Monero to introduce bulletproof technology to their blockchain. As compliance regulators become stricter, the blockchain is seeking more transparency in its transactions. A highly predictable technology has been developed to accomplish this and will be tested soon.
Benedict Bunz and Jonathan Bootle, well-known cryptographers, invented the technology called “Bulletproof”. Hence, the technology is developed to decrease the secrecy of confidential transactions. Monero, which is a privacy-oriented cryptocurrency, will test this technology on Thursday 18th October, as the entire fin-tech community eagerly looks forward to the results!
Monera has initiated testing of the new technology as it wants to reduce its past confidential transactions by 80%. As a result, it will be the first major cryptocurrency to bring this technology into effect.
Monero to introduce bulletproof technology to their blockchain. It has been adding more privacy layers, which are heavy to compute and disruptive to store. Earlier, the blockchain encountered many setbacks in scaling confidential transactions. Users are subjugated to high transaction fees and continuously increasing storage fees. Confidential transactions are the significant cons for the $1 Billion blockchains.
“Blockchain bloat was definitely an issue for Monero”
Currently, the scaling of confidential transactions depends on “Zero-Knowledge range proofs”, which is not very encouraging.
Bulletproof technology actually doesn’t reveal any information about the confidential transaction, instead, it validates the transaction by checking if any false content is present in the confidential transaction.
“They’re not about anonymity, they are about assuring that the other stuff we do for anonymity works correctly,” Sarang stated. Dr. Sarang Noether is a full-time researcher at the Monero Research Lab as well as the organizer of the bulletproof implementation audits.
There are a total of three mechanisms present in “Bulletproof” technology, combining with each other:
- stealth addresses
- ring signatures
- ring confidential transactions
Monero conceals the information in transactions by using a combination of these mechanisms while processing. However, bulletproof scales information logarithmically by aggregating information into a new data structure.
“It does the same thing, this nice, black box, zero-knowledge proof idea, but is much, much, much smaller and much, much, much faster to do.”
Monero developers want to add more layers in scaling Monero transactions themselves. In the future, Monero may move away from ring signatures. A section of Monero’s lab is to analyze new innovations for future implementation to Monero.
“We’re always looking at new ways to move away from ring signatures in order to get better anonymity sets, or at the very least ring signatures that scale better.’
According to Sarang Noether, there is still difficulty in implementing cutting edge technology for cryptocurrency assets, community, and other features. Also, “Bulletproof” is unique.
Finally, he added, “Bulletproofs is this cool example of something that was a nice self-contained entity that we were able to deploy in a way that is working great.”