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CryptoNote is an application layer protocol that powers several decentralized privacy-oriented digital currencies. It aims to be an evolution of the ideas behind Bitcoin. The main difference between the two technologies is that Bitcoin and most digital currencies is less opaque than CryptoNote-based currencies due to the latter's blockchain being almost anonymous, contrary to non-Cryptonote blockchains.
Unlike Bitcoin, CryptoNote's transactions cannot be followed through the blockchain in a way that reveals who sent or received coins. The approximate amount of a transaction can be known, but the origin, destination, or actual amount cannot be learned. The only information available is that the actual amount was lower than the displayed amount.
The only people with access to the whole set of data about a transaction are the sender or receiver of the transaction and the person who possesses one or both secret keys. Another significant difference is CryptoNote's hash -based proof-of-work algorithm. That means that participants miners are only limited by their calculation speeds, and it is relatively cheap to create an application-specific integrated circuit ASIC device, which will surpass an ordinary computer in hashes per unit of money.
CryptoNote codebase is not forked from Bitcoin's, so it also has other different inner algorithms, for things such as recalculating new difficulty level or new block size. CryptoNote technology was first described in a whitepaper CryptoNote v 1. The Bytecoin cryptocurrency was the first one where the underlying cryptographic protocol has been implemented.
CryptoNote is based on many early works and protocols and takes into consideration several issues raised formerly. Below is a list of the most important papers and events that influenced CryptoNote: Like Bitcoin, CryptoNote currencies use a public address consisting of pseudorandom numbers and letters that is derived from user's public keys.
Addresses serve as public IDs of the users. However, unlike Bitcoin, CryptoNote transactions hide the connection between the sender's and the receiver's addresses.
To prevent sender identification, CryptoNote groups the sender's public key with several other keys more precisely, it groups the sender's output with several other's outputs , making it impossible to tell who actually sent the transaction. It still assures the network that the original sender has the funds in his or her account to send the transaction like an ordinary signature scheme does.
Instead of proving in zero knowledge manner the fact "I possess the private key which corresponds to this particular public key" the signer proves "I possess at least one of the private keys which correspond to this set of public keys".
On the receiver's end, the technology generates a new public key for each money transfer, [18] even for the same sender and receiver. With sender's random data and receiver public address it is possible to create a pair of unique private and public keys via Diffie—Hellman key exchange.
Sender generates one-time ephemeral key for each transfer and only the receiver can recover the corresponding private key to redeem the funds. No third party can determine if two different transactions were sent to the same recipient. Anonymous transactions have a potential problem. Bitcoin and similar currencies use a public ledger to verify that each person sending funds actually has such funds in their account and have not sent it to another user previously.
Since CryptoNote currencies are anonymous, the network must confirm the validity of transactions in another way. CryptoNote solved this problem [19] by using more sophisticated scheme instead of usual ring signature: The algorithm originally proposed by Fujisaki and Suzuki in [20] allows to trace the sender of two different messages if they contain the same tag and signed by the same private key.
CryptoNote authors slightly simplified the scheme, replacing tag with key image and discarding the traceability property. These are not actual images that would contribute greatly to blockchain bloat, but rather a number, which corresponds to each private key one-to-one deterministically derived from it by the cryptographic hash function. The key image cannot be used to derive the private key and public address, but since every key image spent is stored in the blockchain, the network will block any duplicates.
Likewise, any attempt to create a key image would not fit into the mathematical formula during a transaction verification and will be denied. The downside to this is that it would be impossible to identify anyone who attempts to perform a double spend with fraudulent intent or as a result of software or human error.
The system, however, will block such attempts. It is important that during the voting process every participant have equal voting rights. CryptoNight is a proof-of-work algorithm that mixes graphics processing unit GPU and central processing unit CPU mining to create a system resistant to both application-specific integrated circuits ASICs and fast memory-on-chip devices. This is designed to create a more uniform distribution of coins through the currency's life.
