
IOTA, Cardano, Chainlink, and Bitcoin Cash are among the top performers, all with double-digit price increases, mainly in the 10-12% region weekly. NEM and MKR are trading in the red, with a 2-3% price decrease over the course of the week.
submitted by Crypto_Browser to CryptoBrowser_EN [link] [comments]

I am based in China and the BTC situation is beyond a joke. They are trying to block all BTC transactions in the country. Is monero safeguarded against this if they decide to do so against other cryptos?

I am based in China and the BTC situation is beyond a joke. They are trying to block all BTC transactions in the country. Is monero safeguarded against this if they decide to do so against other cryptos? submitted by KPCN to Monero [link] [comments]

Cryptocurrency regulations of the future

Will China/USA/Europe ban the use of Bitcoin and traditional cryptocurrencies (including privacy coins) after they introduce their own state-controlled Central Bank Digital Currencies? Will they use fear, fake news of crime to justify this? They want to control money, they want data.
Will they first cripple these currencies by regulating the shit out of them, assigning different value to coins people they don't like owed at some point? Regulations already started, everyone owning crypto is deanonymized, exchange is heavily controlled, centralized exchanges steal money from people they don't like by "freezing" their accounts.
If big cuntries ban real cryptocurrencies, when 25%/50%/75% of all users loose access, how will that fuck with the price?
Will people use decentralized networks -- like Tor and I2P -- to have access to crypto? China already bans Tor, and makes it almost impossible to access the network. Hardware and software spies on all of us. China banned the real internet, now Russia wants to follow. Australia tries to ban cryptography, now USA wants to follow, again. What will we do when other cuntries start banning privacy networks?
Support decentralization, support free software. Don't let propaganda influence you, don't accept regulations.
-gen_server | post signed | pgp:F778933194DC122F8AD860FE3258E0996EC21CBD |
submitted by gen_server to CryptoCurrency [link] [comments]

FFDK COINDAY / WAS IST VERGE XVG ? ANONYMER ALS BITCOIN ... Leds asobrab - YouTube FinanzKlarheit - YouTube Q&A: Monero, Coinbase And Selling Crypto BITCOIN EXCHANGE GUIDE: REVIEWS AND COMPARISONS - YouTube

Bitcoin Exchanges or Digital Currency Exchanges or Cryptocurrency Exchanges are an integral part of the virtual currency world and different degrees of safety, privacy, security, and control over your funds. The bitcoin exchanges allow their customers to trade digital currencies for other assets like convention fiat money or other digital currencies. . Most of the Bitcoin Exchanges or ... AgoraDesk is a peer to peer crypto exchange designed for true anonymity. This exchange offers a variety of benefits over LocalBitcoin & even Hodlhodl such as cash by mail, no KYC, noJS mode, Tor, and I2P and not even email is needed for registering. The platform is by far one of the most secure places to purchase & sell Bitcoin anonymously. Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. It only takes a minute to sign up. Sign up to join this community . Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top Bitcoin . Home ; Questions ; Tags ; Users ; Jobs; Unanswered ; Are there any Bitcoin wallets with native I2P integration? Ask Question ... Bitcoin. comments; other discussions (1) Want to join? Log in or sign up in seconds. English; limit my search to r/Bitcoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for ... The operator of the site, maxkoda, registered on the Bitcoin forum just days prior to launching the site. With any Bitcoin exchange, there are verying levels of risk that funds deposited in an account can be accessed at a later time. Even more caution might be warranted regarding funds held by an exchange accessed solely through i2p.

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FFDK COINDAY / WAS IST VERGE XVG ? ANONYMER ALS BITCOIN ...

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