Topic: [ANN] Monero Dollar (#xmrd) is a secure, private, untraceable Stablecoin (Read 2109 times)

Monero Dollar: A Privacy-Centric Stablecoin Blockchain (Update)

In a world where financial privacy is increasingly under threat, Monero Dollar emerges as a beacon of hope - a privacy-centric stablecoin blockchain optimized from the renowned Monero cryptocurrency. This groundbreaking project has been in the works since 2019, and it is poised to revolutionize the way we think about digital currencies. In this article, we'll delve into what Monero Dollar is, why privacy tools are crucial, how it works, and what exciting developments are on the horizon.

A Vision for Privacy
The journey of Monero Dollar began in 2019, with a vision to create a stablecoin blockchain that preserves privacy. Over the years, as technology evolved and challenges were overcome, this vision has taken shape. The result is a blockchain that combines the strengths of Monero's privacy technology with the stability of a stablecoin.

Privacy as a Pillar
Privacy is not a luxury; it's a fundamental right. Monero Dollar stands as a testament to the importance of privacy in the digital age. It's designed to shield users from prying eyes, ensuring their financial transactions remain confidential. This commitment to privacy is at the core of Monero Dollar's philosophy.

The Mechanics of Monero Dollar
Monero Dollar operates on a simple yet ingenious principle: 1 DAI (an ERC20 Token) is collateralized to back 1 XMRD, known as Monero Dollar. When 1 DAI is deposited, 1 XMRD is minted, and when 1 XMRD is burned, 1 DAI is released. This ensures a stable and secure value proposition for users.
Mining rewards on the XMRD blockchain are tied to transaction fees, eliminating direct mining rewards to prevent excessive inflation and maintain the backing of XMRD tokens.

Fee-Based Swaps
To sustain the ecosystem and incentivize validators, a fee is charged during the swap between DAI and XMRD. These fees are distributed partly on the Ethereum chain and partly on the XMRD chain, providing a balanced incentive structure.

What's on the Horizon?
Exciting times are ahead for Monero Dollar. The beta testing phase is set to commence shortly, during which the project will reward users who help identify and address any bugs. After rigorous audits, the blockchain will transition to its Mainnet status, expected to occur in 2023. The project's dedication to security and transparency is unwavering.

Community-Driven Funding
Monero Dollar is a labor of love, self-funded by individuals who share a common vision for privacy and decentralized payments. To ensure sustainable growth, audits, and continued development, a token on the Ethereum blockchain will be introduced, details of which will be unveiled only after the blockchain is fully functional in the beta testing phase. Monero Dollar is committed to delivering results before seeking support.

Join the Movement
The Monero Dollar website, monerodollar.org, is now live, and links to platforms for public beta testing will be added soon. This project invites you to be part of the journey towards a future where financial privacy is a universal right, and stablecoins like Monero Dollar provide the cornerstone for secure and confidential transactions. Stay tuned for updates, and get ready to experience privacy and stability like never before.

Twitter: https://twitter.com/monero_dollar

Bitcointalk: https://bitcointalksearch.org/topic/ann-monero-dollar-xmrd-is-a-secure-private-untraceable-stablecoin-5214640

Telegram: https://t.me/monero_dollar

You are absolutely correct, and this represents one of the significant changes in our approach. We have eliminated the pre-mint, and there are no longer mining rewards. Instead, transaction fees now go to the miners, ensuring full backing, while validators earn transfer fees for facilitating interactions within the network. This change reflects our commitment to creating a robust and sustainable ecosystem.

took time but we created xmrd!

Greetings, everyone,

The inception of the Monero Dollar concept dates back to 2019 when we first unveiled our vision. As we embarked on this journey, we encountered several challenges that had previously hindered the development of a truly decentralized solution. However, I am delighted to announce that we have now overcome these hurdles, and our initial nodes are already operational!

What lies ahead on our roadmap?

4-12 weeks of rigorous internal beta testing.
Subsequently, we will introduce the technology to the community for public beta testing.
During the public beta testing phase, we will initiate a bug bounty contest for the network and connectors, with the enticing opportunity to win validator seats. Why validator seats, you may ask? These seats enable validators to earn conversion fees between the two chains. With substantial traffic, validators can generate income.

