Monero is set to implement the bullet proofs technology in its platform. The new technology enhances privacy features by making them more scalable. This will make Monero be the first billion dollar-worth Cryptocurrency to apply this innovation. The technology is ideal for enhancing the competitiveness of Monero that banks on an enhanced privacy feature to appeal to users and investors.
Bullet Proofs is invented by cryptographers Jonathan Bootle and Benedict Bunz. It is designed to decrease the weight of confidential transactions. Monero will test it first on 18th October before implementing it after a successful test.
Bullet proofs technology cuts the size of confidential transactions by more than 80%. It also deals with the scalability challenges that are inherent to most Blockchain platforms.
In the perspective of Monero, bullet proofs technology is instrumental in enhancing its features. This is due to the fact that Monero has additional privacy layers in comparison to competitor Blockchain platforms that limit the computing power in privacy -oriented transactions and makes them unruly to store. The adverse effect has an impact of making mining in Monero to cost high transaction fees. It also means a high cost of storage when a user runs a full node.
Bullet proofs technology will replace the Monero “zero-knowledge range proofs” that have often led Cryptographers to be inconvenienced by Blockchain bloats. Hence, testing and implementing the new technology during its hard fork (system-wide upgrade) will ensure that on-platform experience by users receives a major boost. This factor will transform Monero to be a cutting-edge platform moving forwards. It is vital to point out the upgrade is part of Monero’s bi-annual hard forks.
Further, it is vital to keep in mind that bullet proofs ensure that there is no false information in confidential transaction data rather than contributing directly to privacy features performance. Hence, eliminating fake data can reduce data backlogs, increase scalability, and the speed of transactions.
A Technical Aspect Of Monero
Monero Blockchain operates on a model that is divided into three combinations- ring confidential transactions, ring signatures, and stealth addresses. The combination of these features ensures that there is anonymity for total privacy in the platform.
Bullet proofs will transform the ring confidential transactions to validate transaction quantities in Monero. Also, known as the RingCT, this feature uses ring signatures- a cryptographic operation-to mix up different outputs of data to obscure it. This process ensures that it is impossible to print money through this process. Monero has been relying on a zero-knowledge range of proofs for this task, however, this is about to change with the implementation of bullet proofs technology.
Monero Uses Hard Forks To Improve The Platform
Monero researchers have been experimenting on ways to scale up Monero. Further, there is a Monero research lab that is tasked with the analyzing academic innovations in Cryptography to determine whether it can be applied to Monero. Hence, the development of Monero is gathering pace and Monero is on a clear path to be the best platform for total privacy, complete anonymity, manageable mining, and optimal on-platform user experience.