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stealth_addresses.sbv
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Monero is secure, untraceable, electronic cash.
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It is open-source, decentralized, and freely accessible to all.
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In this video, we will focus on stealth addresses.
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Let's take a step back, and recap some concepts from the previous video.
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We learned that Monero uses a distributed peer-to-peer consensus network
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to record transaction outputs in a blockchain.
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If Alice owns Monero,
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it means that she has exclusive control over some of these outputs.
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When Alice sends Monero to Bob,
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Alice is announcing to the network
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that she wishes to transfer the value of some of her outputs
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to a brand new output for Bob,
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which only he can control.
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In other words,
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a transaction is the transformation of old outputs belonging to one wallet
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into new outputs belonging to another.
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Let's take this a step further,
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to see how stealth addresses enhance a user’s privacy.
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In every transaction,
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a stealth address, also known as a one-time public key,
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is automatically generated and recorded as part of the transaction
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to indicate who can spend an output in a later transaction.
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An outside observer cannot tell if funds are moving from Alice to Bob
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nor link wallet addressees together by just looking at the blockchain.
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Therefore, when Alice sends Monero to Bob,
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the output Bob receives will not be publicly associated with Bob’s wallet address.
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However, if Alice ever needs to prove that she in fact sent Monero to Bob,
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her wallet has the ability to verify that payment was sent.
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Bob can rest assured that no one else can see when or if any Monero was sent to him.
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If Bob were a merchant, this feature would be a great benefit,
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because no one can tell how many different customers he has,
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whether any of them are repeat customers,
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or if he has any customers at all.
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Now, buckle your seatbelts,
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because we are about to go over some fairly technical stuff.
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A Monero wallet address is a 95-character string,
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which consists of a public view key and a public s[p]end key.
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When Alice sends Monero to Bob,
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Alice’s wallet will use Bob’s public view key and public spend key
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as well as some random data
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to generate a unique one-time public key for Bob’s new output.
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Everyone can see the one-time public key on the blockchain,
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but only Alice and Bob know that Alice sent Monero to Bob.
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The output is created in such a way
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that Bob is able to locate the output destined for him
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by scanning the blockchain with his wallet’s private view key.
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Once the output is detected and retrieved by Bob’s wallet,
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he would be able to calculate a one-time private key
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that corresponds with the one-time public key
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and spend the relevant output with his wallet’s private spend key.
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This whole process occurs
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without ever having Bob’s wallet address
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publically linked to any transaction.
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As you can see,
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stealth addresses prevent outputs from being associated with wallet addresses.
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The sender's privacy is shielded with the use of ring signatures.
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Ring signatures help obfuscate the source of outputs.
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In our next video, we’ll discuss the ring signature concept in more detail
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and see how this feature creates untraceability in Monero.
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If you are interested in what makes Monero the leading privacy-centric cryptocurrency,
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please check out the other videos or visit getmonero.org.