Monero [XMR] one of the famous cryptocurrency has released its Bulletproofs security audit. Monero is already known for its privacy policy and therefore attracted more attention of investors and became famous In a short span of time.
Kudelski Security reported on their social media handle recently the Bulletproofs security of Monero. The company stated that there were only minor issues which were detected and resolved instantly.
Monero’s twitter account
“The first audit (by Kudelski Security) of Monero compatible Bulletproof has, bearing a few minor issues, been successfully completed!”
By keeping the amount of all transactions confidential audit has been done. Monero uses algebraic properties to manage its input and output so balance can be verified by anyone.
Monero has implemented Range proof protocol but the problem with the protocol is that it requires huge transaction size on the blockchain, therefore, Monero needs an alternative of this so, the solution came in the form of Bulletproofs protocol now Bulletproofs protocol replaced range proof protocol.
There is also types of Bulletproofs like single output or multiple outputs in multiple outputs too there are subcategories like single multiple outputs or several multiple outputs.
The current transaction which sizes nearly 13kb will be reduced to approximately to 2.5 kb and in case of multiple outputs, transaction size became more compact which definitely helps in lowering the fee and network will become faster and smarter.
The team already declared in December that they will release single output and multiple outputs in different time firstly they launch single output later multiple outputs.
“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.”
This is a good step to strengthen the blockchain transfers and audit and definitely reach the other currencies too and strengthen the market.