Riccardo Spagni aka fluffypony, the lead maintainer of Monero – a leading privacy coin and co-founder of Tari Labs, spoke about the privacy currency, during an interview with Naomi Brockwell. He also spoke about the five important privacy aspects that set Monero apart from other privacy currencies in the space.
The core developer spoke about how long he has been a part of the project. He stated that he has been a part of the privacy-oriented cryptocurrency since its inception and was also one of the first miners. Spagni went on to say that he was a part of a seven member team that forked the “codebase when the guy that created it ended up being a gigantic douche nozzle.”
This was followed by the developer speaking about the changes that were made in the code and the changes implemented by him. He said:
“Obviously, since then, we’ve implemented many things. So, you know, Monero is now almost five years old and over the course Monero’s history, we’ve made rapid and vast improvements to Monero’s privacy compared to the relatively weak privacy it had at the beginning and then just usability”
He further stated that there were changes made to the code and that the initial code of Monero was “really bad” in terms of modularity, adding that it has also “vastly improved” since then.
Spagni also elucidated the five important aspects of privacy that Monero focuses on and its key difference from other privacy coins. The five aspects as laid down by fluffypony are:
- Focus on hiding where the transaction is being sent by a user with the use of dual key stealth address
- Focus on hiding where the transaction is coming from with the use of ring signatures
- Values are hidden, ensuring that others can’t see the amount involved as Monero has implemented Confidential Transactions protocol
- Monero uses methods that obscure the IP address that first broadcasts a transaction
- Privacy is default for the cryptocurrency; users can opt-out of privacy if required
At the beginning of the interview, fluffypony stated:
“I always encourage people to use Monero. It’s not designed to be an investment, its designed to be used as a currency, as a medium of exchange, as a store of value. That’s what people should be doing.”
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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.