SlideShare a Scribd company logo
SECURE. PRIVATE. UNTRACEABLE.
Copenhagen, Denmark
Welcome
Justin Ehrenhofer
Finance
Management Information Systems
/u/SamsungGalaxyPlayer or sgp_
CryptoUMN.com
People Started Adding Tools to Bitcoin
People Started Adding Tools to Bitcoin
People Started Adding Tools to Bitcoin
The Monero Difference
SENDER RECEIVER
RING
SIGNATURES
STEALTH
ADDRESSES
AMOUNT TRANSACTION
BROADCAST
ɱ
KOVRI
(I2P ROUTER)
RING CONFIDENTIAL
TRANSACTIONS (RINGCT)
Ring Signatures & RingCT
8 (Tx ID hng6iwfumwf8)
9 (Tx ID cb8vqfi8dfj65f)
1 (Tx ID e4hn4ifqyd5ed)
3 (Tx ID wb4f5hdfdicnd)
4 (Tx ID nh5nogsefwjw)
6 (Tx ID ybwnng8nengf)
2 (Tx ID eshgni5lsvnf74)
5 (Tx ID fgwinw3fwtk54)
7 (Tx ID e4bgn8flwwrj8)
10 (Tx ID fnidmfnu3dm8)
11 (Tx ID twv8mf8dnfas)
13 (Tx ID 7nr8mrjffijdtm)
12 (Tx ID h5o8mfdngkd)
14 (Tx ID f8n8madkrjmd)
15 (Tx ID wn3f4diiijffwn)
16 (Tx ID 5 f8wnfdmmii)
17 (Tx ID h8fn5mdfi4w)
18 (Tx ID n48gfwmfdki)
20 (Tx ID t4vn8lf8djer4)
19 (Tx ID fnidmnfdsam)
21 (Tx ID 4f5f8njdoam4)
BLOCKCHAIN
8 (Tx ID hng6iwfumwf8)
5 (Tx ID fgwinw3fwtk54)
11 (Tx ID twv8mf8dnfas)
15 (Tx ID wn3f4diiijffwn)
18 (Tx ID n48gfwmfdki)
21 (Tx ID 4f5f8njdoam4)
Ring Signatures & RingCT
Ringsize=6
INPUTSMinimumSeptember2017*
MinimumToday
5 (Tx ID fgwinw3fwtk54)
8 (Tx ID hng6iwfumwf8)
11 (Tx ID twv8mf8dnfas)
15 (Tx ID wn3f4diiijffwn)
18 (Tx ID n48gfwmfdki)
21 (Tx ID 4f5f8njdoam4) key image
5 (Tx ID fgwinw3fwtk54)5 (Tx ID fgwinw3fwtk54)
8 (Tx ID hng6iwfumwf8)
11 (Tx ID twv8mf8dnfas)
15 (Tx ID wn3f4diiijffwn)
18 (Tx ID n48gfwmfdki)
21 (Tx ID 4f5f8njdoam4)
Ring Signatures & RingCT
Ringsize=6
INPUTSMinimumSeptember2017*
MinimumToday
8 (Tx ID hng6iwfumwf8)
11 (Tx ID twv8mf8dnfas)
15 (Tx ID wn3f4diiijffwn)
18 (Tx ID n48gfwmfdki)
21 (Tx ID 4f5f8njdoam4) key image
RingCT ring signature,
signs difference
between commitments
? XMR
Pedersen commitment
rCT = x*G + a*H(G)
Commitment
public key
Random Number Actual Amount
Ring Signatures & RingCT
5
8
11
15
18
21
INPUTS
NewerOlder
Coinbase Transaction
(New Money)
Input Actually
Spent
Someone Else
Borrowed Input
How Inputs Are Selected
AT LAUNCH
CURRENT (IMPROVED TRIANGULAR DISTRIBUTION)
IDEAL
ENTIRE BLOCKCHAIN
Time Since Last Spent
ORIGIN
NODE
12.154.85.166
LOGGING
NODE
Tx ID: 375wd4h
ORIGIN
NODE
3dsnf28.i2p
LOGGING
NODE
Tx ID: 375wd4h
Stealth Addresses
OUTPUTS
? XMR
Back to Sender
To Receiver
INPUTS
100 XMR
OR
hfk5yndjdmnfirwm5dnu
7yf8dji8fbwb4f5hdfdicnd
ey5f8ne58nh5nogsefwjw
58fmd8jhybwnng8nengf
5hfnq835hng6iwfumwf8
3348dqnqcb8vqfi8dfj65f
Commitment public key
Summary
5 (Tx ID fgwinw3fwtk54)
8 (Tx ID hng6iwfumwf8)
11 (Tx ID twv8mf8dnfas)
15 (Tx ID wn3f4diiijffwn)
18 (Tx ID n48gfwmfdki)
21 (Tx ID 4f5f8njdoam4)
? XMR
hfk5yndjdmnfirwm5dnu
7yf8dji8fbwb4f5hdfdicnd
ey5f8ne58nh5nogsefwjw
58fmd8jhybwnng8nengf
5hfnq835hng6iwfumwf8
3348dqnqcb8vqfi8dfj65f
Commitment public key
Mandatory Privacy
