Confidential cryptocurrency Monero (XMR) has successfully completed the first audit of a new Protocol with a mechanism Bulletproofs.
In the official report
in a blog in December 2017 Monero has announced plans to include a mechanism Bulletproofs Protocol. Representatives of cryptocurrencies stated that Bulletproofs will lead to «huge savings of space in the blockchain, reducing time of verification and to reduce commissions.» It was assumed that the deployment will happen in two phases and will first be available in a test network before implementing in the core network.
Technology Bulletproofs was proposed in Applied Cryptography Group (ACG), based at Stanford University, with the participation of members of the University College London and Blockstream. zkSNARKs working in zcash for precursor Bulletproofs. In this Bulletproofs is a short non-interactive proofs with zero disclosure, which do not require a trusted setup, which is necessary for SNARK.
In such sensitive currencies like Monero proof with zero disclosure allow users to hide the transaction amount from the open registry. To ensure that the transaction is valid, uses a range of evidence (range proofs), but they occupy a lot of space. Bulletproofs allows you to perform the same task with fewer amounts of data without overloading the network.
Then in his blog, the Monero team stated that the implementation of the technology will reduce the size of the transaction by 80%, and as a consequence — to reduce commissions by 80%. In the community of Ethereum and Bitcoin had a few discussions about possible integration of that mechanism.
In the recording on Twitter, made on Monday, representatives of Monero confirmed that the first independent audit carried out Kudelski Security, was successfully completed. In the message
it was said that there were four potential safety problems with low or uncertain severity and eight observations related to the overall security of the code. The mechanism Bulletproofs now works in test network Monero.
Two more audit — Bunza Benedict (Benedikt Bünz), co-author of paper on Bulletproofs and Quarkslab, are ready for the soon to be completed. Bulletproofs will be integrated into the core network during scheduled update of the Protocol in September or October of this year.
Bulletproofs is certainly a promising breakthrough, and you can expect that other cryptocurrencies would incorporate it into their protocols. Bulletproofs are one of many solutions to scaling, such as Lightning Network, signature Snorra and sharding, and solve the problem that sooner or later face all blackany.