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Author Topic: [ANN] [XRM] Monero Rings « Fork of Monero 1:2 » Security and anonymity  (Read 809 times)
monero_rings
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February 06, 2019, 02:43:29 AM
Last edit: February 27, 2019, 11:26:09 PM by monero_rings
 #1






Worldwide Open Source Project


Monero Rings is a global open-source project promising to deliver a true private cryptocurrency that scales. Monero Rings facilitates the desire to have a truly private and decentralized cryptocurrency that is also quick and easy for everyday use.




Why design a new currency based on Monero?


Monero [XMR] is known for its highest standards of anonymity and privacy. At the same time, it is facing many challenges:


- Slow processing speeds: average confirmation time for a transaction is circa 20 minutes.
- Large transaction size: 50x larger than Bitcoin transactions due to complex cryptography.
- Impossibility to scale: as new users join the network, it works slower.
- Lack of GUI: having to use a command line scares away users.
- Inefficient mining: covert ASIC mining and concentration of the hashrate by GPU pools.




Introduction of a combined PoW/PoS mining system


It has long been recognized that PoW mining can be detrimental for the society as a whole. Its proponents claim that it serves a valuable purpose (i.e., ensure security and decentralization) and thus the energy spent on it is not actually wasted. However, it is impossible to deny that the energy used to feed mining rigs around the globe exceeds what is used by most countries, and most of it is used up by miners who do not end up validating a block. Another added issue is the concentration of control (hashrate) in the hands of mining rigs that have enough powerful hardware, making it impossible for independent miners to compete for profits.
Monero has made a great effort to limit the influence of mining pools that use ASICs. However, as we have seen, shadow ASIC mining still plays an important role as manufacturers wait several months to release each new hardware model on the market, instead using it behind the scenes to mine as much XMR as possible. It is clear that the effort to exclude traditional centralized mining from the system has failed. Moreover, over 70% of the hashrate in the Monero network is concentrated in just 3 CPU/GPU pools. While they do not use ASICs, they still charge pool fees that constitute a considerable amount of each user’s profits.
There is a widespread belief that Proof-of-Stake cannot be implemented in Monero, since the architecture of the system obfuscates how much XMR each user holds. By contrast, the whole point of PoS is for the system to know how many coins are held in each wallet. However, it is definitely possible to introduce elements of PoS in Monero – and it will be done by the Monero Rings development team.
In Monero Rings, most of the blocks will still be mined using PoS, but 30% of blocks will be validated with PoS in the first stage of implementation. Any user who desires to earn free XRM using this method will be able to provide proof (using the system of bullet proofs similar to those utilized to prove that all outputs are in the positive range and/or homomorphic encryption) that he or she holds a certain number of Monero Rings coins. This can be considered as a slight reduction in anonymity, but most users do not actually require as much anonymity. The key is to provide the possibility to earn XRM coins using PoS; those users for whole complete privacy is a priority can continue to use PoW.
XRM holders who choose PoS will not need to enter mining pools anymore; they can earn cryptocurrency with their CPUs and GPUs, just like they do now, but completely independently. The development team of Monero Rings is convinced that it is just as efficient a method of reducing the presence of shadow ASIC mining as issuing hard fork updates every six months. PoS will also support decentralization, since CPU mining pools are, after all, centralized structures within the system that charge fees for their own profit.




XX



Mixed PoW/PoS
Combination mining for maximum efficiency and decentralization  



Secure & user-friendly
 Support of multisig, GUI wallet, & internal automated exchange service





Scaling solutions
Implementation of Reusable Payment Codes  
XXXXXXXXXXXXXXXXXX



Non-fungible token support
Proprietary non-fungible token protocol




Roadmap


Q4 2018
Concept development, creation of the core team, designing the official wallet.


Q1 2019
Hard fork at block #1781500 (February 28, 2019) and airdrop distribution of XRM coins, start of the bounty campaign, listing XRM at major exchanges, work on multi signatures for the wallet, support of other digital assets (XMR, BTC, ETH, Zcash, etc.)


