Monero, a leading anonymous cryptocurrency that focuses on private and non-censored transactions, released a new protocol upgrade — 0.13.0 “Beryllium Bullet”. The network update enables Bulletproofs, so in this overview, we will describe what exactly those are and why using them is a breakthrough in crypto technology.
Bulletproofs, an invention made by University College of London, was only announced in the beginning of the year and immediately caught the attention of major blockchain developers. Why is it something so groundbreaking? Basically, bulletproofs offer a code that is simple in use for blockchains themselves, but significantly more private. Blockchain by its nature is transparent and that’s exactly where part of its appeal lies. However, there are some who want to avoid being on this level of trust with the world. When users want to make their transactions private or businesses need some level of confidentiality, bulletproofs might be the way.
Bulletproofs are based on confidential transactions technology and only conceal the quantities sent within a transaction (not the addresses). Besides that, the use of bulletproofs is attractive to users as it can reduce transaction fees up to 97 per cent.
Confidentiality is not the only point of attraction in bulletproofs — the use if this tech also does not require trust in others and avoids generation ceremonies.
The developers have praised bulletproofs from the very beginning of their journey and continue to do so. Of course, the users of Monero were waiting impatiently for the new feature to be available on exchange services. So, ChangeNOW has already implemented the novelty and is waiting for you to try it out!