Purism Collaborates with Cryptocurrency Monero to Enable Mobile Payments
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That's a great write-up about Monero towards the end. The dev is right about Monero's usability being a pain point right now, but with more adoption of services that value privacy, there will be more interest in creating user-friendly ways to use Monero.
I can't wait to get my Librem 5.
I imagine whatever they are planning just deals with Monero only. And that people will use LocalMonero, Monero ATMs, or exchanges to go in and out of fiat. Monero devs just published multisig for review. I imagine that's a requirement for some exchanges (like Coinbase?) to securely store it before they can offer it.
- Is running a full node possible on the limited hardware or would the client need to connected to some external server? - How frequent transactions can Monero support? Bitcon blocks are filling up, resulting in high fees.
Monero's blocks automatically scale, and transaction fees decrease as more transactions occur.
Yes, it does. The transaction fee is a dynamic fee based on the block size. As the block size increases, the transaction fee decreases. The theory being that an increased blocksize means there's increased demand for Monero, which implies that the value of Monero has increased, so the transaction fee should decrease.
https://github.com/monero-project/monero/blob/4a20a5b5ea4adc...
https://monero.stackexchange.com/questions/2531/how-does-the...
> There are limits to how big the blocks can grow
Perhaps. But they are not hardcoded. The limits are based on the network infrastructure (lag, node calculation speeds). Basically, the blocks will grow until orphaning becomes a serious problem.
> and also how quickly they respond to demand,
This is in, in fact, the only hard coded limit of the things you mentioned.
When I say there is a limit to block sizes, I am referring to the factors, lag, etc, you mention. I believe monero has had to change the block times in the past, as too many orphans were occurring, and block size is another dimension that this will occur on, as it affects the latency of communicating the blocks.
Monero is great, but once you factor in the larger transactions I am extremely doubtful that you could get a higher throughput from it than bitcoin.
And there is no company which runs it and takes a 10% cut of all coins that will ever be mined.
To me, Monero seems more like an open, decentralized, community project than Zcash.
Monero certainly has lots of things that make me excited about it, but it seems there is a downside:
To recieve a payment, 'A' must tell the sender ('B') A's recieve address. Now, this recieve address is never encoded in the block chain, but it is known to everyone who sends 'A' coins.
If 'B' and others who know 'A's recieve address keep track of it and the coins they send, some privacy is not preserved.
Bitcoin & many other crypto curencies "solve" this to some extent by using Hierarchical Deterministic wallets ("HD wallets") were a single secret plus a deterministic "count" is used to generate multiple "accounts", each with it's own receive address.
The problem is that it isn't clear to me Monero has any HD wallet implementations, and I'm not familiar enough with monero to say whether generating lots of different accounts would even be feasible.
Can anyone with more knowledge chime in here?
1: https://github.com/b-g-goodell/research-lab/blob/master/publ...
"When you send funds to someone’s public address, what happens is that you actually send the funds to a randomly created brand new one-time destination address. This means that the public record does not contain any mention that funds were received to the recipient’s public address.
For the same reason, the funds that you are sending were not associated with your own public address either in the public record. Therefore, when you send these funds, the public record will not show that the funds originated from your public address and will not show that the funds were sent to the recipient’s public address."
Source: https://www.monero.how/how-does-monero-work-details-in-plain...
Right now avoiding that in monero is difficult. Subaddresses (as linked above) solve some of that, but as there is still a linear time scan increase, I wonder how prevalent their use will be. Will people create a new address for each receive they do? Maybe, maybe not.
https://github.com/b-g-goodell/research-lab/blob/master/publ...
All I can really say is that the cryptonote protocol was probably designed to focus on privacy within the blockchain. Intrablockchain privacy. Anything out-of band was not considered within scope, maybe. I'm just speculating because who knows what the cryptonote developers were thinking. The Monero core team is working to advance what cryptonote started, and subaddresses are a step in the right direction.