Commit 1cb612d6 authored by Stefanos Ioannou's avatar Stefanos Ioannou
Browse files

correction of syntax and grammar errors

parent d6b871a9
......@@ -59,7 +59,7 @@ index:
private: Private
secure: Secure
untraceable: Untraceable
private_text: "Monero uses a cryptographically sound system that allows you to send and receive funds without your @transactions being publically visible on the @blockchain (the distributed ledger of transactions). This ensures that your purchases, receipts, and other transfers remain private by default."
private_text: "Monero uses a cryptographically sound system that allows you to send and receive funds without your @transactions being publicly visible on the @blockchain (the distributed ledger of transactions). This ensures that your purchases, receipts, and other transfers remain private by default."
untraceable_text: "By taking advantage of @ring-signatures, a special property of certain types of cryptography, Monero enables untraceable transactions. This means it's ambiguous which funds have been spent, and thus extremely unlikely that a transaction could be linked to particular user."
secure_text: "Using the power of a distributed peer-to-peer @consensus network, every transaction is cryptographically secured. Individual @accounts have a 25 word @mnemonic-seed displayed when created, which can be written down to back up the @account. Account files are encrypted with a passphrase to ensure they are worthless if stolen."
how_do_i_1: "How do I "
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......@@ -35,7 +35,7 @@ The underlying technologies and cryptography upon which Monero is built, has bee
With Monero, transactions are private by default. However, each user has the ability to select different levels of privacy, optionally disclosing their transaction information, or even provide audit access (view only) to his full Monero account.
## DECENTRALIZATION
While most cryptocurrencies align to theoretical principles of decentralization, the reality is, that most fall short of such a claim. More often than not, it is not just one branch of a cryptocurrency system that is centralized in one form or another, is that that many branches are so.
While most cryptocurrencies align to theoretical principles of decentralization, the reality is that most fall short of such a claim. More often than not, it is not just one branch of a cryptocurrency system that is centralized in one form or another, is that that many branches are so.
With Proof of Stake currencies, irregular emission and distribution models cause most of the staking power to end up in the hand of a privileged few. Participants of lesser weight are reduced to second class citizens, with little chance of ever obtaining similar returns.
......@@ -47,7 +47,7 @@ Monero contrasts with these examples in various and meaningful ways. Monero is p
This very characteristic, and more so once it is coupled with @Smart Mining, has the potential to ensure that for long years to come, the process of mining new Monero coins is within reach of the common individual, and not an exclusive opportunity to the owners of large mining operations.
Further, as transactions are private by default on the Monero blockchain, transaction censorship is inherently void.
The Monero development landscape on the other hand, is very much the opposite of a closed or restricted access model. The core branch currently enjoys more than 30 contributors, pushing 1000+ commits over the past year. The project is happy to take on new contributors and any future plans, long term direction and priorities are openly discussed with the community. Indeed, the policy that governs contribution to the Monero codebase is exhaustingly inclusive - all contributions are accepted into the development branch, where new code can be scrutinized and tested by the entire community.
The Monero development landscape on the other hand, is very much the opposite of a closed or restricted access model. The core branch currently enjoys more than 30 contributors, pushing 1000+ commits over the past year. The project is happy to take on new contributors and any future plans, long-term direction and priorities are openly discussed with the community. Indeed, the policy that governs contribution to the Monero codebase is exhaustingly inclusive - all contributions are accepted into the development branch, where new code can be scrutinized and tested by the entire community.
Most contributors in the Monero development landscape are quite passionate for an open source philosophy, and in this rich creative environment, new projects have sparked to life. @OpenAlias is one notable example, which has seen adoption by (amongst others) a major Bitcoin related software product.
......@@ -57,5 +57,5 @@ Monero doesn't suffer from this block size debate, because it has a dynamic bloc
Another issue with most cryptocurrencies is the development of a fee market. This issue is somewhat linked to the block size debate: the narrative is that when you limit the block size, a fee market will eventually develop. But this claim is highly debatable. When the transaction fees are supposed to be the main incentive for miners to secure the blockchain, it is possible the current consensus model will not be sustainable. At the moment, miners still act as they are expected: they mine on the longest chain. When they don't do that, they risk loosing the block reward. But when that block reward becomes small compared to the mining fees, it's possible miners will have an incentive to not mine on the longest chain and start a fork trying to "steal" high transaction fees which were included in the latest blocks. Therefore, monero implements a "permanent block reward". The block reward will never drop below 0.3 XMR, making monero a disinflationary currency: the inflation will be roughly 1% in 2022 and go down forever, but the nominal inflation will stay at 0.3 XMR per minute. This means that there will always be an incentive for miners to mine monero and thus keeping the blockchain secure, with or without a fee market.
## FUNGIBILITY
Fungibility is an important property of any functioning currency. You can try to hide your bitcoins as much as you want, if you tried to mix your non-fungible coins using a mixer, coinjoin or another type of "anonymity enhancing feature", these transactions can still be flagged as "possible suspicious activity on the blockchain", even if you are anonymous. Using non-fungible tokens as currency can eventually lead to blacklisting/whitelisting either by governments or through self-censorship. Some examples of these measures could be payment procssors or exchanges refusing your tainted coins as a payment or deposit or miners refusing to include your suspicious transaction.
Monero will enforce a minimum mixing across the network, so all outputs are mixed by default. This is possble due to the nature of the mixing: monero mixing is "passive" and can even be done offline! Transaction outputs have "plausible deniability" about their state: you can't tell if they are spent or unspent in a certain transaction or not. This leads to an opaque (non-transparent) blockchain making all coins "equal". Fungibility is built into Monero at protocol level, making it real "digital cash".
Fungibility is an important property of any functioning currency. You can try to hide your bitcoins as much as you want, if you tried to mix your non-fungible coins using a mixer, coinjoin or another type of "anonymity enhancing feature", these transactions can still be flagged as "possible suspicious activity on the blockchain", even if you are anonymous. Using non-fungible tokens as currency can eventually lead to blacklisting/whitelisting either by governments or through self-censorship. Some examples of these measures could be payment processors or exchanges refusing your tainted coins as a payment or deposit or miners refusing to include your suspicious transaction.
Monero will enforce a minimum mixing across the network, so all outputs are mixed by default. This is possible due to the nature of the mixing: monero mixing is "passive" and can even be done offline! Transaction outputs have "plausible deniability" about their state: you can't tell if they are spent or unspent in a certain transaction or not. This leads to an opaque (non-transparent) blockchain making all coins "equal". Fungibility is built into Monero at protocol level, making it real "digital cash".
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