Q2 2019
Introduction of multisig, preparation for the launch of PoS mining; introduction of fiat deposits and withdrawals inside the wallet.


Q3 2019
Test launch of PoS, work on the adaptation of Reusable Payment Codes; adding a currency converter/exchange service.


Q4 2019
Mainnet launch of PoS, beta testing of payment codes, start of work on the Lightning Network-like solution.


Q1 2020
Launch of Reusable Payment Codes, testing the Lightning Network scaling solution, work on a hard wallet.


Q2 2020
Launch of the Monero Rings cold storage wallet.




Basic facts:


Symbol: XRM
Block height: 1781500
Fork date: February 28, 2019 (forecast)
Airdrop allocation ratio: 2 to 1
Emission: 30 million
Distribution: 70% airdrop, 20% development, 10% bounty
Mining: yes – PoW with added elements of PoS
Maximum intended supply: unlimited
Official wallet: yes




Have more questions?




If you have other questions about the fork, team or technology, get in touch on our the by mail support@monero-rings.org




Official Website - http://monero-rings.org


Web wallet - https://myxrmwallet.com/


Windows wallet - https://github.com/monero-ring-project/monero/raw/master/xrmwallet-win.exe


Whitepaper - http://monero-rings.org/whitepaper.pdf


Github - https://github.com/monero-ring-project/monero


Twitter - https://twitter.com/monero_rings


Telegram - https://t.me/monero_rings


Bounty - https://bitcointalk.org/index.php?topic=5109465.0


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February 06, 2019, 06:29:02 AM
 #2

Very clever scam!  You start with 30mil!!!!!!!!!

You 'airdrop' 70%, but actually 69.5% goes into your other wallets.

We give you hard earned XMR ($40 each) for your worthless coin?!?

Load of rubbish. 
monero_rings
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February 06, 2019, 07:01:12 AM
 #3

Very clever scam!  You start with 30mil!!!!!!!!!

You 'airdrop' 70%, but actually 69.5% goes into your other wallets.

We give you hard earned XMR ($40 each) for your worthless coin?!?

Load of rubbish. 

Look, you don't give you any hard-earned XMR - it's an airdrop. You don't exchange your old coins for new ones - we distribute our coins for free as a way to stimulate adoption and circulation.
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February 06, 2019, 01:23:47 PM
 #4



   then please tell us in more detail how to take part in the airdrop ... and I think we should see the open tables of the distribution of the airdrop, it's all the same a lot of coins.

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February 07, 2019, 05:33:01 PM
 #5

So this is going to be a fork from the next planned XMR fork.

Be aware: Using your keys to make transactions with a wallet whose seed originated from the original Monero chain is not safe. The spent outputs will have the same key image as those on the main chain, making your transaction no longer private. Monero's security depends on key images' being one-time use only.
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February 08, 2019, 01:45:02 AM
 #6



   then please tell us in more detail how to take part in the airdrop ... and I think we should see the open tables of the distribution of the airdrop, it's all the same a lot of coins.

sure, all you have to do is import your wallet on the official website of Monero Rings - a full list of links for popular wallets will be available soon.
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February 08, 2019, 01:49:40 AM
 #7

swap ratio is very very minimal, will this be an expensive price when viewed from the detail ratio
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February 10, 2019, 09:33:28 AM
 #8

all you have to do is import your wallet private keys on the totally official safu wordpress website of Monero Rings  Roll Eyes
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February 10, 2019, 12:59:13 PM
 #9

Can the OP give additional details on Monero Rings' members, please.
I need them to verify the reliability of the project as well as its potential after the fork.

There are so many forks, some of them are scams, hence team's details are neccessary for investors.

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February 11, 2019, 11:54:23 AM
 #10

You going to airdrop all 30mil coins?!!?
Crap man.  Scam.
How many coins will you have?  to start off with?

