FIGURE 8.
Monero transaction network. We show the actual transaction addresses with red nodes and decoy UTXO addresses with blue nodes. Each ring surrounds nodes in light blue. Dashes indicate the remaining UTXOs that are linked to previous transaction outputs. Note that each input ring has exactly 10 decoys and one actual input. However, outputs are listed individually and not in a ring. Address a 1 is truly spent in t 1, but listed as a ring member in t 5 as well. By only looking at transaction inputs, one cannot learn which transaction spends the coins at a 1. Since the RingCT update, Monero has hidden the UTXO amount and address as well. The reader should note how difficult, if not impossible, it would be to link addresses to transactions in such a graph