Bulletproofs is a topnotch technology that is meant to make any blockchain more scalable and efficient. Today, Monero will set the record as the first ever blockchain to implement the Bulletproofs protocol. Invented by Jonathan Bootle and Benedict Bunz, the Bulletproofs protocol is aimed at decreasing the weight of transactions that are confidential. Monero has been building this technology for over one year. The idea is to reduce the size of confidential transactions by up to 80%. The Bulletproofs protocol is going to deal with one of the major problems faced by blockchains which is the problem of scalability.
Monero’s Privacy Layers And Scalability
As you probably already know, Monero is the most privacy centric blockchain in the world. However, the additional security layers also make computation and storage more difficult. The billion dollar blockchain has had to struggle with scalability which has led to high transaction fees and high storage cost. One of the cryptographers who worked on the integration of the Bulletproofs protocol, Sarang Noether, said:
“Monero has always had to deal with blockchain bloat because of scalability. One of the reasons why we do these bi-yearly upgrades is to make sure we remain on the cutting edge safely. I believe this is a great move forward. It is really exciting”.
The Bulletproofs protocol will replace the already existing zero-knowledge proofs used for confidential transactions. Everyone will be able to upgrade to the new system after the next global upgrade that would require the adoption of new software.
Monero (XMR) Price Today – XMR / USD
The Monero development team is working hard to make the Monero blockchain as scalable as possible. Eventually, they might eliminate the need for ring signatures entirely. The Monero Research Lab is 100% dedicated to developing and analyzing cryptographic innovations in a bid to figure out how they can be applied to Monero. “We want to take all this new stuff and see if they can be applicable to Monero in the future. We are looking for new and improved ways to stop using ring signatures so we can get more advanced anonymity sets and make the system more scalable”. Sarang said.
In addition to achieving maximum scalability, Sarang said that the Monero Research Lab is also working on payment channels, cross chain atomic swaps and many other aspects of development. One of issues the lab is working on is what Sarang referred to as the mitigation horizon. According to him, it’s one thing to build on innovation but it is something entirely different to carry everyone along. The bottomline is that the Bulletproofs protocol is going to change everything for Monero now and in the future
Monero (XMR) Price Analysis
Main while, data from CoinMarketCapital shows that Monero is currently trading at $106.27. It is higher by 1.20% against the USD and higher by 1.29% against Bitcoin. Over a 24 hour period, the trading volume is $21,642,731 while the market capitalization is $1,753,045,068. Since many other cryptocurrencies are trading in red, the fact that Monero is trading in green shows that the upgrade to the Bulletproofs protocol has influenced the price action.