Oct 18, 2018 07:00 UTC
Oct 18, 2018 at 07:00 UTC
Privacy-Oriented Cryptocurrency, Monero, To Test ‘Bulletproofs’ Tech
A hugely anticipated technology that has been designed to make privacy features of blockchain more scalable will be tested in the wild soon.
The tech, named ‘bulletproofs’, which was invented by cryptographers Jonathan Bootle and Benedict Bunz, claims to decrease the weight of private transactions dramatically. Privacy-oriented cryptocurrency Monero will put that to the test.
Being the first major cryptocurrency to implement the technology, Monero mainly focuses on how to utilize bulletproofs for the past year, in an effort to decrease the size of confidential exchanges by at least 80%.
In addition, dealing with the scaling setbacks is essential to most blockchains; Monero comes with some more privacy layers, which are not just cumbersome to compute but also unruly to store. The scalability of private transactions has been a core hurdle for the $1 billion blockchain, with members suffering high transactions fees for a long and an ever-increasing cost of storage to run a full node.
Talking about this, pseudonymous Monero cryptographer, named Sarang Noether, who also enabled the bulletproof integration, said:
“Blockchain bloat was definitely an issue for Monero.”
Bulletproofs will completely replace the existing zero-knowledge range proofs that its private transactions depend on.
Considering everything, the digital money will actuate the technology amid its next system-wide upgrade, or hard fork. A sort of overhaul that requires all nodes to adopt the latest software, hard forks are at times viewed as a risky procedure. In any case, this upgrade is a vital part of Monero’s half-yearly cycle to present new highlights.
Sarang Continued to say, that, “We’re so excited about it. Part of the reason we do the upgrades is so that we can be safely on the cutting edge technology, and I think this is a really, really good step forward”.