Monero confirms the launch of its “Bulletproofs” protocol
Monero, one of the top cryptocurrencies across the globe, has announced the successful completion of its first audit that was conducted by Kudelski Security. This latest audit will supposedly further solidify the grounds of Monero in the crypto market.
Monero, an open-source cryptocurrency that focuses on privacy and decentralization, employs a public ledger to record transactions. In its Twitter post, Monero mentioned: “The first audit (by Kudelski Security) of Monero compatible Bulletproofs has, bearing a few minor issues, been successfully completed!”
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What is Bulletproofs?
Monero has tailored the launch of a new version of its protocol, known as the “Bulletproofs.” It stores the blockchain "efficiently and allows for faster transactions". Bulletproofs is a concept developed by Bunz et al, which is according to a report is: “a new non-interactive zero-knowledge proof protocol with very short proofs and without a trusted setup; the proof size is only logarithmic in the witness size. Bulletproofs are especially well suited for efficient range proofs on committed values.”
How would Bulletproofs be of help?
The report specified that Bulletproofs offer “short zero-knowledge proofs for general arithmetic circuits while only relying on the discrete logarithm assumption and without requiring a trusted setup”. Several applications of Bulletproofs will supposedly benefit “primarily in the area of cryptocurrencies”. “The efficiency of Bulletproofs is particularly well suited for the distributed and trustless nature of blockchains.”
Monero has confirmed two more upcoming audits on Twitter, stating: “Lastly, two more audits (by Quarkslab and Benedikt Bünz) are forthcoming and are supposed to be completed soon.”
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