Back in December 2107, Monero (XMR) announced its intentions to incorporate bulletproofs into its protocol, saying it would provide "significant space savings, faster transaction confirmation times, and lower fees."
First, the mechanism will be tested on the test network, and then it will be implemented on the mainnet. The Bulletproofs mechanism was developed by the Applied Cryptography Group (ACG), an applied cryptography group at Stanford University, students at the University of London, and Blockstream. Bulletproofs are an advanced version of the zero-knowledge proof mechanism used by ZCash and some other cryptocurrencies.
Zero-knowledge proof allows users to make transactions without revealing the amount on a distributed ledger, but it uses a lot of space. Bulletproofs allows you to accomplish the same task while significantly increasing the speed of transaction verification, resulting in an 80% reduction in transaction fees. There have been several discussions in the Ethereum and Bitcoin community about the possible integration of this mechanism.
Yesterday on Twitter Monero team confirmed that the first independent verification performed by Kudelski Security was successful. The company identified four potential security issues of low or moderate severity and eight concerns related to the overall code security of the implementation. The Bulletproofs mechanism is now live on the Monero testnet.
Two more tests by Benedikt Bünz, co-author of the Bulletproofs and Quarkslab protocol, are in development and will be completed soon. Integration into the mainnet will occur during the scheduled mainnet update in September/October.
In April, Charlie Lee, founder and developer of Litecoin, tweeted that “Bulletproofs still needs work.” Bulletproofs is certainly a promising breakthrough and we can expect many cryptocurrencies to adopt this mechanism, which, along with solutions such as lightning network, Schnorr signatures and data sharing, can help solve the scalability problem that all distributed ledgers face.
According to ccn.com
You May Also Like
The collapse of the Iranian rial has increased demand even for dubious altcoins
The Iranian rial has lost almost half its value on the unofficial market since the start of the year. The government is making attempts to stabilize the exchange rate, but against the backdrop of looming US sanctions, Iranians are desperately buying up affordable fiat, gold and cryptocurrency.
Speculators switched to altcoins
While investors' attention is focused on the price movement of bitcoin, given the drama that has unfolded around the SEC and bitcoin-ETF, speculators are driving up the price of altcoins.
