Ring Confidential Transactions: Enhancing Privacy in Monero
Ring Confidential Transactions (RingCT) is a way to hide transaction amounts in Monero.
What are Ring Confidential Transactions?
Ring Confidential Transactions (RingCT), like regular confidential transactions, hide the amount of each transaction. RingCT is a way of hiding transaction amounts in Monero: unlike confidential transactions, RingCT also makes the amount of the transaction hidden.
Such confidential transactions involve cryptographically proving that the sum of the input amounts matches the sum of the output amounts without revealing the numbers themselves. This means that you can still find out which address sent and received the cryptocurrency.
RingCT was introduced in blockchain #1220516 in January 2017, and after September of that year, the feature finally became mandatory for all transactions on the network itself. RingCT is an improved version of ring signatures, known as multilayer binding spontaneous anonymous group signatures, which allows hiding transaction amounts, origins and destinations with a high level of efficiency and is a verifiable as well as untrusted method of coin generation.