Here is a quick update on Bulletproofs and their role in Monero. Bottom line: they're awesome, they work, the fees are lower, and they're moving into testnet.
Monero's confidential transactions hide the amounts involved. To ensure that inputs and outputs balance properly in a way that can be verified by anyone, we use commitments that have useful algebraic properties. However, this isn't enough. We also need to ensure that each amount is a positive value that won't risk an overflow, and this is where range proofs come in. A range proof allows anyone to verify that a commitment represents an amount within a specified range, without revealing anything else about its value. Our current range proofs scale linearly in size with the number of outputs and the number of bits in the range (currently 64 bits), meaning they make up the bulk of a transaction's size. Further, this means that a transaction with multiple outputs needs multiple separate range proofs. Not great.
Thanks to a fantastic new paper by Bünz, Bootle, and others (freely available here), there is a more efficient way to handle range proofs. The size of a bulletproof increases only logarithmically with both the size of the range and the number of outputs. This gives us two related types of bulletproofs: single-output and multiple-output. A transaction with multiple outputs can either include several single-output proofs or one multiple-output proof (which is smaller than the separate proofs).
Let's look at the typical two-output transaction, where I send you some XMR and direct the change back to myself. With our current range proofs, the transaction is around 13.2 kB in size. If I used single-output bulletproofs, the transaction reduces in size to only around 2.5 kB! This is, approximately, an 80% reduction in transaction size, which then translates to an 80% reduction in fees as well. The space savings are even better with multiple-output proofs. This represents a significant decrease in transaction sizes. Further, our initial testing shows that the time to verify a bulletproof is lower than for the existing range proofs, meaning speedier blockchain validation.
Too complicated for me. I just trade XMR in order to accumulate more BTC. XMR is a good coin because it's PUMPED.
Any coin that PUMPS is a good coin in my book.
Emperor_Penguin
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@mightytrader, One does not simply buy something because it pumps you want to buy something BEFORE it pumps and in order to do that you need to know WHY it pumps and what motivates traders to own one coin over another. Look Monero is better distributed, more anonymous and better supported then just about any coin out there. Most of these smart contract platforms are overcomplicated Rube Goldberg machines and yes Monero has been slightly more technical to get up and started as a way of keeping out noobs that would ruin the ecosystem but its very easy to get started and now there will be hardwallets soon like Trezor and Ledger which will greatly increase adoption amongst said noobs.
Judas_Goldrich
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@mightytrader, compared to all other cryptos except ETH and BTC it's still one of the most stable ones is USD price so as far as the whole market is pumped or not this one is rather not/less pumped.
Any coin that PUMPS is a good coin in my book.