Monero [XMR] – which is referred to as the ultimate privacy-oriented digital currency – earlier announced the bulletproof protocol to further enhance its privacy features. In 2014 when Monero [XMR] was launched as an ICO, XMR emerged as the first privacy-oriented digital currency while Bitcoin (BTC) had transparent addresses that allow anyone to view and track your transaction activities.
Monero [XMR] was also proclaimed as the fastest-growing digital currency alongside with Bitcoin (BTC) in a report by a blockchain advisory and research firm – Satis Group. Also, the blockchain project announced migrating to Bulletproofs Protocol to make the blockchain faster, more privacy-centric, and more scalable.
Bulletproofs Protocol Could Bring More Privacy, Lower Fees, and Faster Verification to Monero [XMR]
Back in July, the Monero Foundation made an announcement that they would be switching to the Bulletproofs Protocol, which represents a cryptographic scheme. The implementation of Bulletproofs Protocol on the blockchain of Monero [XMR] should indicate the reduction of transaction data by 80 percent and make the network more proficient.
Monero (XMR) Price Today – XMR / USD
At the moment, the blockchain project is utilizing RingCT in order to be able to represent a digital currency with handy features which allow for utmost privacy. With RingCT, Monero [XMR] users can easily carry out transactions or store their XMR tokens safely in their wallets while sharing their public addresses that do not disclose sensitive information to anyone that knows your public address.
With Bulletproofs Protocol, the functionalities and tasks that Monero [XMR] network is depending on RingCT for support would be done in a more cost-effective and efficient way, it will also eliminate the issues that RingCT was causing to Monero [XMR] network.
Also, the implementation of the Bulletproofs protocol on the network of Monero would make the network more scalable, this would also enable the system to accept new updates in an easy manner. The Monero team is still preparing the blockchain for the implementation, if everything goes smoothly after they are done, the blockchain should have the new changes applied and ready to be used.