Monero is the first cryptocurrency to implement a mechanism Bulletproofs

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Bulletproofs technology designed to improve the scalability of the confidential functions of the blockchain, will soon be tested in practice.

This technology, invented by cryptographers Bunzel Benedict (Benedict Bunz) and Jonathan Ballom (Jonathan Bootle), promises to significantly reduce the weight of a confidential transaction. October 18, focused on the privacy of cryptocurrency Monero began testing the possibilities of technology.

Monero is the first major cryptocurrency, decided on the deployment of this technology, focused
on the implementation of the Bulletproofs in the last year in an attempt to reduce the size of their confidential transactions 80% or more.

In addition to addressing the scaling issues inherent in most blockchains, the work of the Monero overshadowed by the additional levels of confidentiality that are complex both for calculation and storage. Scalability confidential transaction is a significant obstacle to the blockchain $1 billion, with users for a long time endured high transaction fees, and the ever-increasing cost of storage to run a full node.

Speaking of which, anonymous cryptographer Monero Sarang Noether (Sarang Noether), which helped the integration of Bulletproofs, said:

“Bloating the blockchain is definitely a problem for Monero”.

Bulletproofs would replace the current proof of zero knowledge, which rely on confidential transactions online. Cryptocurrency enables the technology in its next system-wide upgrade in the form of hard forks. Such upgrades are provided hardforum a reputation as a dangerous process, but this update is part of a two-year cycle Monero in the implementation of new functions.

“We are delighted with this, he continued Sarang. “One of the reasons why we update – we want to be at the forefront of innovation. And I think this is a very good step forward.”

Black box

It should be noted that Bulletproofs themselves are not conducive to privacy. Rather, they simply guarantee that the information is stored in confidential transactions, not contain false data.

“Bulletproofs does not provide anonymity. It helps to make sure that other things that we do for anonymity work properly,” said Sarang.

Monero to achieve anonymity relies on three different mechanisms in combination with each other – hidden addresses, ring signatures and ring a confidential transaction. Bulletproofs affect the annular confidential transaction or RingCT – the way in which Monero hides the amount of the transaction.

Because RingCT use ring signature is a cryptographic operation that hide the data by mixing them with various outputs, Monero needs a way to ensure the right balance transactions. That is, the project team needs to make unrealistic the possibility of “printing” of money in the process.

So far Monero relied on proof of zero knowledge to complete this task. The problem is that these proofs are “very slow and major operations,” said Sarang, to the extent that “the majority of our transactions, occupying space in the blockchain is existing proof”.

Instead, Bulletproofs work by combining information into new data structures that massturbate logarithmically, not linearly. This means that the scaling becomes more pronounced for large transactions that contain multiple outputs. Speaking of which, Sarang said:

“Bulletproofs essentially doing the same thing – it’s a beautiful black box, representing the idea of zero knowledge proofs, but much, much smaller and faster.”

Best equipment

The updates activated on Thursday, will contribute to the Monero code base and other changes.

Focusing on the ring signature, which relies Monero to hide the identity of the sender of the transaction, the update will increase the mandatory size of the ring. The project team claims that it will help to increase the Monero anonymity and to reduce the vulnerability of cryptocurrencies to such attacks. The update also implements the second configuration
the hashing algorithm in order to limit the use of ASIC devices for mining cryptocurrency.

Nonetheless, with all updates, technology Bulletproofs was the most anticipated, partly because of its simplicity, adding in a comprehensive system of privacy Monero.

“Not often you can just take a cryptographic instruction, remove it and change to another. But that’s what we could do,” said Sarang.

With an eye on the Bulletproofs, the code also improves the basic structure of the remuneration of Monero, so it’s “more accurately reflects the fact, as well Bulletproofs scales,” continued Sarang.

As mentioned, the update will begin on October 18, but will be divided into two parts. 18 th Bulletproofs are activated in Monero is a technology will become mandatory. Sarang said that users who are constantly updating the wallet, do not notice any change.

Other ideas

Thinking about the future, Monero researchers are exploring experimental ways of scaling the blockchain, which one day will help to opt out of ring signatures.

Sarang runs in the Monero Research Lab is the development of Monero, which is dedicated to the analysis of academic innovation in cryptography and decision-making about whether they apply to Monero. He said that in the framework of the laboratory’s work examines the interconnection of atomic swaps, payment channels and networks, as well as “the basics, such as the return transaction (delivery)”.

However, the developer quickly drew attention to the difficulties of implementing innovative ideas that can impact on the community, assets and other features of cryptocurrency.

According to the developer Bulletproofs unique in this sense. He said: “Bulletproofs — this is a great example of self-sufficient technologies that we could deploy in such a way that it works fine”.

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