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Bullet Proof: Monero says transactions to the battle – Coin Hero

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Monero is the new Bullet Proof transactions to 97% cheaper

Home News Monero is the new Bullet Proof transactions to 97 % cheaper

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Stefan Bachmann
31.10.2018

Monero is able to discounted transactions to 97%. It is a success to you, too, to protect the privacy of its users. The True of privacy was perhaps one of the most important points that had to be observed, as to the improvement of the transactions. The new developments could be carried out with the help of the technology to Bullet Proof.

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A post shared by the Official Monero Cryptocoin (@officialmonero) on Sep 29, 2017 at 2:02pm PDT

Bullet Proof

Bullet Proofs have the advantage to reduce the size of the transactions significantly. Not only will you succeed, but also the transaction fees will be reduced. Bullet Proofing can reduce the size of a transaction by up to 80% and the same level of privacy. Bullet Proofs are a relatively new invention and was invented by Jonathan Bootle of University College London and Benedikt Bunz from Stanford. They were originally developed for Bitcoin, but also the interest of other crypto-currencies. In the case of Bullet Proofs only parts of the transaction are hidden. The sum, which is sent when the transaction is not visible, the address of the consignor and the consignee. For block chains the Code of Bullet Proofs, you can edit it very easily.

The Upgrade, the led Monero, also contained other aspects. So Monero don’t want to continue to promote Mining tools such as ASICs.

Previous Range Proofs

Bullet Proofs are new to Monero. The crypto-currency used before the so-called Zero-knowledge Range Proofs. A Zero-knowledge Proof gives the possibility to confirm without having the actual data to prove. Something can be, for example, by a Test are confirmed, without knowing the data, this is possible. Monero uses Range Proofs, in contrast, for the confirmation. This Moneros must be in an amount of from 0 available and must not be in negative Numbers. So, it is avoided, inter alia, that the currency was already in a different place eye, or in a completely new way was created.

To large transactions

The previous System had drawbacks that would eliminate Monero now. Before all the transactions were through this kind of Proofs is very large. The 13 Kilobytes can be a transaction, which is significantly greater than the transactions of Bitcoin, which amounts to about 300 bytes, writes the Website, block Explorer, News.

The size of the transactions is not the only Problem that Monero so that: The fees for the transactions increased as well, since they are mainly determined by the size of the transactions. Transaction fees can be reduced up to 97 %.

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A post shared by the Official Monero Cryptocoin (@officialmonero) on Sep 29, 2017 at 2:03pm PDT

The Upgrade

The Upgrade is expected by many Monero users with excitement and anticipation and will take place in two stages. First, Monero will perform at 1685555 Upgrade to v8. V8 will allow transactions that use both Bullet Proof as the old Range Proof work. Then, when 1686275 is reached, classifies the company on v9. At this time, no other Proofs except the Bullet Proof. Transactions that are still using the old Proofs, are to be rejected. Also, Patches will be held in this Version, to make the Bullet Proof as effectively as possible.

For Monero so this is a way to improve the System, while at the same time, important aspects remain the same. Also the safety continues to be safeguarded, and transactions are carried out as safely as possible. For customers, this is a new incentive to acquire Monero.

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