Privacy Coin Monero (XMR) successfully completes the first audit for its new “bulletproofs” protocol.
In an official blog post back in December of last year, Monero announced its intentions to pursue including the bulletproofs mechanism into its protocol. They further stated that bulletproofs would lead to “massive space savings, better verification times, and lower fees.”.
The deployment was supposed to happen in two stages and be available for the test network before being deployed onto the main network.
Bulletproofs are an advancement to range proofs of zero-knowledge proofs mechanism, utilized by ZCash and some other cryptocurrencies.
In privacy coins such as Monero zero-knowledge proofs allow users to conceal their transaction amount from the public ledger while being a trustless network. In order to make sure the transaction is valid Range proofs are utilized. However, Range proofs consume a lot of space by the virtue of their design. Bulletproofs enables us to do the exact same task without consuming as much space.
In the blog post, Monero mentioned that the implementation resulted in an 80% reduction of transaction size, and subsequently would lead to 80% reduction in transaction fees. There have been several discussions in the Ethereum and Bitcoin community over the possible integration of this mechanism.
In a tweet yesterday, Monero team confirmed that the first independent audit, performed by Kudelski Security, has been successfully completed.