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Verifying the Supply | MONERO MONTHLY 02
Verifiability of Supply
Monero’s supply can be easily audited by anyone running a Monero node, but this process does rely on the soundness of the monerod software implementation and the validity of cryptography used in range-proofs. These range-proofs allow it to be mathematically proven that the inputs and outputs of each transaction add up to zero without revealing amounts, ensuring that the supply is sound and not inflated in any way. Every node on the network is validating these range-proofs in each transaction every time a transaction is first seen, and validating all historical range-proofs when initially syncing.
A manual audit is possible because coinbase transactions (those transactions that are mining rewards in each block including issuance + transaction fees) are intentionally transparent and amounts of these outputs are not obfuscated in any way. Monero users running a node can simply validate these totals on-demand, and all node owners are constantly verifying the amounts in transactions via range-proofs.
Unlike Bitcoin, however, Monero users cannot simply do “napkin math” and validate the supply by manually adding up UTXO amounts, as transactions are never known-spent by the network, only by the parties involved in each specific transaction. This does force some added reliance on code/cryptography over Bitcoin, but as-of-yet I know of no onevalidating the Bitcoin supply this way. It does remain a valuable advantage of a transparent cryptocurrency, though it comes at the cost of the transactional privacy of every user in the system.
General
[[LINKS]]
- https://sethforprivacy.com/posts/dispelling-monero-fud/#you-cant-audit-the-monero-supply
- https://www.moneroinflation.com
Monero’s supply can be easily audited by anyone running a Monero node, but this process does rely on the soundness of the monerod software implementation and the validity of cryptography used in range-proofs. These range-proofs allow it to be mathematically proven that the inputs and outputs of each transaction add up to zero without revealing amounts, ensuring that the supply is sound and not inflated in any way. Every node on the network is validating these range-proofs in each transaction every time a transaction is first seen, and validating all historical range-proofs when initially syncing.
A manual audit is possible because coinbase transactions (those transactions that are mining rewards in each block including issuance + transaction fees) are intentionally transparent and amounts of these outputs are not obfuscated in any way. Monero users running a node can simply validate these totals on-demand, and all node owners are constantly verifying the amounts in transactions via range-proofs.
Unlike Bitcoin, however, Monero users cannot simply do “napkin math” and validate the supply by manually adding up UTXO amounts, as transactions are never known-spent by the network, only by the parties involved in each specific transaction. This does force some added reliance on code/cryptography over Bitcoin, but as-of-yet I know of no onevalidating the Bitcoin supply this way. It does remain a valuable advantage of a transparent cryptocurrency, though it comes at the cost of the transactional privacy of every user in the system.
General
- New primer on full-chain membership proofs available on YouTube:
- https://www.youtube.com/watch?v=jc8Kc0WogAI
- Fantastic Forbes article on Monero:
- https://www.forbes.com/sites/boazsobrado/2025/01/18/is-monero-keeping-bitcoins-cypherpunk-dream-alive/
- BTCPay team being amazing and migrating Monero support to a plugin for v2.x
- https://repo.getmonero.org/monero-project/ccs-proposals/-/merge_requests/538#note_28197
- https://github.com/btcpayserver/btcpayserver/pull/6535
- https://github.com/btcpayserver/btcpayserver-monero-plugin
- Napoly and Deverick Apollo will help to transition the plugin to the Monero community and build out multi-wallet support
- https://monero.observer/napoly-deverickapollo-ccs-proposal-develop-btcpayserver-monero-plugin/
- Haveno keeps getting better and better
- v1.0.18 released: https://monero.observer/woodser-releases-haveno-v1.0.18-fixes-improvements/
- Can now buy your first Monero without a security deposit by finding a seller and communicating a password
- https://monero.observer/haveno-v1.0.15-released-support-buying-monero-without-security-deposit/
- https://github.com/haveno-dex/haveno/issues/1464#issuecomment-2545298727
- RetoSwap is the current live implementation of Haveno, have used to test and has been fantastic, quick, and easy
- https://retoswap.com
- Monero passphrase support in Cake Wallet v4.23.0
- Easy way to run a Monero daemon on your laptop or desktop gets even better
- https://monero.observer/everoddandeven-releases-monero-daemon-gui-v1.1.0-toughness/
- CPU mining vs ASICs
- p2pool vs solo mining
- Mining via gupax on desktops
- https://gupax.io
- Mining via p2pool + xmrig on servers
- https://sethforprivacy.com/guides/run-a-p2pool-node/
- Mining Monero via decentralized p2pool keeps getting better
- Gupaxx update v1.7.0 released:
- https://monero.observer/cyrix126-releases-gupaxx-v1.7.0-ui-improvements-new-features-fixes/
- p2pool v4.3 released:
- https://monero.observer/schernykh-releases-p2pool-v4.3-initial-sync-improvements/
- Gupaxx update v1.7.0 released:
- You just leveled up Seth mentioned on MM01 that you can mine Monero on a laptop. Could you walk us through the process? What to download (ideally a GUI for those who don’t know CLI), best practices, guides, etc? Google results are Cheers
- What are some good resources for explaining about Supply auditability And how Peterson commitments work? Tell Vik we need some sexy educational material
- What is the highest transactions per second Monero has seen so far? And what is it capable of today?
