The video discusses three privacy coins: Monero, Zcash, and Resistance, with a focus on explaining the concepts behind each coin. Monero has three components, including ring signatures, confidential transactions, and stealth addresses. The ring signatures hide the sender, confidential transactions hide the amount, and stealth addresses hide the recipient. The video also explains how Diffie-Hellman exchange is used to generate a secret number between two parties to enable stealth addresses. The video includes a giveaway and encourages viewers to join a Telegram channel and leave a comment on what they learned after watching the video.
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Understanding Privacy Coins: Exploring Monero, Z Cash and Resistance
Introduction:
In this article, we will be discussing three privacy coins; Monero, Z Cash and Resistance. Phillip and the author will talk about Monero and Z Cash, highlighting the main concepts and technologies behind them. Following this, we will discuss Resistance, a privacy-based decentralized exchange and how similar technologies are applied.
Monero:
Monero has three main components; ring signatures, confidential transactions and stealth addresses. The purpose of these components is to hide the sender, the amount being sent, and the recipient. The technology behind ring signatures is that multiple people sign a transaction in a ring until it comes back to the original sender. This allows for the sender to be hidden, as any one of the multiple signers could have sent the transaction. Confidential transactions are a way to prove to the network that no money is being created out of thin air, without actually showing how much is being sent. Finally, stealth addresses use a diffie-hellman exchange to generate a secret number that only the sender and recipient know, which is used to make the recipient’s address visible only to them.
Z Cash:
Z Cash uses zk-SNARKS (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) to hide the sender, recipient, and amount being sent. Zk-SNARKS use a mathematical proof to prove that a transaction is valid, without revealing the information to the network. Zk-SNARKS can also be used for selective disclosure, where a user can choose to reveal certain information to certain parties.
Resistance:
Resistance is a privacy-based decentralized exchange that uses similar technologies to Monero and Z Cash. The exchange uses ring signatures to hide the sender, zk-SNARKS to hide the amount being sent, and stealth addresses to hide the recipient. The purpose of Resistance is to provide a privacy-focused exchange, where users can have their privacy protected while trading.
Conclusion:
Privacy coins such as Monero and Z Cash, as well as resistance, offer a new level of privacy and security in the crypto world. By using technologies such as ring signatures, zk-SNARKS, and stealth addresses, users can have their personal information protected while conducting transactions. These privacy coins and exchanges represent a new frontier in the evolution of cryptocurrencies.
Summary:
Monero:
– Three main components: ring signatures, confidential transactions and stealth addresses
– Ring signatures allow for multiple people to sign a transaction to hide sender
– Confidential transactions use math proof to prove no money created out of thin air without showing amount
– Stealth addresses use diffie-hellman exchange to generate a secret number only sender and recipient know
Z Cash:
– Uses zk-SNARKS to hide sender, recipient and amount being sent
– Zk-SNARKS use a mathematical proof to prove transaction is valid without revealing info
– Can be used for selective disclosure
Resistance:
– Privacy-based decentralized exchange
– Uses ring signatures, zk-SNARKS and stealth addresses to protect user privacy while trading
