The Monero Moon (Issue 74)
The Monero Moon (Issue 74)
The Monero Moon is a curated newsletter covering all the latest news within Monero (XMR). We are driven by a compelling need to champion both freedom and financial privacy!
Table of Contents:
Development, Releases, and Technology
General News
Events
Exchanges and Merchants
Community Crowdfunding
Trading and Speculation
Network Metrics
Entertainment
Development, Releases, and Technology
Cypher Stack published a report titled Monero Output Lock Analysis, offering a detailed examination of the implications of output lock times in the Monero protocol, with a focus on balancing security and usability. The report analyzes potential risks related to reorganizations, double spending, and user security, and outlines how the current protocol and the proposed Full-Chain Membership Proofs (FCMP) could mitigate these challenges. It also provides recommendations to enhance transaction handling and privacy protection, identifying opportunities for Monero to further strengthen its security through future protocol upgrades.
woodser has released Haveno v1.0.11, featuring several improvements and bug fixes. Haveno is a decentralized, peer-to-peer exchange that allows users to trade Monero and other cryptocurrencies privately without relying on a centralized platform. Notable changes include fixing errors when opening the wallet on startup, removing the jtorctl dependency to resolve build failures, and lowering the proof of work activation threshold. Other updates include enhancements to the user guide, preserving withdrawal confirmations when navigating pages, and throttling log warnings when Monerod is not synced. Contributors included woodser, bvcxza, and shortwavesurfer2009, with new contributions from cryeprecision and eltociear.
Cyrix126 has released Gupaxx v1.4.0, featuring various UI improvements, updates, and a bug fix. Gupaxx is a tool designed to simplify Monero mining on P2Pool by providing an easy-to-use interface and integration with the XMRvsBeast raffle system, allowing users to mine Monero while participating in community raffles. Key changes include enhancements from the new egui crate version, the addition of a slider for setting the P2Pool buffer in the advanced XvB tab, updated dependencies, and the inclusion of P2Pool binaries updated from 4.0 to 4.1. The release also addresses a crash issue on older GPUs. Full details, including the changelog and files, are available on GitHub.
Cake Labs has released Cake Wallet v4.19.5 and Monero.com v1.16.5, featuring improvements to Bitcoin fee calculations to prevent overpaying or underpaying, bug fixes, and enhancements. You can download Cake Labs’ ‘Monero only’ wallet here or in the app store. Please note that GetMonero.org is the official Monero website.
rehrar has released Stack Wallet v2.1.5, which includes several fixes and updates. Stack Wallet is a non-custodial, multi-cryptocurrency wallet that allows users to securely store, send, and receive various cryptocurrencies, including Monero and other popular coins. Notable changes include improvements to Monero payment URI parsing, adding desktop webcam QR scanning for Frost, and resolving issues with XMR/WOW wallet restores. Other Monero-specific fixes and updates were also included.
Plowsof has posted a bounty for enabling fast blockchain sync on Monero’s testnet as part of the Monero Stressnet project. Currently, fast sync is only available for mainnet, and the goal is to extend this feature to testnet. The bounty will be awarded once stressnet binaries can run fast sync in testnet mode and a pull request is merged into the Monero repository. Anyone can contribute to the bounty or start working on the project by commenting on the thread.
DiosDelRayo, aka Thorsten Kaiser, has submitted a CCS proposal to develop an offline signing library aimed at improving XmrSigner’s performance and security. XmrSigner is a tool designed for secure, offline signing of Monero transactions, allowing users to sign transactions on air-gapped devices without exposing private keys, enhancing security and privacy during the transaction process. The proposal aims to create a minimal library for air-gapped devices, enhancing hardware wallet development for Monero. The project includes comprehensive documentation, a quick start guide, a Python module, and modifications to XmrSigner to use the new library. More information can be found here, on GitHub, and on the XmrSigner X page.
Vtnerd aka Lee Clagett has posted the first progress report for his Q3 2024 Monero CCS proposal, covering 160 hours of development. Key achievements include adding Socks v5 support for the Monero daemon and wallet (with IPv4, IPv6, and hostname support), continued work on a LWS frontend, contributions to code reviews in the Monero core repo, and adding JSON schemas for ZMQ-PUB to the Monero documentation. He also worked on pulling in LMDB bug fixes for LWS.
