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Blockchain Tokens and Cryptocurrencies
Published in Shaun Aghili, The Auditor's Guide to Blockchain Technology, 2023
Lavanya Vaddi, Jaskaran Singh Chana, Gurjot Singh Kocher
Monero’s chief objectives are privacy and non-traceability. It was designed by Nicholas van Saberhagen in April 2014. Similar to Bitcoin, the transaction fee varies with the traded currency. Characteristics of Monero are Ring Confidential transactions (RingCT), Stealth Addresses and Ring Signatures. For every transaction, the Stealth Address makes sure that the sender uses a onetime address. The feature of identity hiding of the sender and receiver is called Ring Signatures. RingCT defines the way of hiding the transaction money in Monero. RingCT was used for the first time in January 2017; later, it became mandatory for every Monero transaction. In Monero, transactions cannot be tracked. The main advantage of Monero is dynamic scalability [4, 9].
How Information Technology Is Changing E-business on the Way to the Digital Economy
Published in Anna Brzozowska, Dagmara Bubel, Larysa Nekrasenko, Organisation Management in the Digital Economy, 2022
Anna Brzozowska, Dagmara Bubel, Larysa Nekrasenko
Some other samples of cryptocurrency:Ripple monetary system – a monetary system based on trust networks (Martin, 2018).NXT – conceived as a flexible platform to build applications and financial services around.Monero – an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralisation and scalability.There are many different cryptocurrencies, but this list is constantly increasing. Some currencies appear and disappear, but some work for a long time and are known to us now.
Critical Analysis of Blockchain for Internet of Everything
Published in Mohiuddin Ahmed, Abu S. S. M. Barkat Ullah, Al-Sakib Khan Pathan, Security Analytics for the Internet of Everything, 2020
Another privacy-focused method called Monero [50] is a ring signature scheme that keeps transactions untraceable to ensure anonymity. Even the problem of data privacy of IoT devices starts from the very beginning of data collection and continues to remain at communication and application levels. Securing IoT devices from unauthorized user’s access requires the integration of cryptographic software into the device. Hawk, a blockchain-based smart contract, ensures encrypted transactions on the blockchain to secure data privacy [51]. To establish data privacy and confidentiality in the private blockchain, Hyperledger-fabric uses private channels for providing encryption and sharing data [52]. Similarly, Quorum mixes cryptography and segmentation for the security of sensitive data [53]. But, these privacy-preserving techniques require a huge computational resource which is a trade-off for resource-constrained IoT devices. Therefore, further research is needed to ensure privacy-preserving computations and data analytics for adopting blockchain in IoT.
A blockchain-based transaction system with payment statistics and supervision
Published in Connection Science, 2022
Liutao Zhao, Jiawan Zhang, Lin Zhong
The Bitcoin (Nakamoto, 2019) and Ethereum (Wood, 2014) blockchain systems are the most successful application. In financial systems, privacy protection is very crucial. Plaintext transaction has many disadvantages. The difference among Ethereum and Bitcoin would be that Bitcoin is merely a currency, but Ethereum is a digital ledger that is being used by businesses to create new initiatives. Both Bitcoin and Ethereum are based on “blockchain” technologies, but Ethereum’s is significantly more reliable. For example, the disclosure of a user’s wealth will endanger his life and property safety; disclosure of the company’s economic status will lead to malicious competition; leakage of the country’s economic strength, will lead to a financial crisis. For museums, digital cultural relics exhibition lacks a complete authorisation verification mechanism, and these digital materials will be arbitrarily spread or even forged (Wang, Chen, et al., 2021; Zhaofeng et al., 2019). Therefore, it is necessary to protect transaction privacy. Monero (Noether, 2015; Noether & Mackenzie, 2016), Zerocoin (Miers et al., 2013) and Zerocash (Ben-Sasson et al., 2014) are typical blockchain systems with good privacy protection. The Monero system was originally built on CryptoNote, which hides the target and source of payment interactions via ring signatures and single-time keys. The strategy is dependent on confidential exchanges which are utilised on Bitcoin’s Elements side-chain, but it also enables their own use in ring signatures. Zerocoin is a Bitcoin-based cryptography option that allows for entirely anonymous monetary transactions. This approach is based on normal cryptography principles and therefore does not make any new providing valuable and otherwise alter Bitcoin’s security architecture. Zerocash is a derivative of Bitcoin that can be used at an equal scale. As a basis of its enhanced performance and efficiency, Zerocash allows for the complete replacement of standard Bitcoin transactions with untraceable equivalents.