What does Ring signature mean?
The Ring Signature is an electronic signature algorithm. It indicates that a message has been signed by one of the potential signatory list members. The signatory creates a list of any number of people, including themselves.
To produce a signature, the signer does not need permission, help or assistance from the persons listed. Only the public keys of all members of the list and the signer’s private key are used.
The Ring Signature algorithm was developed by Ronald Rivest, Adi Shamri and Yael Tauman before being presented at the 2001 AsiaCrypt International Conference.
The developers attempted to highlight the title of their algorithm the absence of a central or coordinating structure. The ring is a geometric symbol with a homogeneous periphery and is lacking a centre.
Use in cryptocurrencies
The CryptoNote system allows for ring signatures. This was first used in the ByteCoin currency in July 2012.
Cryptocurrency at Shadow Cash uses a traceable ring signature for the anonymity of the sender of the transaction. However, the original implementation was flawed, which led to a partial breach of anonymity at Shadow Cash in February 2016.
Approximately 20% of keys in its system were affected by this error. The anonymity of the sender was compromised, although the anonymity of the recipient was not in deed.
Each public key used requires a fixed number of calculations when checking a ring signature. For example, CryptoNote technology implements ring signatures in P2P payments to ensure the anonymity of the sender.