Monero network relies on ring signature, ring confidential transactions, and stealth addresses for the purpose of anonymity. Talking about swapping the cryptographic operation of ring signature in Monero, Andrew Poelstra, Blockstream Director of Research, in a recent interview on the sidelines of Magical Crypto Conference, said that he knows some of the ideas that have been “thrown around” regarding the same.
Poelstra, along with Bitcoin Core contributor Tim Ruffing, was working on a ring signature scheme that is logarithmic-sized. While admitting that employing the “new” scheme on Monero would not possibly be “earth-shattering,” it would however, be a small step toward efficiency improvement, Poelstra said.
For the long term, Poelstra revealed,
” .. there are some ideas that could give you log scaling in size and verification. For example, you could literally like look up every single output in a giant Merkle Tree, pick one and say that I’m going to spend this, but the whole thing is inside a zero-knowledge proof. And that would actually give a ring of the entire output.”
The Blockstream researcher also pointed out that the technology is “not there yet,” in terms of general zero-knowledge proof. According to the researcher, a zero-knowledge proof scheme that needs the implementation of a trusted setup, is required. Notably, Trusted Setup is an important part of another privacy coin, ZCash’s network.
Poelstra hoped that there would be technological breakthroughs within the next five years and Monero would eventually pick up that kind of technology, even if the tech did not presently exist.
He also asserted that for Monero to be perfectly binding, it needs to “throw away” bulletproof and instead, deploy enormous ring signatures. Bulletproof tech was implemented on Monero’s network to ensure that the data stored within a confidential transaction does not, in any way, contain false information in order to maintain anonymity.
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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.
A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.
Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.
Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.
It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.
Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.
The analyst added:
“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”
With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.
Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:
“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”
Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.
This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.
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