Boog900 has shared the first progress report for their CCS proposal, focused on full-time development of the Cuprate project. Key achievements include completing a full sync with the initial blockchain manager, which now allows cuprated to sync, shutdown, and restart without resyncing. Current work is centered on adding alt-blocks to the database, with plans to integrate reorgs into the blockchain manager soon. Progress highlights include alt-block handling, transaction pool development, and an updated codebase to the new monero-serai API.
MrCyjaneK has completed the second milestone for their Unnamed Monero Wallet CCS proposal, as detailed in their progress report. The Unnamed Monero Wallet (xmruw) is a portable Monero wallet designed to be simple, secure, and work on a variety of devices, including non-Android and non-iOS platforms. It supports features like offline mode, stealth mode, and embedded Tor, focusing on privacy and ease of use. Key updates include bumping Monero to v0.18.3.4, addressing iOS and Android issues, and resuming Ledger work with help from konstantinullrich. Although some bugs in the underlying library are being fixed, testers are welcome to try the TUI wallet. More information can be found here.
Monero might be getting a website redesign soon. Community members held a meeting last month and discussed a need to update the site’s information hierarchy and style, with a preference for a more streamlined design similar to Bitcoin.org. You can find more information and stay updated on the progress through Monero Observer.
Monero Observer has published a new Monero Dev Activity Report to provide a big-picture view of Monero's development activity throughout the past week. If you’re interested in the nitty gritty, check it out here.
In a video series from CRZY CYBR, Mike documents the process of building a custom dual CPU mining rig for Monero, named "Hulk." In Part 1, he introduces the hardware, including two AMD EPYC 7551 CPUs, and explains why Monero is well-suited for CPU mining. The video also covers the design plan for a custom-built open-concept chassis and details the components, such as the custom water cooling system. In Part 2, the focus is on the fabrication process of the custom chassis. Mike demonstrates the steps involved in designing and welding the structure, using basic tools and a MIG welder. The video provides a detailed walkthrough of the build, from gathering materials to the initial stages of assembly.
FiatDemise shared details of a small form factor PC built for Monero mining, achieving around 16,600 H/s at just 130 watts. The setup includes an LZMod A24 V3 2.0 case, Ryzen 9 7900 CPU, Noctua NH-L12S heatsink, A620I Lightning WiFi motherboard, 32GB RAM, 2TB M.2 storage, and an HDPLEX 250W passive PSU.
It is highly recommended you run your own node to increase privacy to help secure the Monero network. You can easily set up a Monero node using an old CPU you may have at home. Helpful guides can be found here and here, making it accessible even for non-technical users to run a Monero node.
General News
A recently leaked video, purported to be a presentation from Chainalysis to the IRS, has surfaced online. In the alleged video, investigators discuss the challenges of tracking Monero. A Chainalysis expert' outlines the difficulties in tracing Monero due to its strong privacy features and decentralized nature. Despite these challenges, they mention techniques such as transaction fingerprints and IP observations (before the 2020 Dandelion update) as ways to gain some insights into Monero’s blockchain activity. While the video was initially posted on various platforms and later removed, reports indicate that it remains accessible. Members of the Monero community have also commented that using a personal node, combined with the forthcoming FCMP upgrade, will significantly reduce or eliminate any tracing capabilities.
In relation to this, recent Monero community discussions have raised concerns about malicious Monero nodes, particularly xmrnode.com, which is suspected of logging RPC data and potentially aiding transaction tracing. These claims were linked to Chainalysis running nodes to collect transaction data and IP addresses, which could reduce Monero's anonymity. Users are calling for transparency from node owners like moneroworld.com to disclose IPs to clarify these suspicions. The posts emphasize the importance of running your own Monero node and using a VPN for better privacy protection.
In the latest Monero Talk episode, Doug interviews Rucknium, with Patchy319 voicing Rucknium’s responses as he types them. Rucknium, an Empirical Microeconomist and Monero Research Lab researcher, shares his work on Full Chain Membership Proofs, Monero's fungibility, and challenges within the Monero ecosystem. The interview also touches on network-level privacy, Dandelion++, the Clover Protocol, and Monero's scalability. Rucknium provides a preview of his upcoming Monerotopia Conference presentation.
