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Verifying the Supply | MONERO MONTHLY 02
Published 11 months, 1 week ago
Description
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
- 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