Riccardo Spagni aka fluffypony spoke about the recent upgrade of the Monero network and the upcoming ones, during a discussion with Charlie Lee, Samson Mow, and WhalePanda on the thirteenth episode of Magical Crypto Friends.
Spagni started off by speaking about the Bulletproof implementation, which recently went live. He briefly explained Bulletproof, stating that it is a compact range proof that was created by two developers from Monero Research Lab. Spagni added that they found that it can be applicable to Monero as it uses range proofs in confidential transactions, a way to hide transaction amounts. He went on to say:
“We’ve had bulletproofs live on Testnet since December 2017, but obviously there’s this process that you go through with all cryptographic systems of testing and validation and auditing […] some time before there was level of confidence we could go live on Mainnet and it went live in the network upgrade last month […] it’s pretty exciting because it reduces transaction sizes by 80%-90% which in turn reduces fees by like 80%-90%”
This was followed by Lee asking Spagni whether there is any downside to Bulletproof. To which, the lead developer stated that there is no downside to the implementation. He added that it is similar to their previous security but is more compact and has much faster validation because of the way the validation scales.
Succeeding this, WhalePanda asked when Bulletproof is going to be implemented on Bitcoin. Spagni replied:
“Well, Bitcoin doesn’t use confidential transaction. So Bitcoin doesn’t have range proofs. But I mean on Liquid for example which as you know is the premier Blockstream product coming soon to space station near you; on Liquid, they could they could add bulletproof”
Furthermore, he was asked about when and how Monero is going to implement Lightning and whether there are developers already working on the implementation, by WhalePanda. Spagni stated that there are people currently working on the implementation as it is one of the scaling technologies the interests the Monero community. He said:
“I’m particularly fond of lightning because there’s already a live lightning network that we can plug into. So, it’s not like we’re have to like build this second layer up just like on our own”
He further stated that there is a group of people working on Rust-Lightning along with Matt Corallo, a Bitcoin Dev. Spagni hopes that they will be able to add Monero support to Rust-Lightning as it becomes more mature. He added:
But the first step is getting rest lightning to a level of maturity where Matt and and everyone involved is comfortable with it working well and then we can go and add Monero support.”
Spagni also spoke about whether Monero had all the parameters for Lightning. He said:
“We’ve got multi-sig, we’ve got locktimes. We’re pretty confident that we have all the primitives […] I think the one thing that we’re missing is payment channels but I think that that’s a relatively simple thing to have because it’s not a consensus critical component.”
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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