How to build a Monero transaction

Blackboard

Here's another post on one of our favourite privacy coins. This time we will take a look at the technical details of Monero transactions. Most of you will know that Monero transactions are confidential in terms of amounts and ownership of outputs, but here we'll explain what makes this work.

Borrowing without a middleman

Waves

DeFi is taking the world by storm. At the time of writing, there are more than 3.9M ETH worth of wrapped ERC20 tokens locked up as collateral in MakerDAO's smart contracts. A newer product such as MIMO has seen over 15M€ being invested in it over the past few days.

Because of DeFi's prominence on Ethereum, it would seem like Bitcoin is destined to miss out. Wrapping your bitcoin in an ERC20 token on Ethereum to access DeFi products is a possibility, but it doesn't appeal to everyone.

True DeFi for Bitcoin is starting to become a necessity.

We are hiring!

Waves

Introduction

Did you lose your first Bitcoin at Mt. Gox? Are you annoyed about the lack of privacy in today's Internet? Do you think cryptocurrencies are the future?

At CoBloX, we are working on the financial system of tomorrow. We believe it has to be open and accessible to everyone, whilst also retaining privacy and putting the user first by giving them control over their money. We believe that only cryptocurrencies can achieve this which is why we see them as a fundamental building block for this system. In particular, we focus on cross-chain protocols like atomic swaps.

Project Waves: Swapping Sats on Liquid

Waves

"You can't stop the waves, but you can learn to surf.", Jon Kabat-Zinn

COMIT's vision is to have an open financial system - truly inclusive, censorship resistant and non-discriminatory. And we believe that Bitcoin is the most promising platform for such an open financial system due to its decentralization and its censorship resistance.

Ultimately we would love to see such an open financial system be built on top of Bitcoin, however, as of today, Bitcoin lacks privacy and only supports a single asset (BTC).

As mentioned in Project Droplet, we believe that Liquid is such a platform allowing us to build a financial ecosystem around Bitcoin. We see the possibility to build products such as lending and borrowing, prediction markets (option/futures) and even saving products. All of these share a basic building block: trading.

XMR-BTC Atomic Swap - PoC to Prototype

Our mission is to connect all the blockchains, without adding yet another one. Our vision is that we believe in a censorship-resistant & non-discriminating open financial market for everyone.

Bitcoin is the major player in the decentralised financial ecosystem but has a traceability issue, stopping it to be truly censorship-resistant & non-discriminating. Monero is a privacy focused coin, it is fungible and non-traceable and the most used privacy coin [1].

These characteristics make XMR-BTC cross-blockchain applications a great candidate to push towards our vision.

Open

At COMIT, we believe in an open financial system - truly inclusive, censorship resistant and non-discriminating.

We knew from day one that opensource software was the only way to achieve our vision, and we love opensource so it never was an issue.

However, we realised that while we licensed our project with open licenses [1] [2], there were other obstacles on the way to declare us truly open: