Monero, an open-source cryptocurrency company released its Bulletproofs security audit. The announcement of the Kudelski Security report was made on their social media handle recently. The foundation stated that there were only minor issues which were detected during the audit of the new protocol.
Monero’s Twitter announcement stated:
“The first audit (by Kudelski Security) of Monero compatible Bulletproof has, bearing a few minor issues, been successfully completed!”
Monero [XMR] is a well-known privacy coin in the cryptocurrency community. The amount involved in every transaction remains confidential. Monero uses commitments with algebraic properties to ensure that the inputs and outputs are in balance and can be verified by anyone.
In addition, Monero implemented the Range Proof protocol to avoid overflow while ensuring that the values are positive and anyone can verify the transaction. Nonetheless, the main drawback of Range Proof is that it consumes a huge transaction size on the blockchain.
As a solution to this, Monero introduced the Bulletproof protocol as a replacement to Range Proof which is currently deployed on the blockchain. There are two types of Bulletproofs, single-output and multiple-output. The multiple-out could either be several single-outputs or one multiple-outputs.
With the single-output transaction, the current transaction size of 13.2Kb will be reduced by 80%, which is close to 2.5Kb. Furthermore, the transaction size consumed by the multiple-output transaction proof will be lesser when compared to single-output. This makes the fees lowers and the network faster.
In December 2017, the team had announced that they will be deploying single-output and multiple-output separately. Single-output bulletproof would be deployed first and then multiple-output proof would be deployed.
The team said:
“Bulletproofs represent a huge advancement in Monero transactions. We get massive space savings, better verification times and lower fees. If you’re a fan of the Testnet, keep an eye for bulletproofs.”
At present, Bulletproof is deployed on the Testnet. Kudelski Security, an independent Swiss provider for tailored cyber and media security solutions was hired by the Monero Foundation. The security solutions company was required to perform a security assessment on Bulletproof. At present, the bulletproof protocol is deployed on the Testnet and the audit shows that there weren’t any major problems that would risk someone’s privacy.
The audit shows that there were:
- 4 minor security
- 8 observations regarding the general code safety in bulletproof implementation or other components of the Monero code base.
Charles Hoskinson, the Founder of IOHK and Cardano said:
“Really awesome to see this and congratulations Monero. We also use Kudelski. Great Firm”
Niocc, a Reddit user says:
“that 80% fee reduction keeps getting repeated and now has a life of it’s own. tx size is being reduced by 77.5% but size is not the only coast for a tx. Another cost is verification time and although bulletproofs provide a savings here as well it is not as much of a savings as size. The fee formula is being adjusted to reflect all the changes that bulletproofs bring. This and other parameters are currently being worked on so we do not actually have a number now but will before it is implemented. So yes there will be a significant reduction of fees but please do not get hung up on 80%”
Winniedapoo69, a Redditor says:
“Monero provides a real use case already – it works and provides great privacy. While many other cryptos are stuck firmly in the speculative phase.”
XMRJimmy, another Redditor says:
“This is what happens when a project has a team of highly skilled, competent developers. No promises or talking; the hard-work does all the talking. It’s not a race, it’s a marathon. See you at the finish line.”
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