Monero: without ICO or external investors, fair community altruism

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In these times the boom of the ICO is causing a major enlightenment in the universe of cryptocurrencies and blockchain technology. Many projects do not have a prototype of work and they want to change the world with only one Whitepaper.

Apart from the mundane noise of the ICO’s Monero continues to show some real progress. Without ICO, without investor funds, and without appeals to the world’s foreigners for money, the Monero project has quietly hired a Mathematician to help the “proof of the future” Monero, fully funded by the goodwill of the users and Members of the community.

More than 50 individuals contributed with 1,153 XRM in May 2017 to employ a Ph.D. Mathematician for three months until August 2017, whose name is Brandon Goodell. The plan was oriented towards three goals: to incorporate a zero knowledge protocol, to make a start in the post-quantum cryptography and to reduce the swelling of the block chain.

Why these three goals? They are quite ambitious, to say the least, but these are the problems, as Goodell says, that somehow they were preventing Monero from winning the “cryptographic arms race.” According to the mathematician, if someone is able to identify a transaction in two minutes using the block height, a lot of information is revealed from that transaction. Exchanges may be able to determine not only the buying habits of your customers but also the times when they tend to buy.

A draft document reviewing zero knowledge protocols is now complete and awaiting peer review, available to the community. After concluding and reflecting on the literature review, the community will be able to better decide how exactly to adopt this technology to strengthen Monero’s privacy offerings.

On July 27, Goodell delivered his two-month update to the Monero community, highlighting some of the progress made and the steps to take: “My first order of work in September will be to review and update the research road map and release MRL-002 The first research map was published on June 12, 2017, which set priorities for the Monero Research Laboratory (MRL) and includes the review of the peer-reviewed literature on zero knowledge schemes and their applications in Goodell has also already proposed an algorithm for the multi-signature threshold in Monero and is currently under test. After reviewing the initial document, the multi-sig method will also be published in a future Monero Research Bulletin.

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Goodell will write a formal update at the end of each three-month period and explained that some of the objectives in the research roadmap are of high urgency and will be resolved quickly. Longer-term goals would be impressive if they are achieved and it is encouraging to see them as reality. Investing in Monero in the long run means not only buying the cryptoasset, but also contributing to projects like this that stimulate serious academic studies capable of providing solutions to the natural problems of the cryptocurrencies  spectrum.

The way Goodell has conducted the project, without the help of outsiders, investors or large companies, shows a level of integrity and cohesion of the Monero community that will ensure that Monero remains one of the outstanding cryptocurrencies on years to come.

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