Coin of the week… Monero! Part 3

Yesterday I wrote briefly about a new protocol that Monero is testing on their blockchain. This change will result in a reduction of transaction cost by approx. 80%. This amazing advancement is possible thanks to Monero compatible bulletproofs.

Bulletproofs are a breakthrough in blockchain code writing and were invented by University College of London’s Jonathon Bootle and Stanford’s Benedikt Bunz. Bootle and Bunz were working on ways to improve the bitcoin blockchain, attempting to resolve a much-needed issue regarding the size of transaction blocks, and the amount of time necessary for a bitcoin transaction to process. Monero realized the great potential that bulletproofs offered the Monero blockchain and began testing right away.

Bulletproofs are based on a technology called confidential transactions. Most notably, bulletproofs offer a feature that minimizes computational excess. Simply put bulletproofs conceal the quantities sent in a transaction. However, the sender and recipients addresses are still visible. Making it so that it is no longer public information via block explorer exactly what the value of your Monero transaction is. It’s easy to see why Monero was so impressed with this technology and chose to implement the code into their blockchain. Keeping in line with their original mission of keeping blockchain transactions private and secure while improving efficiency.

I’ve written about privacy and untraceable transactions in my previous installments on Monero this week. I think it’s important to point out that my interest in Monero is not idealistic or antigovernment, and neither should yours. It’s simply about personal privacy. No different than you not wanting your neighbors and co-workers to know exactly how much money you have in your personal bank account.

If you have enjoyed learning about Monero as much as me, and are even more convinced now that Monero is a good long hold for 2018, then stayed tuned, I will be writing about Monero again tomorrow and for the rest week. I hope to provide you with as much in-depth information as possible to guide you through your investment decision. But as always, this is not investment advice, and I am not a Financial Advisor, I can only speak on behalf of my own decision-making process and my personal experiences.

References:
https://getmonero.org/

@OriginalWorks