Monero to Become First Billion-Dollar Crypto to Implement 'Bulletproofs' Tech

[mijasda]

A highly anticipated technology designed to make blockchain privacy features more scalable will be tested in the wild soon.

Named "bulletproofs," the tech, which was invented by cryptographers Benedict Bunz and Jonathan Bootle, promises to dramatically decrease the weight of confidential transactions, and on Thursday, Oct. 18, privacy-oriented cryptocurrency monero will put that to the test.

The first major cryptocurrency to deploy the technology, monero has been focused on how to implement bulletproofs for the past year – in an effort to cut the size of its confidential transactions by at least 80 percent.

https://www.coindesk.com/monero-to-become-first-billion-dollar-crypto-to-implement-bulletproofs-tech/

[o_e_l_e_o]

Worth pointing out that transaction costs will also go down, likely by a similar amount to the size reduction, so >80%.

This will drastically reduce the growth of Monero's already sizeable 60gb blockchain. I guess the next issue they have to address is whether they can start pruning some data from old blocks to cut that size down a bit.

Still, with Monero consistently upgrading/moving forward, sticking to their release timeline, now reducing size and cost by 80%, as well as hardware wallet integration, it is easily the best privacy coin and one of the few altcoins with a solid future.

[bitmover]

Worth pointing out that transaction costs will also go down, likely by a similar amount to the size reduction, so >80%.

This will drastically reduce the growth of Monero's already sizeable 60gb blockchain. I guess the next issue they have to address is whether they can start pruning some data from old blocks to cut that size down a bit.

Still, with Monero consistently upgrading/moving forward, sticking to their release timeline, now reducing size and cost by 80%, as well as hardware wallet integration, it is easily the best privacy coin and one of the few altcoins with a solid future.

While I agree Monero is the best privacy coin out there, Monero still have some challenges ahead.

Have you ever tried to use a Monero wallet? I had so many problems that I gave up and sold it, because I didn~t want to leave them in the exchange and couldn't find a good and trust wallet easy. It was some time ago, I am more knowledged and experienced about crypto now. But any newbie investor should be able to use an altcoin wallet easily.

Hardware wallets may change that wallet scenario, but its not ready yet.

[o_e_l_e_o]

I suppose that's the price you have to pay for anonymity, but Monero wallets have come a long way in the last few months to year or so.

Their CLI wallet is still (obviously) more difficult to use, but the GUI wallet is pretty straight forward. There are also a couple of very easy to use mobile wallets. Personally, I use the GUI with my Ledger Nano. I'll admit that was fairly time consuming to set up, but they have a nice set of easy to follow instructions here: https://monero.stackexchange.com/questions/9901/how-do-i-generate-a-ledger-monero-wallet-with-the-gui-monero-wallet-gui

I would hope that one day we would reach the point we can just install a Ledger Live app like we can do with many other altcoins, but yeah, we are not there yet. But for the non technical newbies, the desktop GUI or mobile wallets are available.

[clonely]

As anyone will agree, Monero is a reliable and valuable crypto. I think there's a lot more to do if the BTC will let it.

[Jeroiswen]

Monero is upgrading constantly and slowly becoming one of the best out there. Also when the transaction cost will go down, it would just be awesome.

[Araewien]

Monero is constantly upgrading their technology, meeting their upgrading timeline and also I've heard that the transaction cost will go down too. This is showing a great future for monero.

[Niresean]

"They're not about anonymity; they are about assuring that the other stuff we do for anonymity works correctly,"- the quote says it all. However it's an aggressive move, replacing part of a crypto network entirely.