To secure funding for our future development and growth, we will begin selling validator seats once the product enters the public beta stage. This decision allows everyone to witness the functionality and potential of what we have built.

For inquiries, please contact us at [email protected] or join our Telegram channel at https://t.me/monero_dollar.

Thank you for your support and interest in the Monero Dollar project!

We're back, and we're excited to announce the upcoming rollout of our optimized protocol!

During our brief hiatus, we took the time to thoroughly reassess our strategy and made significant conceptual changes to various aspects of our execution.

If you're a fan of Monero and value privacy, and if the idea of having a fully-backed stablecoin built on Monero technology excites you, then you've come to the right place!

Stay tuned for further updates, as we will be posting more details on GitLab very soon.

It's a cool project.

And of course, the low block reward adds this coin to be far more reasonably enjoyable for most.

Perhaps, if one takes 50BTC at first reward towards a 1 reward.

And today it's nearly 100.000 blocks at this coin.

That's a cost of 100.000$ if you were to take 100% of the coins in exchange dollar.
That is still possible to pay.

But my belief that this coin started out wrong? Why is there one account? With at least:
100.000.000 XMRD?
Like:
100.012.970

That since you see already_generated_coins.

In this manner, you have to Burn these generated coins in order to prevail as a coin.

People will still use that scam, but for how long?

The site needs to get back on track as well, monerodollar.com is not working for several weeks.

i also agree that there is nothing private in this  and algorithm is also in suspense. How they make it confidential is also doubtful .

In what community?

private centralized sales are never welcome in the community! if we would prefer centralized sales, we could also use fiat instead of crypto.

hi gofy, sorry for the small delay but there are a few smaller issues with the front end and back end connection which need to get solved. the team is working on it with high pressure. to ensure the platform will run smoothly this improvements are important.

release is coming soon   

At start of the project dev says about a week to release a swap platform its 3 week later and still platform nor released when I want to try to sell my 89 monero dollar on telegram they simply kick me out thanks dev for keeping term of release ... What a tragedy

Any news on the project? Any plans, any exchanges, any new pools maybe?

the your child wallet is not needed

Hi all! What is "YOUR_CHILD_WALLET_ADDRESS" and what is "merged mining" here in XMRD?

rather get discord guys. far better community to interact with.

Twitter:
https://twitter.com/monero_dollar

Telegram:
https://t.me/monerodollar

any channels to follow ? community

no USDT (not secure enough) just TUSD and DAI. DAI is 150% (or more) backed with different Crypto collaterals and TUSD it's 100% backed with USD which is certified. we will also add the option to use more different currencies which include Monero and BTC to get the stable portfolio.

"more currencies more security"

later this year

I'm leery of stablecoins like tether and dai.  If tether or dai collapses, what happens to Monero Dollar?  You claim it's pegged to USDT and DAI.

any airdrop??

Monero Dollar (XMRD)
Consortium
October 06, 2023

Abstract
The Monero Dollar (XMRD) is a pioneering stablecoin initiative that marries the robust privacy-centric attributes of Monero with the stable valuation provided by DAI, a decentralized stablecoin. This document elucidates the operational mechanics, technological backbone, and strategic underpinning of Monero Dollar (XMRD), showcasing a decentralized, privacy-centric stablecoin model in the thriving cryptocurrency ecosystem.

Introduction
Cryptocurrencies have garnered significant attention for their potential to provide financial privacy and security. Monero, a front-runner in privacy-centric cryptocurrencies, has set a high standard with its unique privacy features. However, the volatility inherent in cryptocurrencies like Monero often deters usage for everyday transactions. Enter Monero Dollar (XMRD) - a stablecoin initiative aimed at melding the privacy assurances of Monero with the stability of DAI.

Monero Technology Overview
Monero operates on the CryptoNote protocol, employing advanced cryptographic techniques to offer enhanced privacy. Core privacy features include:
Ring Signatures: Allowing transaction originators to conceal their identity among a group of signers.
Ring Confidential Transactions (RingCT): Extending Ring Signatures to conceal transaction amounts.
Stealth Addresses: Providing a mechanism for receivers to use single-use addresses to maintain privacy.

