Moneta: The first cryptocurrency to implement the Zerocoin protocol

The Zerocoin protocol was released in 2013 to enhance the anonymity and privacy protection of Bitcoin. However, as an independent protocol, it can also be used for other currencies. Gary Le and Poramin Insom used this protocol to release the test network of the Moneta cryptocurrency.

How does Moneta implement zerocoin? According to TechCrunch, "zerocoin is derived from a pool of collateral, which is defined and maintained on the currency's blockchain. Every transaction that passes through the pool has its transaction history deleted." So far, zerocoin is still only in the theoretical stage, said Poramin Insom of Moneta.

“We are the first cryptocurrency in the world to implement the Zerocoin protocol.”

Bitcoin.com also spoke with Moneta co-founders Gary Le and Poramin Insom.

Bitcoin.com (BC): The response from the crypto community will surely be “This is not an altcoin!” Is Moneta just an altcoin? Why?

Gary Le (GL): Anyone can create an altcoin in 5 minutes by changing some parameters. But it is still difficult to create a truly new and unique altcoin.

Gary Le, co-founder of Moneta

The Zerocoin protocol is the most anticipated innovation in the Bitcoin community since 2013. However, no one has been able to implement the protocol into functional software so far.

We have created the most private financial network the world has ever seen. By implementing the Zerocoin protocol, Moneta provides unique value. Through zero-knowledge proofs, financial transactions become completely private and anonymous. If Moneta is used correctly, it is impossible to break the privacy of the blockchain by analyzing it.

Moneta is the most ideal privacy financial network at present. The only way to break privacy is to break the user's private key.

BC: Please describe what the Zerocoin protocol is and what it does.

Poramin Insom (PI): The Zerocoin protocol uses zero-knowledge proofs to achieve complete financial privacy. A zero-knowledge proof is a cryptographic method in which one party (the prover) can prove to another party (the verifier) ​​that a given statement is correct, without conveying any information other than that the statement is indeed correct. In the Zerocoin protocol, zero-knowledge proofs allow financial transactions to only publicly reveal the information that the coins were sent or received.

Poramin Insom, co-founder of Moneta  

There are two main parts to the Zerocoin protocol. The first main part is the "minting" transaction, which converts a coin with a public transaction record into a completely private coin and stores it in the accumulation pool. The second main part is the "spending" transaction, which allows you to create a new coin with no transaction history, just proving that you are the owner of a coin in the accumulation pool. This is achieved through cryptographic zero-knowledge proofs to achieve this magical function.

“Zerocoin is far more effective than other protocols in terms of financial privacy because it allows for many anonymity settings. Anonymity settings are key to understanding how anonymous payment systems work.”

The reason Moneta has such a large anonymity is because it uses zero-knowledge proofs and an efficient data structure called a one-way cumulative pool, which can store coins very efficiently. As a result, the anonymity can be in the tens of thousands, compared to hundreds for other cryptocurrencies. As a result, our anonymity is over 100 times greater than other cryptocurrencies.

How the Zerocoin Protocol Works

BC: What are the specific parameters of Moneta , such as mining type, coin generation rate, total amount, hashing algorithm, etc.?

GL: This will be announced when we release the genesis block.

BC: How does Moneta get funding for development?

GL: We have received several investments, including from Roger Ver, the Thiel Fellowship and the Chilean Startup Fund.

BC: Where do you expect the field of cryptography to be in five years?

GL: We hope to see more exciting innovations implemented in cryptocurrency protocols. We also hope that cryptocurrencies and blockchains will gain wider adoption.

BC: What type of engagement are you hoping to get during the beta phase?

PI: As the founder of the 4th most valuable cryptocurrency in the short term of February 2014, my greatest pleasure is having the community involved in my projects.

“First, we would like to invite the cryptocurrency community to help test for bugs and submit feedback on the software. We will have some bug bounties.”

Secondly, we want to invite the community to participate in our project. If you are a developer or designer (including web developers and designers), we welcome you to join us. People who make important contributions to our project will be rewarded with Moneta coins. If you can help, please contact us.

BC: Besides Moneta, what cryptography-related projects are you most excited about right now?

GL: OpenBazaar, because it brings free trade to the masses through decentralized marketplace transactions.

Ethereum, because Vitalik has made great contributions to the cryptocurrency system at the protocol level.

Moneta has released a testnet. You can participate in the network and bug bounty by visiting Moneta’s homepage.

Original article: https://news.bitcoin.com/first-implementation-zerocoin-released-introducing-moneta/
Translation: Next (8btc.com username)
Bitcoin address: 1Mwmes1CAwgvy5SEpjPAkbnp94BYtsRw66
Source (translation): Babbitt Information ( http://www.8btc.com/moneta