- @Seth: Followed your Docker guide setting up an XMR node. Works like a charm on my "mini pc". Yet every wallet I connect has issues, Monerujo stops working on connect, Stack Duo syncs but quits connecting after a while. Is Tor the issue, how to debug?
[[LINKS]]
VALUE FOR VALUE
Thanks for listening you Ungovernable Misfits, we appreciate your continued support and hope you enjoy the shows.
You can support this episode using your time, talent or treasure.
TIME:
- create fountain clips for the show
- create a meetup
- help boost the signal on social media
TALENT:
- create ungovernable misfit inspired art, animation or music
- design or implement some software that can make the podcast better
- use whatever talents you have to make a contribution to the show!
TREASURE:
- BOOST IT OR STREAM SATS on the Podcasting 2.0 apps @ https://podcastapps.com
- DONATE to Seth @ https://sethforprivacy.com/donate/
- DONATE via Monero @ https://xmrchat.com/ugmf
- BUY SOME STICKERS @ https://www.ungovernablemisfits.com/shop/
FOUNDATION
https://foundation.xyz/ungovernable
Foundation builds Bitcoin-centric tools that empower you to reclaim your digital sovereignty.
As a sovereign computing company, Foundation is the antithesis of today’s tech conglomerates. Returning to cypherpunk principles, they build open source technology that “can’t be evil”.
Thank you Foundation Devices for sponsoring the show!
Use code: Ungovernable for $10 off of your purchase
CAKE WALLET
https://cakewallet.com
Cake Wallet is an open-source, non-custodial wallet available on Android, iOS, macOS, and Linux.
Features:
- Built-in Exchange: Swap easily between Bitcoin and Monero.
- User-Friendly: Simple interface for all users.
Monero Users:
- Batch Transactions: Send multiple payments at once.
- Faster Syncing: Optimized syncing via specified restore heights
- Proxy Support: Enhance privacy with proxy node options.
Bitcoin Users:
- Coin Control: Manage your transactions effectively.
- Silent Payments: Static bitcoin addresses
- Batch Transactions: Streamline your payment process.
Thank you Cake Wallet for sponsoring the show!
(00:00:00) INTRO
(00:01:14) Verifying the Supply
(00:22:20) UPDATES
(00:22:40) FCMP Video Explainer
(00:23:17) Forbes Article
(00:23:54) BTCPay Moves Monero to a Plugin
(00:28:02) Haveno Releases Bug Fixes and Various Improvements
(00:31:24) Retoswap
(00:33:54) Cake Wallet Updates
(00:34:54) Easy Laptop Monero Daemon
(00:36:30) Mining Monero
(00:45:04) XMR CHATS
(00:59:04) BOOSTS
(01:07:08) Thanks and C U Next Month
(01:08:30) THANK YOU FOUNDATION
(01:09:38) THANK YOU CAKE WALLET
View all episodes
By Ungovernable Misfits
5
2020 ratings
Verifiability of Supply
Monero’s supply can be easily audited by anyone running a Monero node, but this process does rely on the soundness of the monerod software implementation and the validity of cryptography used in range-proofs. These range-proofs allow it to be mathematically proven that the inputs and outputs of each transaction add up to zero without revealing amounts, ensuring that the supply is sound and not inflated in any way. Every node on the network is validating these range-proofs in each transaction every time a transaction is first seen, and validating all historical range-proofs when initially syncing.