Monero Dollar Architecture
The Monero Dollar leverages Monero's established blockchain architecture with certain optimizations to support the stablecoin mechanism. It inherits Monero's privacy-centric technologies while integrating a mechanism to maintain a 1:1 peg with DAI.

Monero Dollar Mechanism
Creating a Monero Dollar entails:
Deposit: Users deposit 1 DAI to the designated Validators, providing their Monero wallet address.
Validation: Validators confirm the transaction.
Minting: Upon validation, 1 Monero Dollar is minted and sent to the user's Monero wallet address.
Reverting Monero Dollar back to DAI is streamlined using a ID feature, enabling seamless transactions between the two ecosystems.

Network Security and Incentive Structure
The Monero Dollar retains Monero's robust security infrastructure. Miners are incentivized through transaction fees instead of block rewards, aligning their interests with network utility. Validators play a crucial role in bridging the transactions between Ethereum and Monero Dollar, rewarded through a standard bridge fee model.

Rationale for DAI Peg
DAI was chosen for its decentralized nature, aligning with the Monero Dollar's commitment to decentralization. The 1:1 peg ensures a stable valuation for Monero Dollar, fostering a conducive environment for its adoption and use.

Market Context
The stablecoin sector, with a market cap of $122.79 Billion and daily trading volume of $33.99 Billion (as of 4th October 2023), presents a ripe market for a privacy-centric stablecoin like Monero Dollar to thrive.

Conclusion
Monero Dollar (XMRD) represents a significant stride toward a privacy-centric, stable digital asset. By amalgamating Monero's privacy features with DAI's stability, Monero Dollar unfolds a new chapter in the stablecoin narrative, addressing the market's burgeoning demand for privacy-oriented, stable value cryptocurrencies.

web: https://monerodollar.org
gitlab: https://gitlab.com/XMRD
tg: https://t.me/monero_dollar
x: https://twitter.com/monero_dollar

decentralized technology are a load of crap?

the people love monero because it's private and decentralized and the people will love XMRD because XMR get more usage and XMRD works as stablecoin.

hello gash. tether is centralized and xmrd is decentalized. we know about the issues from tether and we solved this issues. we used the monero technology to build the privacy stablecoin. the technology for the swap is build form us. XMRD is not related with monero expected the blockchain technology.

XMR will be added as collateral in the near future as well.

the project is setup on the monero blockchain technology.

hello. no discord but telegram. https://t.me/monerodollar

What a load of crap.   
Give you something worth a lot and you give me your crap coin worth nothing

how do i get my hands on some ? any airdrop man?

This is terrific news, and Im gonna track the progress you make here. Coz tether is seemingly dead and dangerous to deal with. Does this have any affiliation with monero itself? are monero team themselves aware that there is a stablecoin being built, utilizing monero tech? And it looks as though this might of impacted the recent monero pump in some way. If its legit its fucking terrific.

With a coin that only has following up-name of something already big, I think you better work your hype elsewhere. Sure everyone deserves a chance but don't expect much hope from it.

How is this nothing to do with Monero project working out?

Hello. Any news? When be discord?

Monero Dollar (XMRD)
Consortium
October 06, 2023

Abstract
The Monero Dollar (XMRD) is a pioneering stablecoin initiative that marries the robust privacy-centric attributes of Monero with the stable valuation provided by DAI, a decentralized stablecoin. This document elucidates the operational mechanics, technological backbone, and strategic underpinning of Monero Dollar (XMRD), showcasing a decentralized, privacy-centric stablecoin model in the thriving cryptocurrency ecosystem.

Introduction
Cryptocurrencies have garnered significant attention for their potential to provide financial privacy and security. Monero, a front-runner in privacy-centric cryptocurrencies, has set a high standard with its unique privacy features. However, the volatility inherent in cryptocurrencies like Monero often deters usage for everyday transactions. Enter Monero Dollar (XMRD) - a stablecoin initiative aimed at melding the privacy assurances of Monero with the stability of DAI.

