Monero is a cryptocurrency that focuses on privacy and fungibility. It uses ring signatures and ring confidential transactions (RingCT) to obscure transaction amounts and the origin of funds. Ring signatures mix the real spender's key with others, making it impossible to tell which key was used. RingCT hides amounts and allows only the recipient to see the transaction amount. Upcoming upgrades will increase the minimum ring size and implement other improvements. Monero development prioritizes privacy, security, and decentralization through ongoing upgrades to its protocol.

1. SECURE. PRIVATE. UNTRACEABLE.
Helsinki, Finland

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

12. ORIGIN
NODE
12.154.85.166
LOGGING
NODE
Tx ID: 375wd4h

13. ORIGIN
NODE
3dsnf28.i2p
LOGGING
NODE
Tx ID: 375wd4h

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

18. The Infamous GUI

19. MyMonero Lightweight Wallet

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

21. Monero Limitations
…but so close!
- Coinomi
- GUI port
- MyMonero
- Jaxx

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

24. Community Growth

25. Community Growth

26. XMR.TO – Pay Bitcoin Addresses with Monero

27. Thank You!
monero.stackexchange.com
getmonero.org
/r/Monero
justin@ehrenhofer.org