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Verifying the Supply | MONERO MONTHLY 02
About this Episode
Verifiability of Supply
Monero’s supply can be easily audited by anyone running a Monero node, but this process does rely on the soundness of the monerod software implementation and the validity of cryptography used in range-proofs. These range-proofs allow it to be mathematically proven that the inputs and outputs of each transaction add up to zero without revealing amounts, ensuring that the supply is sound and not inflated in any way. Every node on the network is validating these range-proofs in each transaction every time a transaction is first seen, and validating all historical range-proofs when initially syncing.
A manual audit is possible because coinbase transactions (those transactions that are mining rewards in each block including issuance + transaction fees) are intentionally transparent and amounts of these outputs are not obfuscated in any way. Monero users running a node can simply validate these totals on-demand, and all node owners are constantly verifying the amounts in transactions via range-proofs.
Unlike Bitcoin, however, Monero users cannot simply do “napkin math” and validate the supply by manually adding up UTXO amounts, as transactions are never known-spent by the network, only by the parties involved in each specific transaction. This does force some added reliance on code/cryptography over Bitcoin, but as-of-yet I know of no onevalidating the Bitcoin supply this way. It does remain a valuable advantage of a transparent cryptocurrency, though it comes at the cost of the transactional privacy of every user in the system.
General
[[LINKS]]
- https://sethforprivacy.com/posts/dispelling-monero-fud/#you-cant-audit-the-monero-supply
- https://www.moneroinflation.com
Monero’s supply can be easily audited by anyone running a Monero node, but this process does rely on the soundness of the monerod software implementation and the validity of cryptography used in range-proofs. These range-proofs allow it to be mathematically proven that the inputs and outputs of each transaction add up to zero without revealing amounts, ensuring that the supply is sound and not inflated in any way. Every node on the network is validating these range-proofs in each transaction every time a transaction is first seen, and validating all historical range-proofs when initially syncing.
A manual audit is possible because coinbase transactions (those transactions that are mining rewards in each block including issuance + transaction fees) are intentionally transparent and amounts of these outputs are not obfuscated in any way. Monero users running a node can simply validate these totals on-demand, and all node owners are constantly verifying the amounts in transactions via range-proofs.
Unlike Bitcoin, however, Monero users cannot simply do “napkin math” and validate the supply by manually adding up UTXO amounts, as transactions are never known-spent by the network, only by the parties involved in each specific transaction. This does force some added reliance on code/cryptography over Bitcoin, but as-of-yet I know of no onevalidating the Bitcoin supply this way. It does remain a valuable advantage of a transparent cryptocurrency, though it comes at the cost of the transactional privacy of every user in the system.
General
- New primer on full-chain membership proofs available on YouTube:
- Fantastic Forbes article on Monero:
- BTCPay team being amazing and migrating Monero support to a plugin for v2.x
- https://repo.getmonero.org/monero-project/ccs-proposals/-/merge_requests/538#note_28197
- https://github.com/btcpayserver/btcpayserver/pull/6535
- https://github.com/btcpayserver/btcpayserver-monero-plugin
- Napoly and Deverick Apollo will help to transition the plugin to the Monero community and build out multi-wallet support
- Haveno keeps getting better and better
- v1.0.18 released: https://monero.observer/woodser-releases-haveno-v1.0.18-fixes-improvements/
- Can now buy your first Monero without a security deposit by finding a seller and communicating a password
- RetoSwap is the current live implementation of Haveno, have used to test and has been fantastic, quick, and easy
- Monero passphrase support in Cake Wallet v4.23.0
- Easy way to run a Monero daemon on your laptop or desktop gets even better
- CPU mining vs ASICs
- p2pool vs solo mining
- Mining via gupax on desktops
- Mining via p2pool + xmrig on servers
- Mining Monero via decentralized p2pool keeps getting better
- Gupaxx update v1.7.0 released:
- p2pool v4.3 released:
- You just leveled up Seth mentioned on MM01 that you can mine Monero on a laptop. Could you walk us through the process? What to download (ideally a GUI for those who don’t know CLI), best practices, guides, etc? Google results are Cheers
- What are some good resources for explaining about Supply auditability And how Peterson commitments work? Tell Vik we need some sexy educational material
- What is the highest transactions per second Monero has seen so far? And what is it capable of today?
- @Seth: Followed your Docker guide setting up an XMR node. Works like a charm on my "mini pc". Yet every wallet I connect has issues, Monerujo stops working on connect, Stack Duo syncs but quits connecting after a while. Is Tor the issue, how to debug?
[[LINKS]]
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(00:00:00) INTRO
(00:01:14) Verifying the Supply
(00:22:20) UPDATES
(00:22:40) FCMP Video Explainer
(00:23:17) Forbes Article
(00:23:54) BTCPay Moves Monero to a Plugin
(00:28:02) Haveno Releases Bug Fixes and Various Improvements
(00:31:24) Retoswap
(00:33:54) Cake Wallet Updates
(00:34:54) Easy Laptop Monero Daemon
(00:36:30) Mining Monero
(00:45:04) XMR CHATS
(00:59:04) BOOSTS
(01:07:08) Thanks and C U Next Month
(01:08:30) THANK YOU FOUNDATION
(01:09:38) THANK YOU CAKE WALLET
Hosts & Guests
No transcript available for this episode.
