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The choice of the biannual hard forks was taken in order to be able to introduce important consensus changes, which added privacy features and network-wide improvements For example bulletproofs and CLSAG both required a hard fork and avoid the ossification of the protocol.
The dev community and the Core Team agree that the protocol is stable and mature enough and biannual hard forks are not necessary anymore. Furthermore, the ecosystem around Monero has grown exponentially during the years and frequent protocol changes would be increasingly hard to coordinate, could be detrimental to the growth of the ecosystem and to the user experience. Cherry on the top, the new algorithm RandomX is ensuring long term ASIC-resistance, so regular changes are not needed anymore.
Network upgrades will still be used to add important protocol improvements and consensus changes, but at a lower and less strict frequency every months. The last hard fork was on October 18th More Info: A note on scheduled protocol upgrades. During the years the community has created a vast amount of informative content like articles and videos.
Most of these videos are publicly available on platforms like YouTube. On this website we host a few videos that explain the fundamentals of Monero. To optimize their effectiveness, they should be viewed in sequence:. In Monero, every transaction output is uniquely associated with a key image that can only be generated by the holder of that output. Key images that are used more than once are rejected by the miners as double-spends and cannot be added to a valid block.
We can also know that transaction amounts are valid even though the value of the inputs that you are spending and the value of the outputs you are sending are encrypted these are hidden to everyone except the recipient. Because the amounts are encrypted using Pedersen commitments what this means is that no observers can tell the amounts of the inputs and outputs, but they can do math on the Pedersen commitments to determine that no Monero was created out of thin air.
As long as the encrypted output amounts you create is equal to the sum of the inputs that are being spent which include an output for the recipient and a change output back to yourself and the unencrypted transaction fee , then you have a legitimate transaction and know no Monero is being created out of thin air.
Pedersen commitments mean that the sums can be verified as being equal, but the Monero value of each of the sums and the Monero value of the inputs and outputs individually are undeterminable. For a lightweight wallet, you give your view key to a node, who scans the blockchain and looks for incoming transactions to your account on your behalf. This node will know when you receive money, but it will not know how much you receive, who you received it from, or who you are sending money to.
Depending on your wallet software, you may be able to use a node you control to avoid privacy leaks. For more privacy, use a normal wallet, which can be used with your own node. No, Monero does not have a hard block size limit. Instead, the block size can increase or decrease over time based on demand. It is capped at a certain growth rate to prevent outrageous growth scalability. Monero uses a completely non-interactive, non-custodial, and automatic process to create private transactions.
By contrast for mixing services, users opt-in to participate. Importing an external blockchain is very resource intensive and forces you to trust the entity providing you with the blockchain. Follow the guide below if you are using Windows. If you are a linux user, you can use the tool "monero-blockchain-import", which is included in the archive when you download the GUI or CLI wallets. Start syncing the imported blockchain with this command: "monero-blockchain-import --input-file blockchain.
Monero has a fixed emission rate, not a set maximum supply. This tail emission allows for permanent incentives to secure Monero, even in the far future, while keeping inflation at a very low percent.
There are multiple wallets available for a vast number of platforms. To be able to spend them you only have to download and run the latest Monero software. You can use the mnemonic seed you previously saved to restore your wallet at any time. Note that hard forks in Monero are scheduled and non-contentious.
Which means no new coin is created. Better Tor and I2P integrations are in progress. More Info: How to connect your wallet to your own node over Tor. If you are running a full node locally, you need to copy the entire blockchain to your computer. This can take a long time, especially on an old hard drive or slow internet connection. If you are using a remote node , your computer still needs to request a copy of all the outputs, which can take several hours. Be patient, and if you would like to sacrifice some privacy for faster sync times, consider using a remote node or lightweight wallet instead.
A full node requires a considerable amount of storage and could take a long time to download and verify the entire blockchain, especially on older hardware. If you have limited storage, a pruned node is recommended. If plenty of storage is available, a full node is recommended but a pruned node still greatly contributes to the network and improves your privacy. The Monero blockchain is always growing so there is no fixed size.
As of , the full blockchain is around GB. A pruned blockchain is about 30GB. Check out Moneropedia entry pruning to learn the difference between a full and a pruned blockchain. When you download the blockchain , you are downloading the entire history of the transactions that happened in the Monero network since it was created. Convenient for people with limited disk space. Check out the Moneropedia entries node and remote node for more details.
You can connect to a remote node , which stores the blockchain for you. There are multiple ways to take advantage of this functionality. Ways to improve the usability of the Monero network are constantly being explored. Because new transactions have been recorded on the blockchain from the last time you opened your wallet, which needs to scan all of them to make sure non of those transaction is yours. This process is not necessary in a mymonero-style openmonero wallet, a central server which could be managed by you does this work for you.
From a general point of view running a node is not dangerous, but keep in mind that your ISP can see you are running a Monero node. Some people for convenience prefer to use remote node which are not under their control public nodes. The convenience of not having to deal with a personal copy of the blockchain comes at a cost: lessened privacy. A remote node operator is able to see from what IP address a transaction comes from even if cannot see the recipient nor the amount and in some extreme cases, can make attacks able to reduce your privacy.
Get Started. What is Monero? Community Crowdfunding. Vulnerability Response. Find answers to recurring questions and concerns about Monero. Table Of Contents. How can I contribute? There are many ways to contribute: Translations. More Info: Improving Monero. How does Monero have value? How can I get Monero? More Info: About Monero.
How is Monero different from Bitcoin? What is ASIC resistance? Why is it important? What is fungibility, and why is it important? Is Monero magic and protects my privacy no matter what I do? Are there known vulnerabilities in Monero? Is it true that Monero has a hard fork every 6 months? Are there videos I can watch to learn about Monero? More Info: About supply auditability. What is the difference between a lightweight and a normal wallet? Does Monero have a block size limit? Is Monero a mixer or mixing service?
Can I manually import the blockchain? Think that will link your identity to that Monero wallet; thereby eliminating your anonymity? Not really. So, within just a few minutes you have shielded your money in Monero completely.
From there, HODL until you want to spend some, or all, of those funds. The whole process is simple, painless, and best of all anonymous; which is the whole point of buying Monero from the outset. There are certainly other ways you can buy Monero.
And, as always, we strongly recommend Changelly and ShapeShift for their security and speed of exchange. But, no matter which platform you choose for your own purchase; remember; the point here is to safeguard your own security through the unique anonymity of this coin. So, be sure that your choice of purchase platform fulfils that all-important need. One final note; as anonymous as Monero may be; always remember Crypto Rule 1 and store these valuable cryptos safely.
Thanks for joining us on this exploration! Good luck with your own Monero adventure!! Happy HODLing!!! Cryptocurrency Trading Basics. Cryptocurrency Trading Tools. Fundamental Analysis for Cryptocurrency Traders. Technical Analysis for Cryptocurrency Traders. Cryptocurrency Trading Strategies for Altcoins.
Tags: altcoins cryptocurrency. Anonymity and illegality Before we get into talking about how you can get your own Monero , we want to take a minute to talk about the difference between anonymity and illegality. Two comments Now that we understand what Monero is and why we should use it. Simple There are two sites that we tout regularly. Your own security There are certainly other ways you can buy Monero.
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