Source: MoneroBlocks.info 24 Feb 2016
Source: zcha.in 15 March 2017
A Brief History
Adapted from Scott Anecito’s Presentation
The Infamous GUI
MyMonero Lightweight Wallet
Regulatory Compliance and Transparency
A view key is used to
reveal all transactions for
a Monero account, or just
the key for a single
transaction
Transparency
View keys can be given to
selected parties, or can be
made public
Selected Parties
By publishing their view
key, charities can invite
easy public oversight
Charities
Children can be given
their own accounts, and
parents can monitor their
spending
Parents
(with the View Key)
Adapted from Riccardo Spagni’s Presentation
Monero Limitations
…but so close!
Ongoing Development
Multisig Sub-Addresses Translations
Lightweight
Wallet
RingCT
Optimizations
Community
Hardfork Schedule
September 18th*
• Mandatory RingCT
• Minimum ringsize ≥5 (likely 10)
• Fluffy blocks (in testing now)
• Improved input selection algorithm
• 0MQ
• Sub-Addresses
January April September
Community Growth
Community Growth
XMR.TO – Pay Bitcoin Addresses with Monero
Thank You!
monero.stackexchange.com
getmonero.org
/r/Monero
justin@ehrenhofer.org

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Monero Presentation by Justin Ehrenhofer - Copenhagen, Denmark 2017

  • 2. Welcome Justin Ehrenhofer Finance Management Information Systems /u/SamsungGalaxyPlayer or sgp_ CryptoUMN.com
  • 3. People Started Adding Tools to Bitcoin
  • 4. People Started Adding Tools to Bitcoin
  • 5. People Started Adding Tools to Bitcoin
  • 6. The Monero Difference SENDER RECEIVER RING SIGNATURES STEALTH ADDRESSES AMOUNT TRANSACTION BROADCAST ɱ KOVRI (I2P ROUTER) RING CONFIDENTIAL TRANSACTIONS (RINGCT)
  • 7. Ring Signatures & RingCT 8 (Tx ID hng6iwfumwf8) 9 (Tx ID cb8vqfi8dfj65f) 1 (Tx ID e4hn4ifqyd5ed) 3 (Tx ID wb4f5hdfdicnd) 4 (Tx ID nh5nogsefwjw) 6 (Tx ID ybwnng8nengf) 2 (Tx ID eshgni5lsvnf74) 5 (Tx ID fgwinw3fwtk54) 7 (Tx ID e4bgn8flwwrj8) 10 (Tx ID fnidmfnu3dm8) 11 (Tx ID twv8mf8dnfas) 13 (Tx ID 7nr8mrjffijdtm) 12 (Tx ID h5o8mfdngkd) 14 (Tx ID f8n8madkrjmd) 15 (Tx ID wn3f4diiijffwn) 16 (Tx ID 5 f8wnfdmmii) 17 (Tx ID h8fn5mdfi4w) 18 (Tx ID n48gfwmfdki) 20 (Tx ID t4vn8lf8djer4) 19 (Tx ID fnidmnfdsam) 21 (Tx ID 4f5f8njdoam4) BLOCKCHAIN 8 (Tx ID hng6iwfumwf8) 5 (Tx ID fgwinw3fwtk54) 11 (Tx ID twv8mf8dnfas) 15 (Tx ID wn3f4diiijffwn) 18 (Tx ID n48gfwmfdki) 21 (Tx ID 4f5f8njdoam4)
  • 8. Ring Signatures & RingCT Ringsize=6 INPUTSMinimumSeptember2017* MinimumToday 5 (Tx ID fgwinw3fwtk54) 8 (Tx ID hng6iwfumwf8) 11 (Tx ID twv8mf8dnfas) 15 (Tx ID wn3f4diiijffwn) 18 (Tx ID n48gfwmfdki) 21 (Tx ID 4f5f8njdoam4) key image
