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Top privacy coin Monero (XMR) is set for a major update, after XMR developer Luke ‘Kabaya’ Parker revealed Full-Chain Membership Proofs (FCMPs) in a move aimed at increasing anonymity across the network and bolstering XMR price.
Monero is one of the earliest cryptocurrencies. Fashioned to be a peer-to-peer crypto, just like Bitcoin, the network offers even more privacy, its main selling point.
But even with this unique value proposition, evolving regulations and authorities’ pressure on supportive exchanges like Binance have seen Monero pushed to the fringes.
FCMP Update Explained: Monero (XMR) Replacing Ring Signatures
Nonetheless, this has not prevented developers from releasing updates, further refining the source code.
On April 27, a Monero developer, Luke “Kayaba” Parker, announced a new enhancement: Full-Chain Membership Proofs (FCMPs).
In a blog post, Parker said the technology aims to improve Monero coin’s anonymity further, expanding the anonymity set from 16 to the entire network.
This is an improvement on Ring Signatures, which has been Monero’s signature feature for years.
When a user sends XMR, the Ring Signature includes their key alongside several other public keys, creating a large “ring” of potential senders.
This “ring” makes XMR transactions anonymous, giving it an edge over similar Bitcoin or Litecoin.
While being the cornerstone of Monero, ring signatures are susceptible to vulnerabilities like the Exchange Attack Everywhere (EAE) attack.
Here, the attacker reduces the anonymity set of the ring signature, increasing the likelihood of picking out the sender. This is especially true if the sender uses the same address more than once.
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FCMPs will replace the existing ring signature system, fixing existing weaknesses.
Using FCMPs, the network will automatically prove that a spend output originates from any output in the blockchain, making XMR transactions even more anonymous.
According to the developer, every input will boast a 100 million anonymity set, up from the current 16 Ring Signatures offers.
How Will Monero Be Releasing FCMPs?
(XMRUSDT)
Developers have proposed two ways in which FCMPs can be integrated:
- Incorporation with Seraphis: In Seraphis, there are two types of outputs: “membership”—which are the same outputs—and “spend authorization”—the sender authorizing the spending of the output. Because of Seraphis, Monero can efficiently use proofs, such as the “Grootle” proofs, which comprise a ring of 128 initially proposed signatures.
- Release of FCMP++s, a proposal released in March 2024 in response to spam attacks. This version offers an independent path to enhanced privacy. FCMP++s blends “spend authorization and linkability. This eliminates the dependency on Seraphis without requiring a full protocol migration.
With this in mind, the Monero team plans to deploy the core FCMP functionality first.
Accordingly, the wallet code release supporting additional features will be delayed. The goal is not to rush developers, therefore avoiding unnecessary hard forks or flaws.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
