AMA RECAP : CRYPTO CHALLENGERS x MONERO
Venue : CryptoChallengersD
Date : 12 JULY 2022
Time : 02:00 PM UTC.
Guest: JUSTIN EHRENHOFER
They shared detailed information and his opinions about the project MONERO
SEGMENT 1 INTRODUCTION.
Monero is the leading private digital payment method. Monero is best known for its private and fungible transactions, but it also has interesting scalability and mining properties. Monero was started in 2014 by anonymous founders who are no longer a part of the project (like Bitcoin). There is no company or foundation behind Monero, only a community of people who care about private digital payments
1. Could you Guys please provide a quick self-introduction for the community?
I work for Cake Wallet and Monero.com, which are popular open source and noncustodial wallets that support Monero (XMR). We are very supportive of the Monero community
2.Can you briefly introduce the project MONERO what are some of the utilities of $XMR ? How do you think XMR stand out among the competitors if there are any?
Privacy and fungibility are Monero’s primary utility. When you receive a $20 cash bill, you know it can be used anywhere. It’s fungible. Sadly, most blockchains have assets that more closely resemble NFTs, since each coin has their own histories. NFTs are great for art, but it’s bad for money to all be different.
Monero is the only major fungible asset without mass surveillance of its transactions. Monero is the only major cryptocurrency where you can transact without your address being assigned a proprietary risk score and traced forever. Every single Monero transaction has a high level of privacy out of the box.
Monero enforces strong privacy through consensus. It’s not possible to send a transaction that doesn’t use its privacy features. Monero users must share information out-of-band (like a view key) that auditors can use to “decrypt” information on the public blockchain.
Monero is also the only major coin that can still be mined with CPUs.
Monero has three main utilities for people: 1) easy privacy, 2) easy fungibility, and 3) earning income from CPU mining
Monero has more private transactions than every other cryptocurrency combined, including all other competing “privacy coins”, Bitcoin privacy tools like mixing, and Ethereum privacy tools like Tornado. Monero’s scale of privacy is completely unmatched
3. Can you share the achievements the MONERO has made so far ? what are the major achievements that MONERO is yet to achieve.
Monero started with interesting privacy features back in 2014, but they were definitely incomplete. Monero’s community have spent the last eight years focused on simple goals: make Monero more private, more efficient, and more censorship resistant (decentralized)
Since launch, Monero has implemented many advancements to this effect. Transacted amounts were hidden with RingCT, and then made more efficient with Bulletproofs. Ring signatures (which hide the source of spent funds) were improved considerably and made more efficient. Transaction broadcast IP address protection was enhanced with Dandelion++
Next month, Monero will undergo a network upgrade. This makes transactions more efficient (with Bulletproofs+), more private (with the largest ever absolute increase in Monero’s ringsize), and faster to scan in wallet (with view tags)
Long term, there are proposals to make more comprehensive changes to Monero’s address scheme and ring signature scheme. Still, the focus is on those same goals
4. Monero is an open-source, community-driven project, So How users can Support& Contribute for Monero?
Great question! Yes, Monero is open source and community-driven. There is NO monero foundation, NO monero DAO, NO monero company, etc. There are no gatekeepers, only volunteers!
Because it’s so open, you can really work on whatever you want. This is often intimidating to people, so I recommend volunteers start answering support questions to help people out. From there, make a user guide or video that provides support. You’d be surprised how much this helps!
I also recommend picking a small project that benefits Monero and working on that. Small projects can be things like a simple guide or article, a short video, a simple marketing idea, accepting Monero at your merchant store, etc. Don’t let the huge scope of that’s possible distract you from taking small steps!
There are many communities of Monero contributors that you can speak with along the way. The Monero community mostly uses Matrix, an open source chat program. The popular channels are #monero-space:monero.social and #monero-community:monero.social. People there can give supportive guidance. You should also follow the r/Monero subreddit; there’s a lot of great content there.
5. What’s the total supply of the token? Could you share a detailed tokenomics of mainnet token’s supply distribution
Monero is unique in that there’s no specific hard supply limit! But don’t fret, the issuance rate is small and predictable, and it pays for security. You can see Monero’s current and future supply here next to Bitcoin’s: https://moneroj.net/coins/
100% of XMR goes to miners. 0% goes anywhere else. There’s no premine, no founder’s reward, no dev tax, no DAO allocation, etc. Just miners, nothing else.
More about Monero’s tail emission and why it was selected: https://twitter.com/monero/status/1521841252429451265
SEGMENT 2 TWITTER QUESTIONS.
1.What is your project’s objective? What is the ultimate goal of your #Monero project in the cryptocurrency space? Tell us more about that. Can you kindly share some forthcoming events with the community?
Monero isn’t trying to be a blockchain that does everything. It is meant to be a private and fungible asset, and not much else. If people want games, smart contracts, etc., they can build another system and plug Monero into that system.
Monero’s narrow focus sometimes appears boring, but this focused approach allows Monero to remain the best option for many people for transacting
2.I would like to know more about, The MAGIC MONERO FUND. How will this fund be utilised towards Monero Ecosystem? What non profit activities it will be used for? Why it’s names MAGIC? Can DAO member have a say about utilising this funds?
