Monero (XMR) May Soon Apply BulletProofs To Its Protocol For Faster Blockchain Validation
The team behind Monero is working hard to increase the privacy features of the token. Monero is reportedly getting closer and closer to including bulletproofs to its protocol.
The Monero community funded three separate audits for the upcoming bulletproofs and these have been already completed.
The third one was just concluded, and the report first came from a tweet coming from the crypto community Coin Church and then the post got retweeted by Monero.
The very first independent audit of the upcoming bulletproofs was completed by a cybersecurity company called Kudelski Security in July.
The first audit (by Kudelski Security) of Monero compatible Bulletproofs has, bearing a few minor issues, been successfully completed! https://t.co/qZk3FdhJ5L
— Monero || #xmr (@monero) July 15, 2018
The remaining two audits were to be conducted by cybersecurity group Quarkslab and Benedikt Bünz, a Ph.D. student in the Applied Crypto Group at Stanford University.
What are the bulletproofs?
Bulletproofs are zero-knowledge proofs which allow users to hide the transaction amount from the public blockchain which definitely results in increased privacy.
This security feature doesn’t need a trusted setup, and it minimizes the computational excess.
– From Proof of Work #33 pic.twitter.com/2xazkhyYK4
— Coin Crunch (@coincrunchio) August 21, 2018
Only the transaction amount stay hidden, the sender and the receiver’s address will be still visible.
Anyway, the technology is still in a relatively nascent stage, and not many cryptos have adopted this feature yet.
Monero and bulletproofs
Back in 2017, the company said that they are considering exploring bulletproofs for its protocol.
Sarang Noether, a cryptographer at Monero Research Lab, also explained that implementing bulletproofs effectively reduced transaction size by about 80%, which translates to an 80% cut in transaction fees as well.
The initial testing that was done by the company demonstrated that the time required to verify a bulletproof was lower than the current range proof.
This means that the implementation of the technology would trigger a much faster blockchain validation process.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.