However, there are some questions about its susceptibility to botnets. There are no hard-coded constants in CryptoNote code. Each network limit such as maximum block size, or minimum fee amount is adjusted based on the historical data of the system. Moreover, the difficulty and the maximum block size are automatically adjusted with each new block.
CryptoNote philosophy is built on privacy as a fundamental human right, and egalitarianism. Whether if this is a good thing or not is debatable. The CryptoNote platform has been used in several cryptocurrencies. The CryptoNote Foundation encourages developers to clone the technology. Transaction confirmation time, total number of coins and proof-of-work logic are subject to be altered in forks. Several attempts has been performed to alter core protocol: Boolberry adds address aliases and DigitalNote introduced private messaging.
Since launching, several improvements have been introduced including multisignature transactions [26] and several security updates.
The Bytecoin blockchain contains some extra information not directly related to money transfers: Monero is currently the most well known of all the CryptoNote-based cryptocurrencies and has ongoing support from the community.
In September , Monero was attacked when someone exploited a flaw in CryptoNote that permitted the creation of two subchains that refused to recognize the validity of transactions on each other; CryptoNote released a patch which Monero implemented.
Monero has also teamed up with academic cryptographers, [34] implemented an extensive aliasing system, OpenAlias , [35] partially funded Privacy Solution for integrating I2P in Monero, [36] created an anonymous voting system, URS, [37] and implemented Electrum's mnemonic seeds. Unlike in Bitcoin, all CryptoNote currencies have functionality of network node and wallet split into two separate executables: The kind of ring signature used in CryptoNote grows linearly with a number of public keys used in mixing.
The author of the white paper went by the name Nicolas van Saberhagen, although like Satoshi Nakamoto the author of the Bitcoin white paper that name is likely a pseudonym. Saberhagen's true identity and location remains unknown. Some have claimed that the real creator is someone in the Bitcoin community.
Adam Back , Nick Szabo and even Satoshi Nakamoto [42] himself have been floated as possible suspects, [43] but there is little to no evidence actually supporting those claims. This website currently hosts the CryptoNote technology.
Several CryptoNote-based coin launches look very similar in that their announcement threads on bitcointalk. Moreover, the same file sharing service was used for releases. It is supposed that the only purpose of such launches was to earn easy money and creators were not intended to support and develop these forks. Bytecoin Tor site included a hidden message with a reference to Cicada Users also noticed that Cicada-style pictures were used by Bytecoin developers or by somebody impersonating them.
Bytecoin blockchain contains several riddles composed of multiple messages. One of these messages possibly refers to Cicada: To find it - follow little rabbit on land you've recently inhabit. From Wikipedia, the free encyclopedia. Cryptography portal Economics portal Free software portal Internet portal. Archived from the original on The Most Ethical and Genuine Altcoins".
Alternative Chains, Currencies, and Applications". Advances in Cryptology Proceedings of Crypto. Rivest; Adi Shamir; Yael Tauman Next Step to 2nd Generation Anonymity". From Bitcoin's Inception to the Crypto-Boom". Retrieved 29 September Automata, Languages and Programming: An Attack on CryptoNote". Protocols and Platforms Inspired by Bitcoin". Ethereum Ethereum Classic KodakCoin. Dogecoin Gulden Litecoin PotCoin. Dash Decred Primecoin Auroracoin.
Proof-of-authority Proof-of-space Proof-of-stake Proof-of-work system. Anonymous Internet banking Bitcoin network Complementary currency Crypto-anarchism Cryptocurrency exchange Digital currency Double-spending Electronic money Initial coin offering Airdrop Virtual currency. Retrieved from " https: Alternative currencies Application layer protocols Cryptocurrencies Digital currencies. All articles lacking reliable references Articles lacking reliable references from September All articles with unsourced statements Articles with unsourced statements from December All accuracy disputes Articles with disputed statements from September All articles with failed verification Articles with failed verification from September Pages using div col without cols and colwidth parameters.
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