The MAGIC Monero Fund is completely separate from the Monero project. It’s a side nonprofit whose purpose is to support the Monero ecosystem, but it does not represent all of Monero.
The MAGIC Monero Fund receives donations from generous community members (who can deduct it from their taxes!), and then a committee allocates grants for educational resources, security audits, development, and research.
It is not a DAO, and there are no inherent voting rights just because you have XMR.
If you are a Monero community member, you can apply to be a MAGIC Monero Fund voter who elects the fund committee. More details: https://magicgrants.org/Special-Election-for-MAGIC-Monero-Fund/
There are many great open source Monero wallets listed here: https://getmonero.org/downloads
There are wallets for desktop, iOS, and android
All wallets send private transaction on-chain. But make sure to use a “local synchronization” wallet for mobile for maximum privacy
Transactions are cheap, <$0.01
4.Monero offers full support for wallets, subaddresses and separate accounts. My question is, is this model adaptable to any existing wallet? Is it possible for Monero to be compatible with any cryptoasset storage system to facilitate connection to remote nodes of my choice?
Most wallets listed on that page have full support for all these features. Cake Wallet and Monero.com, for example, support subaddresses, accounts, multiple wallets, and connections to custom remote nodes
The official GUI desktop supports all of this as well
5.You said we can spend XMR with some merchandise stores. But I want to know what are the advantages of using XMR? Is there a collaboration between Monero and the merchandise store so that we can get special discounts or special prices?
It’s significantly preferable to transact using assets that are 1) private, 2) fungible, and 3) stable
Monero addresses 1 and 2, but not really 3. XMR is a volatile asset
Stablecoins like USDC and USDT address 3 quite well, but not really 1 and 2
Because Monero is the main asset that addresses 1 and 2, Monero punches above its weight for cryptocurrency payments
Ultimately, people shouldn’t know my wallet balance each time I transact with them, and it’s inefficient to rely on blockchain risk indicators on whether to accept deposits. Monero simplifies this process to look more like cash
Cake Wallet announced at the Monero Konferenco (conference) last month that we will offer gift cards for XMR, BTC, and LTC for a discount. These will work at >100,000 US merchants. This is coming out this month. If you want to spend cryptocurrencies, I encourage you to check this out when available!
Payments are extremely important to the Monero community. I personally don’t care what you decide to invest in, but you really should make payments with the protection of Monero
SEGMENT 3 TELEGRAM LIVE.
Q1-Noufal Basheer Noufu,
At present, MONERO on the 15th place at CMC. Some people think that MONERO is considered the underdog. How do you feel about that, Do you think that you’re competing with companies that are much bigger in scale? Do you consider it a disadvantage to you or not?
[In reply to Noufal Basheer Noufu]
Good question. I think Monero is competing in some ways with much larger coins and companies with a lot more money. Monero has a large community of users, but it doesn’t have VC investment like most other projects, and it doesn’t have a fun pool of money to spend on marketing or anything else. Everything is donation-driven. This is great for the ethos of the project, but it is challenging at times.
I think Monero has already proven its worth to most of the cryptocurrency community fwiw. Some Bitcoiners probably think that Monero is super small by comparison and dismiss it, but the bear market has challenged this naïve point of view.
I think Monero will be better off if its community members are able to better build out connections with businesses so that more people are profiting off the network and giving back.
What are the advantages of using three important technologies: Stealth Addresses, Ring Signatures, and RingCT in Monero?
[In reply to Crypto_ lovers]
Stealth addresses break the link between the addresses you use to transact and what’s stored on-chain. You can’t look at a blockchain and see ANY addresses. They’re all hidden.
Ring signatures make it unclear what real source of funds (output) is being spent. Note that it’s not which address, it;s which output. Because of stealth addresses, connections to addresses are already broken. Ring signatures make it appear as if many possible sources are spent, in a completely non-interactive manner.
RingCT hides the amounts. Easy :)
These three are enabled for EVERY Monero transaction. They work together to provide excellent privacy for zero additional effort.
Q3-Sentri Creat Boy,
Monero is a currency and can be exchanged for goods, services and other currencies right?
So what are the goods, services or currencies i can trade monero for?
[In reply to Sentri Creat Boy]
VPNs are a common use of Monero. You can see some of our favorite merchants at https://monero.com/marketplace
Do token holders have the right to participate in project management? What kind of decision can they vote on about the project?
[In reply to Lake_Apu]
Decisions are NOT made by holder vote. Instead, decisions are made in various meetings and community discussions. Usually the process is Monero Research Lab meeting -> developer meeting -> Github issue -> Community meeting
Dows MONERO have an AUDIT certificate or are you working to AUDIT your project to make it more secure and reliable?
[In reply to 𝞐𝙇𝙇𝞝𝞟🕊️⃟࿐]
Various elements of Monero’s code have been audited. RandomX, Monero’s mining algorithm, was audited by 3 firms for example. Bulletproofs, Bulletproofs+, and CLSAG were audited as well
Thank you for inviting me to speak here! Make sure to stay safe when transacting online. Don’t accidentally leak some information you meant to keep private. When buying something with cryptocurrencies, please choose the safe option Monero. Follow @monero on Twitter and r/Monero on Reddit to stay updated. Thanks everyone!