The confidential cryptocurrency Monero (XMR) has successfully completed the first audit of the new protocol with the Bulletproofs mechanism. In an official blog post back in December 2017, Monero announced its intention to include the Bulletproofs mechanism in its protocol. Representatives of the cryptocurrency said that Bulletproofs would lead to “a huge saving of space in the blockchain, a reduction in verification time and a reduction in commissions.” It was assumed that the deployment will occur in two stages and will first be available in the test network before deployment to the core network.
Bulletproofs technology was offered by the (ACG) Applied Cryptography Group, based at Stanford University, with the participation of University College London and Blockstream members. zkSNARKs working in Zcash are the precursors of Bulletproofs. Bulletproofs are short, non-interactive, zero-disclosure proofs that do not require a trusted installation, which is necessary for SNARK.
In such confidential cryptocurrencies as Monero, zero-disclosure proofs allow users to hide the transaction amount from an open registry. To verify that the transaction is valid, range proofs are used, but they take up a lot of space. Bulletproofs allows you to perform the same task with smaller amounts of data without overloading the network.
Then, on their blog Monero team stated that the implementation of the technology will lead to a reduction in the transaction size by 80%, and as a result – to reduce commissions by 80%. There were several discussions in the Ethereum and Bitcoin community about the possible integration of this mechanism.
In a Twitter entry on Monday, Monero representatives confirmed that the first independent audit carried out by Kudelski Security was successfully completed. The report said that four potential security problems with low or uncertain criticality and eight observations related to overall code security were detected. The Bulletproofs mechanism now works on the Monero test network.
Two more audits – Benedikt Bünz, co-author of the document on Bulletproofs, and Quarkslab, are now ready for implementation and will soon be completed. Bulletproofs will be integrated into the core network during the planned protocol update in September or October this year.
Bulletproofs, of course, is a promising breakthrough, and you can expect that other cryptocurrencies will include it in their protocols. Bulletproofs are one of many scaling solutions, such as the Lightning Network, Shnorr’s signatures and sharding, and solve the problem that all blockchains face sooner or later. Source: bits.media