  • 9. 5 (Tx ID fgwinw3fwtk54)5 (Tx ID fgwinw3fwtk54) 8 (Tx ID hng6iwfumwf8) 11 (Tx ID twv8mf8dnfas) 15 (Tx ID wn3f4diiijffwn) 18 (Tx ID n48gfwmfdki) 21 (Tx ID 4f5f8njdoam4) Ring Signatures & RingCT Ringsize=6 INPUTSMinimumSeptember2017* MinimumToday 8 (Tx ID hng6iwfumwf8) 11 (Tx ID twv8mf8dnfas) 15 (Tx ID wn3f4diiijffwn) 18 (Tx ID n48gfwmfdki) 21 (Tx ID 4f5f8njdoam4) key image RingCT ring signature, signs difference between commitments ? XMR Pedersen commitment rCT = x*G + a*H(G) Commitment public key Random Number Actual Amount
  • 10. Ring Signatures & RingCT 5 8 11 15 18 21 INPUTS NewerOlder Coinbase Transaction (New Money) Input Actually Spent Someone Else Borrowed Input
  • 11. How Inputs Are Selected AT LAUNCH CURRENT (IMPROVED TRIANGULAR DISTRIBUTION) IDEAL ENTIRE BLOCKCHAIN Time Since Last Spent
  • 14. Stealth Addresses OUTPUTS ? XMR Back to Sender To Receiver INPUTS 100 XMR OR hfk5yndjdmnfirwm5dnu 7yf8dji8fbwb4f5hdfdicnd ey5f8ne58nh5nogsefwjw 58fmd8jhybwnng8nengf 5hfnq835hng6iwfumwf8 3348dqnqcb8vqfi8dfj65f Commitment public key
  • 15. Summary 5 (Tx ID fgwinw3fwtk54) 8 (Tx ID hng6iwfumwf8) 11 (Tx ID twv8mf8dnfas) 15 (Tx ID wn3f4diiijffwn) 18 (Tx ID n48gfwmfdki) 21 (Tx ID 4f5f8njdoam4) ? XMR hfk5yndjdmnfirwm5dnu 7yf8dji8fbwb4f5hdfdicnd ey5f8ne58nh5nogsefwjw 58fmd8jhybwnng8nengf 5hfnq835hng6iwfumwf8 3348dqnqcb8vqfi8dfj65f Commitment public key
  • 16. Mandatory Privacy Source: MoneroBlocks.info 24 Feb 2016 Source: zcha.in 15 March 2017
  • 17. A Brief History Adapted from Scott Anecito’s Presentation
  • 20. Regulatory Compliance and Transparency A view key is used to reveal all transactions for a Monero account, or just the key for a single transaction Transparency View keys can be given to selected parties, or can be made public Selected Parties By publishing their view key, charities can invite easy public oversight Charities Children can be given their own accounts, and parents can monitor their spending Parents (with the View Key) Adapted from Riccardo Spagni’s Presentation
  • 22. Ongoing Development Multisig Sub-Addresses Translations Lightweight Wallet RingCT Optimizations Community
  • 23. Hardfork Schedule September 18th* • Mandatory RingCT • Minimum ringsize ≥5 (likely 10) • Fluffy blocks (in testing now) • Improved input selection algorithm • 0MQ • Sub-Addresses January April September
  • 26. XMR.TO – Pay Bitcoin Addresses with Monero

Editor's Notes

  1. CoinJoin requires other participants to mix with. DASH, which built its PrivateSend functionality on CoinJoin, requires at least 3 participants. The service performing the functionality, whether it is a centralized server for Bitcoin or a randomly-selected masternode for DASH, can log what money goes where.
  2. CoinJoin requires other participants to mix with. DASH, which built its PrivateSend functionality on CoinJoin, requires at least 3 participants. The service performing the functionality, whether it is a centralized server for Bitcoin or a randomly-selected masternode for DASH, can log what money goes where.