Monero Technology Overview
Monero operates on the CryptoNote protocol, employing advanced cryptographic techniques to offer enhanced privacy. Core privacy features include:
Ring Signatures: Allowing transaction originators to conceal their identity among a group of signers.
Ring Confidential Transactions (RingCT): Extending Ring Signatures to conceal transaction amounts.
Stealth Addresses: Providing a mechanism for receivers to use single-use addresses to maintain privacy.

Monero Dollar Architecture
The Monero Dollar leverages Monero's established blockchain architecture with certain optimizations to support the stablecoin mechanism. It inherits Monero's privacy-centric technologies while integrating a mechanism to maintain a 1:1 peg with DAI.

Monero Dollar Mechanism
Creating a Monero Dollar entails:
Deposit: Users deposit 1 DAI to the designated Validators, providing their Monero wallet address.
Validation: Validators confirm the transaction.
Minting: Upon validation, 1 Monero Dollar is minted and sent to the user's Monero wallet address.
Reverting Monero Dollar back to DAI is streamlined using a ID feature, enabling seamless transactions between the two ecosystems.

Network Security and Incentive Structure
The Monero Dollar retains Monero's robust security infrastructure. Miners are incentivized through transaction fees instead of block rewards, aligning their interests with network utility. Validators play a crucial role in bridging the transactions between Ethereum and Monero Dollar, rewarded through a standard bridge fee model.

Rationale for DAI Peg
DAI was chosen for its decentralized nature, aligning with the Monero Dollar's commitment to decentralization. The 1:1 peg ensures a stable valuation for Monero Dollar, fostering a conducive environment for its adoption and use.

Market Context
The stablecoin sector, with a market cap of $122.79 Billion and daily trading volume of $33.99 Billion (as of 4th October 2023), presents a ripe market for a privacy-centric stablecoin like Monero Dollar to thrive.

Conclusion
Monero Dollar (XMRD) represents a significant stride toward a privacy-centric, stable digital asset. By amalgamating Monero's privacy features with DAI's stability, Monero Dollar unfolds a new chapter in the stablecoin narrative, addressing the market's burgeoning demand for privacy-oriented, stable value cryptocurrencies.

web: https://monerodollar.org
gitlab: https://gitlab.com/XMRD
tg: https://t.me/monero_dollar
x: https://twitter.com/monero_dollar

The functions are already finished. Just working on the Frontend. We hope next week.

So when exactly platform will be released?

Monero Dollar XMRD Wallets


Windows:
https://gitlab.com/XMRD/windows-xmrd-wallet

Mac:
https://gitlab.com/XMRD/macos-xmrd-wallet

Linux:
https://gitlab.com/XMRD/linux-xmrd-wallet

GoFY its a pleasure you started mining already. The important milestone will be after the swap platform start. Trough the swap you have the guarantee if you bring the XMRD back you get your TUSD/DAI collateral back.

If anyone interested I can sell 60 XMRD for 40$ in any cryptocurrency 

 Hi there! I was talking not long ago with a friend of mine about how badly we need private stable coins. I'm happy to finally see something along those lines! I would preferably have a stable coin backed by XMR instead, just like Dai is backed by ETH, in order to reduce counter party risks (if Dai goes XMRD goes as well he). But I suppose this is the next best thing to start with.
 Just like the others, I have my own reservations about the code but I think we should all just give this project the benefit of the doubt until things are released for review.

 Can't wait to start mining this thing, let alone using it.

thank you kryk.

the wallets are the same as the monero wallets.

Everything is decentralized and the team only earns from the fees. The whole thing serves as future-oriented solution.
No ICO or coin sale. The whole project is based on optimized existing technologies.

FTFY

I'm keeping an eye on this...

Let's wait for the wallet to be released

i think the most important is to present a project that delivers its purpose reliably and well but there are some projects based on the Bitcoin algo with the name Bitcoin .....

Never mind check out my new project isBTC, based on the bitcoin algo so I can use the name no problems.

Bestiest coin, you pay. Lucky wwesterns.

monero as collateral integration for the monero dollar is also on the road map but that takes a little bit more time

smart contract currently in audit. nothing tweaked just optimised for the TUSD/DAI and Monero Dollar Pool.