A manual audit is possible because coinbase transactions (those transactions that are mining rewards in each block including issuance + transaction fees) are intentionally transparent and amounts of these outputs are not obfuscated in any way. Monero users running a node can simply validate these totals on-demand, and all node owners are constantly verifying the amounts in transactions via range-proofs.
Unlike Bitcoin, however, Monero users cannot simply do “napkin math” and validate the supply by manually adding up UTXO amounts, as transactions are never known-spent by the network, only by the parties involved in each specific transaction. This does force some added reliance on code/cryptography over Bitcoin, but as-of-yet I know of no onevalidating the Bitcoin supply this way. It does remain a valuable advantage of a transparent cryptocurrency, though it comes at the cost of the transactional privacy of every user in the system.
General
[[LINKS]]
- https://sethforprivacy.com/posts/dispelling-monero-fud/#you-cant-audit-the-monero-supply
- https://www.moneroinflation.com
Monero’s supply can be easily audited by anyone running a Monero node, but this process does rely on the soundness of the monerod software implementation and the validity of cryptography used in range-proofs. These range-proofs allow it to be mathematically proven that the inputs and outputs of each transaction add up to zero without revealing amounts, ensuring that the supply is sound and not inflated in any way. Every node on the network is validating these range-proofs in each transaction every time a transaction is first seen, and validating all historical range-proofs when initially syncing.
A manual audit is possible because coinbase transactions (those transactions that are mining rewards in each block including issuance + transaction fees) are intentionally transparent and amounts of these outputs are not obfuscated in any way. Monero users running a node can simply validate these totals on-demand, and all node owners are constantly verifying the amounts in transactions via range-proofs.
Unlike Bitcoin, however, Monero users cannot simply do “napkin math” and validate the supply by manually adding up UTXO amounts, as transactions are never known-spent by the network, only by the parties involved in each specific transaction. This does force some added reliance on code/cryptography over Bitcoin, but as-of-yet I know of no onevalidating the Bitcoin supply this way. It does remain a valuable advantage of a transparent cryptocurrency, though it comes at the cost of the transactional privacy of every user in the system.
General
- New primer on full-chain membership proofs available on YouTube:
- https://www.youtube.com/watch?v=jc8Kc0WogAI
- Fantastic Forbes article on Monero:
- https://www.forbes.com/sites/boazsobrado/2025/01/18/is-monero-keeping-bitcoins-cypherpunk-dream-alive/
- BTCPay team being amazing and migrating Monero support to a plugin for v2.x
- https://repo.getmonero.org/monero-project/ccs-proposals/-/merge_requests/538#note_28197
- https://github.com/btcpayserver/btcpayserver/pull/6535
- https://github.com/btcpayserver/btcpayserver-monero-plugin
- Napoly and Deverick Apollo will help to transition the plugin to the Monero community and build out multi-wallet support
- https://monero.observer/napoly-deverickapollo-ccs-proposal-develop-btcpayserver-monero-plugin/
- Haveno keeps getting better and better
- v1.0.18 released: https://monero.observer/woodser-releases-haveno-v1.0.18-fixes-improvements/
- Can now buy your first Monero without a security deposit by finding a seller and communicating a password
- https://monero.observer/haveno-v1.0.15-released-support-buying-monero-without-security-deposit/
- https://github.com/haveno-dex/haveno/issues/1464#issuecomment-2545298727
- RetoSwap is the current live implementation of Haveno, have used to test and has been fantastic, quick, and easy
- https://retoswap.com
- Monero passphrase support in Cake Wallet v4.23.0
- Easy way to run a Monero daemon on your laptop or desktop gets even better
- https://monero.observer/everoddandeven-releases-monero-daemon-gui-v1.1.0-toughness/
- CPU mining vs ASICs
- p2pool vs solo mining
- Mining via gupax on desktops
- https://gupax.io
- Mining via p2pool + xmrig on servers
- https://sethforprivacy.com/guides/run-a-p2pool-node/
- Mining Monero via decentralized p2pool keeps getting better
- Gupaxx update v1.7.0 released:
- https://monero.observer/cyrix126-releases-gupaxx-v1.7.0-ui-improvements-new-features-fixes/
- p2pool v4.3 released:
- https://monero.observer/schernykh-releases-p2pool-v4.3-initial-sync-improvements/
- Gupaxx update v1.7.0 released:
- You just leveled up Seth mentioned on MM01 that you can mine Monero on a laptop. Could you walk us through the process? What to download (ideally a GUI for those who don’t know CLI), best practices, guides, etc? Google results are Cheers
- What are some good resources for explaining about Supply auditability And how Peterson commitments work? Tell Vik we need some sexy educational material
- What is the highest transactions per second Monero has seen so far? And what is it capable of today?
- @Seth: Followed your Docker guide setting up an XMR node. Works like a charm on my "mini pc". Yet every wallet I connect has issues, Monerujo stops working on connect, Stack Duo syncs but quits connecting after a while. Is Tor the issue, how to debug?
[[LINKS]]
VALUE FOR VALUE
Thanks for listening you Ungovernable Misfits, we appreciate your continued support and hope you enjoy the shows.
You can support this episode using your time, talent or treasure.
TIME:
- create fountain clips for the show
- create a meetup
- help boost the signal on social media
TALENT:
- create ungovernable misfit inspired art, animation or music
- design or implement some software that can make the podcast better
- use whatever talents you have to make a contribution to the show!
TREASURE:
- BOOST IT OR STREAM SATS on the Podcasting 2.0 apps @ https://podcastapps.com
- DONATE to Seth @ https://sethforprivacy.com/donate/
- DONATE via Monero @ https://xmrchat.com/ugmf
- BUY SOME STICKERS @ https://www.ungovernablemisfits.com/shop/
FOUNDATION
https://foundation.xyz/ungovernable
Foundation builds Bitcoin-centric tools that empower you to reclaim your digital sovereignty.
As a sovereign computing company, Foundation is the antithesis of today’s tech conglomerates. Returning to cypherpunk principles, they build open source technology that “can’t be evil”.
Thank you Foundation Devices for sponsoring the show!
Use code: Ungovernable for $10 off of your purchase
CAKE WALLET
https://cakewallet.com
Cake Wallet is an open-source, non-custodial wallet available on Android, iOS, macOS, and Linux.
Features:
- Built-in Exchange: Swap easily between Bitcoin and Monero.
- User-Friendly: Simple interface for all users.
Monero Users:
- Batch Transactions: Send multiple payments at once.
- Faster Syncing: Optimized syncing via specified restore heights
- Proxy Support: Enhance privacy with proxy node options.
Bitcoin Users:
- Coin Control: Manage your transactions effectively.
- Silent Payments: Static bitcoin addresses
- Batch Transactions: Streamline your payment process.
Thank you Cake Wallet for sponsoring the show!
(00:00:00) INTRO
(00:01:14) Verifying the Supply
(00:22:20) UPDATES
(00:22:40) FCMP Video Explainer
(00:23:17) Forbes Article
(00:23:54) BTCPay Moves Monero to a Plugin
(00:28:02) Haveno Releases Bug Fixes and Various Improvements
(00:31:24) Retoswap
(00:33:54) Cake Wallet Updates
(00:34:54) Easy Laptop Monero Daemon
(00:36:30) Mining Monero
(00:45:04) XMR CHATS
(00:59:04) BOOSTS
(01:07:08) Thanks and C U Next Month
(01:08:30) THANK YOU FOUNDATION
(01:09:38) THANK YOU CAKE WALLET
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