AMA Recap: CRYPTO MINERS X MONERO $XMR

Monero is the leading cryptocurrency focused on private and censorship-resistant transactions. Monero uses various privacy-enhancing technologies to ensure the anonymity of its users. Monero is the only major cryptocurrency where every user is anonymous by default. The sender, receiver, and amount of every single transaction are hidden through the use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT. Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins. Monero is electronic cash that allows fast, inexpensive payments to and from anywhere in the world. With Monero, there are no wire transfer or check clearing fees, no multi-day holding periods, and no fraudulent chargebacks. Because Monero is decentralized, it is not constrained by any particular legal jurisdiction and provides safety from capital control.

We hosted an AMA session with Monero on 8th July.

Mr. Ramsy was the host from Crypto Miners and Mr. Justin was the guest. He shared delightful insights on the Monero.

Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners AMA session With the one and only Monero! 🔥

Thank you all for joining us today❣️

To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Justin

Justin:
Hello everyone! Thanks for inviting me here :)

Ramsy | Crypto Miners:
Hello there 👋

Welcome here Justin
Thanks for bringing Us Monero ❤️

Justin:
I am always happy to speak with people about Monero. It’s a very important project to me

In case you haven’t heard of Monero before, it’s the leading private and fungible digital payment method. More people trust Monero for private transactions than all other cryptocurrencies combined

Ramsy | Crypto Miners:
We’re eagerly waiting for that ✌️

Justin:
To get this out of the way as well, since it’s important:

Ramsy | Crypto Miners:
Thanks for the cool start 👍

Justin:
Monero is like Bitcoin, in that there’s no company or foundation behind it. I don’t work for Monero (no one does). I work for Cake Wallet and Monero.com, which are popular noncustodial wallets that support Monero

I want to hear all the questions you have :) Including the tough ones!

Ramsy | Crypto Miners:
So let’s get started ✌️

1)Among many Projects, Monero’s achievement is not easy. How did Monero manage this in such a competitive market?

Justin:
Monero started in 2014 when privacy wasn’t on most people’s radar. Far fewer people cared about privacy then compared to today. Only a few nerds cared back then

Monero started with a sensible privacy implementation and attracted the top minds of the time. From there, it has continued iterating on the same, unchanged mission. Monero has been successful because people trust that Monero will continue to focus on the same mission of being the best private and fungible digital cash possible.

Monero hasn’t succeeded by adding flashy new features. It’s focused on a few main things and does them well

Ramsy | Crypto Miners:
Alright

Let’s move to our next question from this segment

2) So what are your main features and advantages that discern you from other projects?

Justin:
Monero is best known for its privacy features. Monero has the highest default privacy protections of any cryptocurrency project. Every transaction recorded on-chain hides all addresses, the source of funds, and the amount. You need information shared out-of-band to “decrypt” the relevant portions for auditing. This gives people the peace of mind of knowing that privacy on Monero is the hardest to screw up. You can get better privacy on Monero with 0 effort than you would get on another blockchain with considerable effort.

Monero isn’t just about privacy though. Monero also has a CPU-focused mining algorithm RandomX, which anyone can mine with phones, laptops, etc.

Monero also has a dynamic block size instead of a fixed size. There are pressures in place to keep the block sizes low, but there’s no fixed cap like Bitcoin. Monero has a “tail emission” that asymptotically approaches 0% inflation to permanently provide a security incentive.

Ramsy | Crypto Miners:
Cool 🔥

3) What is current focus of Monero and What we can expect from Monero what is the future plans do you have?

Justin:
Monero has a network upgrade on ~13th August. This will improve the privacy (ringsize 11 -> 16), improve efficiency (with Bulletproofs+), and speed up wallet syncing (with view tags). That’s the short-term plan.

After that, implementations of existing research for Seraphis and JAMTIS will be tested. Seraphis and JAMTIS are related proposals to redo large components of Monero’s ring signatures and addresses, again for better privacy and efficiency.

In the broader community, Monero community members are strongly focused on merchant adoption. It’s now common to pay for services like VPNs, gift cards, etc. with XMR. We hope this will continue. More and more people realize that it’s okay to HODL an asset for investing, but that you should pay for things with the private and fungible asset XMR.

In many ways, the research and development focus is the same as it’s always been. Just making privacy stronger and more efficient. We will never run out of things to do on those 2 goals.

Ramsy | Crypto Miners:
4) Monero is an open-source, community-driven project, So How users can Support& Contribute for Monero?

Justin:
Great question! Monero’s success is ENTIRELY reliant on a strong community of people who support it and use it. Luckily, there’s no requirement to participate, since there’s no company or foundation in the way gatekeeping anything! You can just show up and do whatever you want.

I recommend newcomers start by trying to offer support. See what issues people are running into, and try to make guides to help them out. That’s what I did for the Monero Stack Exchange in 2016, and it helped me learn a lot. Every single guide and video helps much more than you may think, including translations.

For contributing to the codebase, you can go on GitHub to github.com/monero/monero . The code is in C++. There are regular developer meetings on Matrix/Libera: #monero-dev:monero.social

Ramsy | Crypto Miners:
Thanks Justin for this well detailed introduction about Monero:)

And that’s the wrap up of our the first part of the AMA session ✅

2️Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Justin:
Of course :)

Segment 2️⃣: Twitter Questions

Ramsy | Crypto Miners:
1) Monero uses various privacy-enhancing technologies to ensure the anonymity of its users. Can you tell us how secured is our identity when doing transactions in Monero? What are these “PRIVACY-ENHANCING TECHNOLOGIES” that Monero utilizes?

The first one from Twitter is here 🥂

Justin:
Monero uses four main privacy technologies, 3 of which are on the blockchain itself. These are ring signatures, stealth addresses, and RingCT.