Is that modified smart contract audited or not?
I guess modification is that you increased fee or maybe you tweaked other stuff also...

Monero Dollar and Monero are based on the same technology with the onliest difference monero is volatile and monero dollar is stable. 

what could go wrong with tether?
- not 100% backed
- printing without collateral

why can't that happen with the monero dollar?
- backed via TUSD and DAI
- no minting, all premine coins are frozen in the atomic swap contract and only paid out with collateral

the monero dollar use the same monero algo randomX
backed with TUSD and DAI - after the platform is live, you can view every transfer and deposit in smart contracts. the swap works with modified atomic swaps.

There are two pools. 1 TUSD/DAI and 1 Monero Dollar.

Premine and mining rewards until now are used 100% for the Monero Dollar Pool and when TUST or DAI is deposited, the Monero dollar is payed out.

vice versa the same

you can get the monero dollar only with existing collateral or with mining.

Goal:
the mixer goal is it to make it more private

the monero dollar goal is it to make it as private as possible with the monero technology and modified atomic swap contracts.

people use stablecoins to get not volatile coins. if you want to sell or buy products, it is much better for you and the buyer to use stablecoins because on the next day you own still the same value.

the most people buy monero because of the privacy and if you buy any other stablecoin on the market your privacy will no longer be available if you use it to buy and sell or pay anything.

How is this coin related to original anonymous Monero coin? Do you have backed USD fiat money for your stable coin and how much? And by whoms your coins checked and backed?

Seems like another bandwagon name jumper. No relation at all to the real Monero. Never spoke with Monero people just a reputation stealer.

Even worse than CSW who at least pretends he created the original.

Model is Stable coins, like teather? what could go wrong?

Get printing woop!

Why do you compare it with other mixers?
and NO...fee is not low.
I can just do one simple thing with much lower fee. Buy Monero and any other stable coin on exchange, when I want to buy/sell.
10-20 times less fee


Other than that XMRD is premined, and centralized.

so the question is how to make it a stablecoin? Any team backed ?

The logo is similar because it is based on the monero technology.

significant difference:
- XMRD is a stablecoin 1 XMRD are 1 TUSD/DAI and not volatile (more multi collateral is coming soon)

The logo is similar to the XMR Monero logo.
what are the advantages and significant differences of XMRD with XMR ?

The bitcointalk post is the first post about the project monero dollar. The project is not against monero, the project is working with the monero technology but based on the principle of stable coins.

We are happy to discuss the monero dollar with the monero community if you have good community contacts.

Do you have a link to the discussions you had with the Monero community pitching this idea and suggesting use of their name against it?

12,500 TUSD and 12,500 DAI are the start balance in the TUSD/DAI pool and the XMRD Pool includes all premine and all minining rewards

the onliest opportunity to get XMRD is mining and deposit TUSD or DAI for the swap

it is the onliest decentralized and privacy focused stablecoin on the monero technology

So, you are saying the project does not have any treasury right now for TUSD/DAI pool and only has the XMRD pool from the premine.
Is it correct?

For now the platform is not published.

There are two pools. 1 TUSD/DAI and 1 Monero Dollar.

Premine and mining rewards until now are used 100% for the Monero Dollar Pool and when TUST or DAI is deposited, the Monero dollar is payed out.

vice versa the same

For now how many TUSD / DAI do you have?
This project should have a treasury, right? since the blockheight > 12.000.

Monero Dollar because RandomX Algo from Monero - Compared to crypto mixers is the fee very low and you use Monero Dollar as privacy Stablecoin.

TUSD or DAI in and Monero Dollar out
Monero Dollar in and TUSD or DAI out

---

The User account is less than a day old correct but you don't have to trust the user account, you just have to trust the blockchain technology.

Decentralized swap option via modified atomic swaps.

The fee is used to keep the mining rewards stable.

---

thank you patel

This user's account is less than a day old.

I don't see how this is private, as you never stated what algorithm you are using,
and I wonder why you called in Monero Dollar if it has nothing to do with Monero...
And that double 1% deposit and withdrawal fee is very high

The decentralized swap platform has to be completed before the publication and the blockchain is required in advance.

