In cryptonote coins, each transaction can (or must, depending on settings) have basically multiple signatures / transactions. Your own transaction, and a certain number of other "fake", automatically generated transactions. The ring size is how many total.

So a "ring" of 1 is just a normal transaction. A ring of 3 means you have your own transaction and two others to disguise yours.

That's not really quite right, as I've never fully understood how this all works, but I think it's the basic concept. :-)

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Best of luck to you with this jw. Looks cool.

I've never done mining before, but I might try it out when this launches.