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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.
Secure & user-friendly
Non-fungible token support
Concept development, creation of the core team, designing the official wallet.
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.)
Introduction of multisig, preparation for the launch of PoS mining; introduction of fiat deposits and withdrawals inside the wallet.
Test launch of PoS, work on the adaptation of Reusable Payment Codes; adding a currency converter/exchange service.
Mainnet launch of PoS, beta testing of payment codes, start of work on the Lightning Network-like solution.
Launch of Reusable Payment Codes, testing the Lightning Network scaling solution, work on a hard wallet.
Launch of the Monero Rings cold storage wallet.
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
g: 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 [email protected]
Official Website – http://monero-rings.org
Whitepaper – http://monero-rings.org/whitepaper.pdf
Twitter – https://twitter.com/monero_rings
Telegram – https://t.me/monero_rings
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