Ring Signatures are digital signatures that allow someone to verify a message without revealing the personal details of anyone involved. It applies when one individual signs a message using a ring signature but with the endorsement of one or a group of people.
Among the details hidden include sender/receiver identity key, transaction amount, and IP addresses.
How Ring signatures Work in Crypto
The ring signature transactions work almost as like the bitcoin signatures. In Bitcoin, the algorithm combines a private key and a hash-based public key to complete transactions. The public and private keys are linked. Thus, it’s possible to verify the transaction sender.
In the case of a ring signature situation, both private and public keys are applicable. But, the ring signature technology combines the actual sender’s public key with other public keys. After the transaction reaches the recipient, the/she uses their private keys to verify.
As such, the ring signature makes it infeasible to determine the origin of a particular private key. Potential criminals will not know the sender’s or receiver’s public keys. If a high-profile official signs in the RS technology, you cannot determine the origin.
Types of Ring Signatures
There are three types of ring signatures that have been under development in the past. They include;
- Threshold ring signatures. This type of ring signature needs a particular threshold of participants to be part of the signing protocol.
- Linkable link signatures. Linkable signatures allow others to know if one person completed two signatures using one private key. But, they still keep the anonymity of the person.
- Traceable ring signatures. It is a form of linkable signature where the identity of the person will now be public. It could help in election cases to reduce double voting.
Application on Monero Chain
The ring signatures are a common aspect of the Monero network, and they help ensure the anonymity of parties. Monero introduced the feature in 2017. Due to its use of ring signatures, Monero is one of the most known private blockchains today