Monero Cryptocurrency is about to implement the Bulletproof protocol to facilitate faster blockchain validation and better privacy.
Bulletproof protocol is a zero-knowledge solution that facilitates users in hiding the amount of a Monero transaction from the blockchain. Has been developed by Benedikt Bünz and Jonathan Bootle via Applied Cryptography Group of Standford. The zero knowledge tests provide a method by which the demonstrator can prove to the verifier that he knows a value without providing additional information beyond those that knows the value.
It provides an additional layer of privacy on the blockchain without the need for additional computational power. Only the transaction amount is hidden while the sender and recipient addresses remain transparent.
The new protocol is based on ZkSNARKs technology which allows much faster transaction times on a decentralized platform, while maintaining the integrity of the cryptocurrency privacy element. Such as reported recently, is a technology similar to that of rival private money that Zcash has implemented – for which it was praised by some in the industry as incomparable in terms of ability to preserve privacy.
Bulletproof reduces transaction size and makes it easier to verify. It is understood to reduction of 80% will be achieved. This should result in a reduction in transaction fees and potentially more transactions per block.
Bulletproof was implemented on the Monero test network in the last months and after the auditing, now it goes to full implementation. The auditing was carried out by Kudelski Security with them relationship be released in July.
The addition will go live via a difficult fork of the cryptocurrency that should take place on Thursday. At the time of writing, block height on the Monero blockchain it is located at 1684986 and the fork, called Version 9, is activated on block 1685555. The operators and the miners of the node are encouraged to run the new version of the software as soon as possible. Otherwise, a transaction error may occur.
In addition to the insertion of the bulletproof protocol, the hard fork will incorporate changes to the Proof of Work (PoW) algorithm to discourage ASIC extraction. Many cryptocurrencies – and in particular the crypts based on the PoW have faced criticism for the centralization of their miners. Deterring the use of ASIC-based equipment helps to bring about fair distribution of mining activities, resulting in more decentralized cryptography.
The Monero developers are in direct conflict with the hardware chip designer and mining designer, Bitmain, on this issue. Bitmain specifically developed an ASIC-based machine to extract Monero at the start of this year. This immediately provoked a cry from the Monero development community. It is also believed that Bitmain secretly used ASICs to dominate Monero mines for months. These events caused the following reaction from the Monero developers:
"We strongly believe it is useful to preserve our ASIC resistance, so we will carry out an emergency fork to curb any potential threat from ASICs, if necessary, in order to maintain its decentralization objective and provide a deterrent for ASIC development. and to protect against the development of unknown or undetectable ASICs, the Monero team proposes to modify the hash of Cryptonight PoW every programmed fork twice in the year. "
There is no doubt that this particular update was designed with this policy in mind.
Monero is one of the best known cryptocurrencies in the private currency category, along with Dash, Zcash and Verge. His journey mirrors that of most cryptocurrencies as he has had a good deal of trouble along the way.
Its ease of mining and privacy has attracted the bad actors who have developed malware to extract Monero. Monero tried us reply to that problem. At the start of this year, hackers exploited a code vulnerability that led them to liquidate funds. The exploit was subsequently patched.
The Monero developers worked to reinforce and improve the Monero blockchain. Anonymous customer XMRWallet it was introduced with faster processing times and multilingual support. The portfolio facilitates immediate account creation in an open source web environment and a further step towards decentralization as customers have a choice of portfolio options.
This latest update addresses a number of areas, improving the privacy aspects of cryptography, reducing the size and cost of transactions and driving away data center centralization. All this means that, despite the problems encountered by the project along the way, it remains a relevant and credible cryptocurrency.