Doug also interviewed Amir Taaki from DarkFi Squad, and they discussed topics ranging from lifestyle habits like grounding and exercise to deeper conversations about quantum biology and cryptocurrency. Amir shared his thoughts on how biology might utilize quantum effects and emphasized the importance of privacy and sovereignty in the crypto world. They also touched on the growing authoritarian response to increasing public awareness and highlighted why privacy, especially in cryptocurrencies like Monero, is becoming more crucial.
In Monerotopia Episode 181, the show covers a range of topics, including a Monero Price Report by Bawdy, the news of the week with Tony, and a live, in-person appearance by Tux. The episode also highlights various news stories such as the NY mayor burning illegal marijuana, Vitalik dumping ETH, financial tracking against gun owners, and the first Airbnb proposal on XMRBazaar. The episode concludes with a 'Viewers on Stage' segment where audience members join the discussion.
Seth for Privacy, recently featured in a Bitcoin News YouTube video, discusses the critical importance of privacy, particularly in relation to Monero. He shares his journey from a cybersecurity enthusiast to a strong advocate for Monero. Seth emphasizes the need for individuals to take actionable steps to protect their privacy in the digital world, highlighting Monero's role in offering secure, private transactions compared to Bitcoin’s more transparent system.
In a recent YouTube video from Crypto Tips, a channel with over 200K subscribers, the hosts began by discussing Monero's upcoming Full-Chain Membership Proofs (FCMP) upgrade.
Revuo Monero Issue #209 has been published. Check it out for a weekly dose of Monero news.
Arguably Monero’s best source of news, Monero Observer, recently celebrated its 3rd birthday! Additionally, Monero Observer published the Monero Observer Blitz #33 for August 2024. This monthly recap covers all the significant events and updates in the Monero community for May. Check it out here for all the news and info you may have missed.
As Wall Street co-opted Bitcoin, the BTC genesis block headline—'Chancellor on brink of second bailout for banks'—feels less relevant as Bitcoin follows TradFi. Cypherpunks sit happy in Monero, knowing its separation from the state and crypto markets shields it from contagion.
Events
A Monero Research Lab (MRL) meeting will take place on Wednesday, September 11, 2024 at 17:00 UTC. The agenda is likely to include updates on current projects, stress testing monerod, and research on Pre-Seraphis Full-Chain Membership Proofs. You can find more information about the meeting here, thanks to the Monero Observer. The MRL meeting will take place in the #monero-research-lab channel on IRC/Matrix. You can find the chat logs of the previous meeting here.
The next Monero Tech meeting is scheduled for Monday, September 9, 2024, at 18:00 UTC in the #no-wallet-left-behind IRC/Matrix channels. Chaired by rbrunner, the agenda will cover topics such as Seraphis/JAMTIS, Full-Chain Membership Proofs (FCMPs), and other long-term Monero development issues. More information can be found here.
A Monero Website Workgroup meeting is scheduled for Sunday, September 8th, 2024, at 19:00 UTC in the #monero-site channels on IRC/Matrix. The tentative agenda includes greetings, discussion on the new Website CCS and rehrar’s proposed design, any other business, and confirmation of the next meeting agenda. More information about the meeting can be found here thanks to Monero Observer.
The next Cuprate Meeting is scheduled for Tuesday, September 10, 2024, at 18:00 UTC in the #cuprate channel on IRC/Matrix. Cuprate is an alternative Monero node, written in Rust, designed to independently validate Monero consensus rules, providing added security, redundancy, and improved memory safety for the network. More information can be found here and here.
Monerotopia 2024 is set to take place from November 14th to 17th at Huerto Roma Verde in Mexico City. This four-day event is a unique opportunity to immerse yourself in the world of digital privacy, with a strong focus on Monero. Attendees can expect a variety of activities, including Privacy Tech Talks, digital cash workshops, a hackathon, and the Monero Marketplace, where you can use XMR to purchase goods from local vendors.
