Monero succeeded in reducing transactions by 97%. They have also succeeded in safeguarding the privacy of their users. Privacy was perhaps one of the most important issues to consider when working to improve transactions. The new developments could be carried out with the help of Bullet Proofs technology.
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A post shared by Official Monero Cryptocoin (@officialmonero) on Sep 29, 2017 at 2:02pm PDT
Bullet proofs have the great advantage of significantly reducing the size of transactions. Not only do they do this, they also reduce transaction fees. Bullet proofs can reduce the size of a transaction by up to 80% while providing the same level of privacy. Bullet proofs are a relatively new invention and were invented by Jonathan Bootle of University College London and Benedikt Bunz of Stanford. Originally developed for Bitcoin, they also attracted the interest of other crypto currencies. With bullet proofs, only parts of the transaction are hidden. The amount sent during the transaction is not visible, but the sender’s and recipient’s addresses are. For blockchains, the code of bullet proofs is very easy to edit.
The upgrade that Monero carried out also included other aspects. Monero does not want to promote mining tools such as ASICs.
Previous Range Proofs
Bullet Proofs are new to Monero. The crypto currency previously used so-called zero-knowledge range proofs. A zero-knowledge proof gives the possibility of confirmation without having to prove the actual data. If, for example, something can be confirmed by a test without knowing the data, this is possible. Monero uses Range Proofs for confirmation. For this, moneros must be available in a quantity starting from 0 and must not be present in negative numbers. This avoids, for example, that the currency has already been issued elsewhere or has been completely recreated.
Too large transactions
The previous system had disadvantages that Monero now wants to eliminate. Above all, the transactions were very large due to this type of proofs. Around 13 kilobytes can be a transaction, which is significantly larger than Bitcoin’s transactions, which amount to about 300 bytes, writes the website BlockExplorer News.
The size of the transactions is not the only problem that Monero had to deal with: the fees for the transactions also increased, as they are mainly determined by the size of the transactions. Transaction fees can be reduced by up to 97%.
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The upgrade is eagerly awaited by many Monero users and will take place in two stages. First, Monero will upgrade to v8 at 1685555. V8 will allow transactions that use Bullet Proof as well as the old Range Proof. When 1686275 is reached, the company is upgraded to v9. At this point, no proofs other than the bullet proof are possible. Transactions that still use the old proofs are rejected. Also, patches will take place in this version to make the bullet proof as effective as possible.
For Monero, this is a way to improve the system while preserving important aspects. Security is also maintained and transactions are carried out as securely as possible. So this is a new incentive for customers to purchase Monero.