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On October 19th Monero updated the protocol including the Bulletproofs technology.
This technology, developed by Benedict Bunz and Jonathan Bootle, is truly exceptional, as it can increase the privacy of digital currency transactions and, at the same time, drastically reduce their size.
This is a specific problem with Monero, whose privacy technology guarantees anonymity at the expense of larger transactions, due to Ring Signatures.
Although technically is not a privacy feature, Bulletproofs provides a more effective means of verifying information stored in confidential transactions.
The technology is also of great interest to bitcoin users, as it has the potential to be implemented in BTC, along with a complementary privacy protocol.
As we know, privacy is one of the main characteristics that many people look for in the world of cryptocurrencies and many people expect no blockchain to be monitored in any way.
However, companies like Binance have reached high levels when they wanted to examine the source of their clients’ funds through an alliance with companies like Chainalysis, which are dedicated to audit them.
We hope that companies do not destroy one of Bitcoin’s main characteristics in its eagerness to monitor it.
Post translated by Bitnovo.com