New forks are scams and failures, your's will be another one.

And who is going to leave XMR $45 a coin for Monero Rings?!
MoneroV, Monero Classic, Monero Gold, Monero Original, Monero 0, eXMR Monero  = Nobody wants that shit
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February 11, 2019, 03:41:09 PM
 #11

You going to airdrop all 30mil coins?!!?
Crap man.  Scam.
How many coins will you have?  to start off with?

New forks are scams and failures, your's will be another one.

And who is going to leave XMR $45 a coin for Monero Rings?!
MoneroV, Monero Classic, Monero Gold, Monero Original, Monero 0, eXMR Monero  = Nobody wants that shit

I'm not sure where you get the $45 from. Once again, we airdrop the coins, we don't ask you to pay for them
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February 11, 2019, 03:50:21 PM
 #12

Even Stellar years ago generously airdropped to community.
How to join airdrop of Monero Rings?
I'm not sure where you get the $45 from. Once again, we airdrop the coins, we don't ask you to pay for them

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February 11, 2019, 04:05:42 PM
 #13

Can the OP give additional details on Monero Rings' members, please.
I need them to verify the reliability of the project as well as its potential after the fork.

There are so many forks, some of them are scams, hence team's details are neccessary for investors.

I agree, I would like to know which of the respected programmers in the community is involved in this development. So far, at the moment, all this smells very bad.

 
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February 11, 2019, 04:09:15 PM
 #14

Wownero
https://bitcointalk.org/index.php?topic=3088712.0

Legendary dev, Security and anonymity.


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February 12, 2019, 06:20:11 AM
 #15

Can the OP give additional details on Monero Rings' members, please.
I need them to verify the reliability of the project as well as its potential after the fork.

There are so many forks, some of them are scams, hence team's details are neccessary for investors.

I agree, I would like to know which of the respected programmers in the community is involved in this development. So far, at the moment, all this smells very bad.

Our development team prefers to stay anonymous, in full accordance with the principles promoted by Monero itself.
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February 15, 2019, 10:56:18 PM
 #16

If there is anything that can compete with Bitcoin in the future, it certainly is Monero! Whatever is related to this is interesting to participate in and understand the options and needs of these users! PoW / PoS is something that has been submitted in recent months for countless coins. Will wallet windows be available when?


 '
STC.
║║
║║
[/b]
☑ NO ICO ● ▬▬▬▬▬ ☑ AIRDROPS ● ▬▬▬▬▬ ☑ PoS ● ▬▬▬▬ ☑ PoW ●

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February 16, 2019, 07:30:01 AM
 #17

Our development team prefers to stay anonymous, in full accordance with the principles promoted by Monero itself.
By now, except bitcoin, when it created by Satoshi Nakamoto.
No one know who is Satoshi Nakamoto, even a group, a team, an organization.
It is too bad ideas to keep the team anonymous in modern day, especially after massively scamming projects in 2017 and 2018.
I believe that investors will mostly stay away from projects started and managed by anonymous teams.

Best regards for Monero Rings and the team strategy to stay as anonymous as possible.

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Mila52
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February 16, 2019, 05:06:15 PM
 #18

I wanted to join your Bounty Campaign, but after reading the White Paper and website I doubted everything. Too everything is anonymous, it smells like a scam.

tentan
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February 17, 2019, 03:30:55 AM
 #19

Where is the instagram link? I want to join in the bounty but can find anywhere the link
tranthidung
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February 17, 2019, 03:50:22 AM
 #20

I wanted to join your Bounty Campaign, but after reading the White Paper and website I doubted everything. Too everything is anonymous, it smells like a scam.
Something like what happened with Ethererum Classic Vision that found not too long ago.
I want free money, but I think it will be more safely for me to stay away from it.
I don't want to get red tags from DT members, LOL.  Smiley

It is too early to judge the Monero Rings is a scam one, but it's safer to be careful.

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