...within the next 14 days but Blockheight already >12,000?

RandomX

Wallet will be available for download within the next 14 days together with the Monero Dollar Swap Platform.

External mining must start at the same time as the platform in order to cover the mining rewards with the fees.

Algo
Wallet ?

Monero Dollar is a stable, decentralized crypto-currency. It is collateralized by TUSD or DAI.

WHAT IS MONERO DOLLAR (XMRD)?

Monero Dollar (XMRD) is a USDT/DAI-pegged stablecoin built on the Monero blockchain technology, and has no centralized authority. It is a collateral-backed cryptocurrency with a stable value compared to TUSD / DAI. We believe that to realize the full potential of blockchain technology, stable digital assets such as XMRD are necessary. Unlike other Stablecoins, XMRD is completely decentralized and private.

Users can loan XMRD by depositing TUSD or DAI in our portal. This will serve as a collateral. If the user wants the collateral back, they must return the XMRD, and the system will return the TUSD or DAI.

Monero Dollar is based on the Monero blockchain technology

1. Proof of Work ( POW)
2. Decentralized Blockchain
3. Privacy Stable Coin
4. Value is pegged to TUSD / DAI ( 1 XMRD =
1 TUSD / 1 DAI )
5. Block Rewards per Block: 0.5 XMRD
6. Coin Ticker: XMRD
7. Algo RandomX

Monero Dollar is stable loan cryptocurrency with an emphasis on private transactions.
 
Monero Dollar uses cryptography to protect the sending and receiving addresses and the transaction amounts. Many current cryptocurrencies have transparent blockchains, like Bitcoin and Ethereum, where transactions are freely verifiable and traceable by anybody in the world. In addition, sending and receiving addresses for these transactions may be connected to the real-world identity of an individual.
 
The transactions in Monero Dollar are confidential and cannot be traced.

By default, each Monero Dollar transaction hides the amount and the address while sending and receiving the token. This confidentiality also ensures that the operation of each Monero Dollar client enhances the privacy of all other users. It also hides the IP addresses of the sender and the receiver, unlike Bitcoin and other cryptocurrencies where you can trace the location of the sender and the end user. Monero blocks the IP addresses of the transactors and also provides additional protection against network monitoring.
 
Monero Dollar is an electronic cash system that enables quicker, cheaper transactions to and from anywhere in the world.

With Monero, multi-day retention periods do not occur, and there is no chance of fraudulent payment. It is free from 'capital controls' - the interventions that, in countries with economic instability, restrict the flow of traditional currencies, sometimes to an extreme degree.

WHAT ARE OUR EARNINGS?



MINING REWARDS AND FEES
Monero Dollar is a cryptocurrency that relies on proof-of-work mining to achieve distributed consensus. Users who mine the Monero Dollar receive 1 Monero Dollar per block. These rewards are backed by the fees earned from exchanging cryptocurrency to Monero Dollar and vice versa. Thus the fees will be used to balance the collateral for the block rewards, and it will also be used as additional rewards for the miners from the Monero Dollar mining pool. This will result in a healthy ecosystem for the Monero Dollar.

EXCHANGE PROCESS


WHY IS MONERO DOLLAR THE NO.1 STABLE COIN?
1. All transactions are private and untraceable by anyone.
2. Every Monero Dollar is backed by TUSD or DAI.
3. Almost Zero transaction fee.
4. 100% Decentralized, unlike other stable coins. This means no one controls Monero Dollar.

Monero Dollar XMRD Wallets


Windows:
https://gitlab.com/XMRD/windows-xmrd-wallet

Mac:
https://gitlab.com/XMRD/macos-xmrd-wallet

Linux:
https://gitlab.com/XMRD/linux-xmrd-wallet

Explorer:
https://explorer.monerodollar.com

Twitter:
https://twitter.com/monero_dollar

Telegram:
https://t.me/monerodollar

Website:
https://monerodollar.com

Use the Tor Browser for your Wallet:
https://gitlab.com/XMRD/monero-dollar-xmrd#using-tor

Mining Pool:
https://pool.monerodollar.com/

What is Monero Dollar?
https://docdro.id/igzbp28