Ring Confidential Transactions
Open accessAbstract
This article introduces a method of hiding transaction amounts in the strongly decentralized anonymous cryptocurrency Monero. Similar to Bitcoin, Monero is a cryptocurrency which is distributed through a proof-of-work “mining” process having no central party or trusted setup. The original Monero protocol was based on CryptoNote, which uses ring signatures and one-time keys to hide the destination and origin of transactions. Recently the technique of using a commitment scheme to hide the amount of a transaction has been discussed and implemented by Bitcoin Core developer Gregory Maxwell. In this article, a new type of ring signature, A Multilayered Linkable Spontaneous Anonymous Group signature is described which allows one to include a Pedersen Commitment in a ring signature. This construction results in a digital currency with hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation. The author would like to note that early drafts of this were publicized in the Monero Community and on the #bitcoin-wizards IRC channel. Blockchain hashed drafts are available showing that this work was started in Summer 2015, and completed in early October 2015. An eprint is also available at http://eprint.iacr.org/2015/1098.
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Mixing protocols such as CoinJoin, Ring Signature blockchains like Monero, and Zero-Knowledge blockchains like Zerocoin all hinder the token's history, making the owner's addresses uncorrelatable by hiding them in a set of possible owners.
“Mixing protocols such as CoinJoin [70], Ring Signature blockchains like Monero [72] and Zero-Knowledge blockchains like Zerocoin [16], all hinder the token's history, making the owner's addresses uncorrelatable by hiding them in a set of possible owners.”
From Privacy-Preserving Solutions for Blockchain: Review and Challenges (2019) · cites this paper as [72]
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Bulletproofs: Short Proofs for Confidential Transactions and More
Bunz, B., Bootle, J., Boneh, D., Poelstra, A., Wuille, P., & Maxwell, G. (2018) · 2018 IEEE Symposium on Security and Privacy (SP) · doi:10.1109/sp.2018.00020 · Cited by 1,154 · see citing works
Survey on blockchain for Internet of Things
Wang, X., Zha, X., Ni, W., Liu, R. P., Guo, Y. J., Niu, X., & Zheng, K. (2019) · Computer Communications · doi:10.1016/j.comcom.2019.01.006 · Cited by 567 · see citing works
Privacy-Preserving Solutions for Blockchain: Review and Challenges
Bernal Bernabe, J., Canovas, J. L., Hernandez-Ramos, J. L., Torres Moreno, R., & Skarmeta, A. (2019) · IEEE Access · doi:10.1109/access.2019.2950872 · Cited by 430 · see citing works
“Monero is based on CryptoNote and focuses on achieving strong privacy and anonymity by employing ring signatures for sender privacy, Ring Confidential Transactions [124] for amount obfuscation, and Stealth Addresses [125] for recipient privacy.”
BackgroundA Review of Blockchain Architecture and Consensus Protocols: Use Cases, Challenges, and Solutions
Ismail, L., & Materwala, H. (2019) · Symmetry · doi:10.3390/sym11101198 · Cited by 278 · see citing works
- Authors
- Noether, S., Mackenzie, A., & Research Lab, T. M.
- Venue
- Ledger
- Published
- 2016-12-21
- Volume
- 1
- Pages
- 1-18
- ISSN
- 2379-5980 (ISSN-L)
- OpenAlex
- W2565287832
- Cited by
- 339
- References
- 0
- Citations by year
- 2026: 24 · 2025: 43 · 2024: 34 · 2023: 39 · 2022: 39 · 2021: 46 · 2020: 43 · 2019: 41 · 2018: 23 · 2017: 7
- FWCI
- 19.50
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Locations
- Ledger (publishedVersion, cc-by)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Topics
- Physical Sciences › Computer Science › Artificial Intelligence › Cryptography and Data Security
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Physical Sciences › Computer Science › Computer Networks and Communications › Advanced Authentication Protocols Security
- Keywords
- Monero, ring signatures, confidential transactions, Pedersen commitments, cryptocurrency anonymity, one-time key, decentralized digital currency
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