Monero [XMR] may soon apply bulletproofs to its protocol as audits conclude
Monero [XMR] is inching closer towards including bulletproofs to its protocol. The Monero [XMR] community funded three separate audits for the upcoming bulletproofs, all of which have been completed.
The third audit was concluded recently, according to a tweet by crypto community Coin Crunch, and details of the same will be released soon. The post was then retweeted by Monero.
– From Proof of Work #33 pic.twitter.com/2xazkhyYK4
— Coin Crunch (@coincrunchio) August 21, 2018
The first independent audit of the upcoming bulletproofs was completed by cyber security firm Kudelski Security in July. The remaining two audits were to be conducted by cyber security group Quarkslab and Benedikt Bünz, a PhD student in the Applied Crypto Group at Stanford University.
What are bulletproofs?
For those who may not know, bulletproofs are a kind of zero-knowledge proofs which allows users to conceal the transaction amount from the public blockchain.
This security feature does not require a trusted setup and minimizes computational excess. Basically, only the transaction amount remains hidden; the sender’s and receiver’s addresses are still visible.
However, the technology is still in a relatively nascent stage and not many cryptocurrencies have adopted this feature yet.
Monero and bulletproofs
Late last year, the crypto firm said it would explore adding bulletproofs to its protocol. “…bulletproofs represent a huge advancement in Monero transactions. We get massive space savings, better verification times, and lower fees,” wrote Sarang Noether, a cryptographer at Monero Research Lab, in a blog post.
The post added that implementing bulletproofs effectively reduced transaction size by about 80 percent, which translates to an 80 percent cut in transaction fees as well.
Moreover, initial testing done by the company showed that the time required to verify a bulletproof was lower than for the existing range proofs.
This means that implementation of the technology would result in faster blockchain validati
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