Ring signatures obfuscate the source of spent funds. Every time you spend XMR, you of course need to spend real money you have the ability to spend. Ring signatures allow you to hide this real source among many other possible “containers” of money. These are required for all transactions and is non-interactive, unlike mixers.

Stealth addresses break the link between addresses you see in your wallet and strings that appear on-chain. You can never take an address and look up what transactions are related to it. This also breaks the links between the outputs used in ring signatures and addresses. These are required.

RingCT hides the amount transacted. This is required.

On the network layer (IP address protection), Monero implements Dandelion++ by default. This hides the IP address when broadcasting quite well. Monero is the only major coin to offer this high level of default network privacy. Monero also supports i2p and Tor if you want to further protect your transaction broadcasts.

Ramsy | Crypto Miners:
2) Monero is basically built by community right? It is made up of volunteers, researchers, and cryptographers. So how can we become a part of your community? What significant skills can we contribute on Monero?

Justin:
By using Monero and speaking about it, you’re a part of the community! Congrats 🎉

As mentioned, I recommend people start with support stuff or marketing stuff if they can. If you are a developer, build a tool for Monero. Sell something for Monero. Do all the super fun stuff.

Start participating in community conversations in the r/monero subreddit.

There’s no application process or anything. I recommend trying to find a small project to work on and seeing where that takes you.

Ramsy | Crypto Miners:
3) I read that active community members can apply for the Magic Monero Fund Voter. Is this your DAO governance? Which decisions can Magic Monero Fund Voter can partake on? And how can we apply for this? Are there any requirements?

Justin:
I’m on the board of MAGIC Grants, so I am happy to answer this one :)

The MAGIC Monero Fund is a committee that is meant to support the Monero ecosystem. People can donate to the fund and get a tax deduction (it’s a 501(c)(3) public charity), and developers/researchers/etc can ask for grants. There’s an ongoing grant for privacy research right now.

This fund is definitely NOT the same as a DAO for Monero. The fund is a completely separate entity. It does not speak for the entire Monero community. It does not make development decisions.

Anyone is strongly encouraged to apply to be a MAGIC Monero Fund voter. Voters can elect the committee members who help operate the fund. One only needs an email and a passion for Monero to become a voter. You can apply here: https://magicgrants.org/Special-Election-for-MAGIC-Monero-Fund/

MAGIC Grants implemented this voter system because we want the fund to have a strong community influence, since the whole point is to support the Monero community.

Ramsy | Crypto Miners:
4) Based on your website to use Monero, the first thing we are going to need is the Monero GUI Wallet. So can you tell us is there any wallet that can we use except Monero GUI Wallet. Does your application (Monero GUI Wallet) can be install on iOS and Android?

Here is our last question from Twitter

Justin:
The only “official” wallets for Monero are the desktop CLI and desktop GUI. If you’re using a computer, these are good options (especially the GUI for beginners).

There are other wallets listed on https://getmonero.org/downloads for mobile. Only pick a Monero wallet from there. I recommend Cake Wallet, since it is open source, noncustodial, and free. It’s runs on iOS and Android. I’m biased since I work for Cake Wallet, but it is by far the most used mobile wallet for Monero, so please check it out :)

Ramsy | Crypto Miners:
That’s the wind up of our twitter segment

Now Moving on to our last segment — Live Q&A

Shall We Go mate?

Justin:
sure

Ramsy | Crypto Miners:
Lets go,

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) Dary:
The MRL (Monero Research Lab) is a very important part of Monero. Can you explain more what the Research Lab does in Monero and how it combines the technology with the goals of Privacy, Security and Decentralization?

Justin:
MRL is super important because privacy research is neverending. MRL helps research better privacy and security.

2) kouba ba:
How does MONERO respond to the existence of Cryptocurrency Regulations by the government?

Justin:
Monero was specifically made to be censorship resistant. Monero’s privacy and security features are built to be world-class and to withstand significant pressures. The “response” is to keep improving privacy, security, and decentralization to make Monero uncensorable

3) David Killed:
Can you explain how is Your Tokenomics Distribution? How many tokens Will be minted ? How many Tokens Will be locked by the team??

Justin:
100% of tokens go to the miners. There is NO founder’s reward, NO developer fee, NO foundation fee. It’s 100% miners, just like Bitcoin

4) মনখোজে তোকে🏵️🏵️🏵️:
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?

Justin:
Monero is more of a tool than an investment. Anyone can choose to invest in Monero by buying and going long XMR, but most people use Monero as a tool for privacy and fungibility. You can buy Monero on Binance, Kraken, Huobi, and other major exchanges

5) Starc:
Monero is scheduled to go through a network upgrade on July 16th. I want to know what motivated this network to upgrade Are you trying to include new features in the Monero project?

Justin:
It was pushed back to August 13th sadly. Better privacy, more efficiency, faster scanning

6) জাল মোড়ি🌺🌺🌺🌺:
Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?

Justin:
Yes, the community *IS* the decision maker. Discussions go on for a while in Monero Research Lab meetings, developer meetings, community meetings, and GitHub issues. There is no DAO or voting mechanism.

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much Justin For your valuable answers and information about Monero,
It Was Pleasure Hosting An Ama With You

Time To Conclude Our AMA Section

Is there anything else you would like to share or you want us to know ?

Justin:
Make sure to follow monero on Twitter and r/Monero on Reddit! Please check out Cake Wallet and let us know what you think! Thanks everyone, great questions!

Thank you Ramsy for hosting!

Ramsy | Crypto Miners:
We Wish all the very best for Project Monero And The Entire team behind the project ❤️🤝

Community, if you would like to learn more about Monero , here are some useful links for you:

Website: https://www.getmonero.org/
Twitter: https://twitter.com/monero
Telegram: https://t.me/monero