The event will feature an impressive lineup of speakers, including Monero Core Team Member Francisco "ArticMine" Cabañas, SeraiDEX Lead Developer Luke Parker, and DarkFi's Amir Taaki, among others. In addition to talks and workshops, there will be live musical entertainment and plenty of opportunities to connect with like-minded individuals who share an interest in privacy and decentralized technologies.
Whether you're a seasoned Monero enthusiast or new to the space, Monerotopia 2024 offers a chance to deepen your knowledge and be part of a growing community dedicated to financial independence and privacy. For more details, including ticket purchases and the event schedule, visit the Monerotopia website.
Exchanges and Merchants
ShopinBit's August 2024 currency usage stats reveal Monero dominating with 58.15% of transactions, followed by Bitcoin at 36.89%, Lightning at 3.39%, and FIAT at just 1.57%.
XMR was the most used cryptocurrency on Coincards in August 2024, accounting for 35.07% of the total volume, a significant increase of 11.24% from the previous month. This placed it ahead of BTC (24.62%) and USDC (14.93%), with other cryptocurrencies like ETH, Lightning Network, and LTC also in the top rankings.
According to ERI, a Bigeria Exchange representative, Monero accounts for 30% of the trading volume on Bigeria Exchange.
On September 1st, NonKYC reported the top 24-hour trading volumes on its platform, with Monero (XMR) leading at $900,000, followed by Bitcoin (BTC) at $220,000.
FixedFloat has restored XMR on their exchange platform, allowing users to trade Monero again. The service was previously suspended due to its reliance on Binance, which had delisted Monero, but has now been reinstated after resolving these issues. While FixedFloat is operational, if privacy is a priority, you may want to consider experimenting with a decentralized exchange (DEX).
Kawaii Crypto reported that Monero.boats, a website offering the 'street price' of XMR from decentralized exchanges, is currently offline due to a situation involving law enforcement.
Community Crowdfunding
BinaryFate reported that four CCS proposals received a total of ~276 XMR in donations from the Monero General Fund. The contributions include 37 XMR to 0xFFFC for 3 months of full-time Monero development, 73.67 XMR to hinto-janai for work on Cuprate, 105.67 XMR to j-berman for full-time Monero development, and 59.67 XMR to tobtoht for Feather Wallet and Monero core development.
Several crowdfunding proposals are awaiting community feedback before they can start accepting funds through the Community Crowdfunding System (CCS). For now, they are just proposals, but if they receive some positive feedback from the community they will be moved to a “Funding Required” stage so that they can accept Monero donations through the CCS.
CCS proposals in need of funding:
Trading and Speculation
It's increasingly likely that the oversaturation of meme coins and vaporware VC tokens has left speculators fatigued, paving the way for legitimate tokens with real-world utility like Monero to significantly outperform in the market.
People are unprepared for what's coming when Monero breaks its 2-year resistance on the monthly chart. Time to pay attention. With its privacy-centric design and resilient community, Monero is truly unstoppable, impervious to censorship and control.
Despite a challenging start to the year with losses against Bitcoin, Monero is making a strong recovery and steadily regaining its value relative to BTC.
Alekcei K pointed out on X that Monero is now outperforming Ethereum year to date.
newsbtc.com published an article titled Monero (XMR) Unfazed By Market Jitters, Climbs 13%. The article discussed how Monero has defied the broader market downturn, rising nearly 13% over the past week according to CoinGecko. This surge is attributed to XMR’s focus on privacy and utility, making it the top cryptocurrency on CoinCards. Despite delistings from Binance and Kraken, Monero continues to attract privacy-focused users. While XMR trades between $170-$174, analysts see potential for a rise to $190, though bearish momentum could push prices down to $164 in the short term.
Network Metrics
Total Monero in Circulation — 18,478,203 XMR
Monero Total Marketcap — $2,776,356,041
Coinmarketcap Ranking — #28
XMR/USD Price — $171 USD
XMR/BTC Price — 0.003088 BTC
Average Transaction Fee — 0.00047 XMR ($0.08)
Monero Network Hashrate —3.00 Ghash/s
Monero Mining Pools Hashrate Distribution —
Entertainment
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