this post was submitted on 07 Feb 2023
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Monero

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Monero (XMR) is a decentralized cryptocurrency. It uses a public distributed ledger with privacy-enhancing technologies that obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading monero, transaction amounts, address balances, or transaction histories.

The protocol is open source and based on CryptoNote, a concept described in a 2013 white paper authored by Nicolas van Saberhagen. The cryptography community used this concept to design Monero, and deployed its mainnet in 2014. Monero uses ring signatures, zero-knowledge proofs, "stealth addresses", and IP address–obscuring methods to obfuscate transaction details. These features are baked into the protocol, though users can optionally share view keys for third-party auditing. Transactions are validated through a miner network running RandomX, a proof-of-work algorithm. The algorithm issues new coins to miners, and was designed to be resistant to application-specific integrated circuit (ASIC) mining.

Monero has the third-largest developer community among cryptocurrencies, behind Bitcoin and Ethereum. Its privacy features have attracted cypherpunks and users desiring privacy measures not provided in other cryptocurrencies

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cross-posted from: https://community.hackliberty.org/post/9693

The European Union could ban banks and crypto providers from dealing in privacy-enhancing coins such as zcash, monero and dash under a leaked draft of a money laundering bill obtained by CoinDesk.

The plans from Czech officials, who are chairing talks among EU governments on the proposed law, would represent the latest nail in the coffin for anonymous means of payment following tough new rules agreed over the summer.

“Credit institutions, financial institutions and crypto-asset service providers shall be prohibited from keeping …anonymity-enhancing coins,” said a legislative draft seen by CoinDesk, dated Nov. 9, which has been circulated to the bloc's other 26 member states for comment.

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