What are Bulletproof in cryptocurrency?

How are you? Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah....

I am going to explain about new term which is Bulletproof I have never explain it but it is not bullet proof but we use in simple language because this is bulletproof in crypto space so I would love to tell you about its basics and then we would know about its benefits and working and many more...

Cryptographic technology which is used to implement and to introduce improvement in security privacy and efficiency like features in a particular transaction are called bullet proofs and especially work on addressing issues for making large size transactions and associated fees with them.

Source

Bulletproof working

Bulletproof working is not very simple because it works on different mathematical techniques about which we are familiar already to some extent because I am talking about technique of zero knowledge group which allows or permits one party that is prover to other party which is verifier about some statement that it is true without disclosing personal or any additional information.

Benefits of Bulletproofs

One of the most major benefit of bullet proof is in the enhancement of privacy by hiding amount of transaction and by hiding person identity and data of a person so it makes very difficult for any third party which is strange to approach and access transactions. Another one of the most important benefit of using bullet proof is that when there would be reduced or little size of bullet proof then it would permit for multiple transactions to occur and in this way there would be low fees that a person have to pay for verifying his or her transaction.

Another one of the most important benefit is that it introduce and it promotes scalability because when there would be small prove size of bullet proof then computational and storage requirement for the verification and variation of transactions that would be used in low amount that's why in this way scalability would promotes.

Limitations and challenges

Using bullet proof technology in cryptocurrency is not very smooth to use because there are some challenges and limitations are also associated with it that I am explaining here;

When we use bullet proof in any cryptocurrency then it would introduce different level of complexity because there would be the requirement of a lot of technical expert is and also there would be a requirement to be very careful in the implementation of it for making sure that everything is secure and compatible.

I agree with it totally that bulletproof is a great way to improve privacy and efficiency of transactions but much computational overhead during the verification of transaction can also be introduced by it which could be detrimental for over all network performance.

Regarding it's adoption future development and its use I can say that it has been used by different cryptocurrencies like Monero as well as not only in that cryptocurrency it is successful implemented but there are also on going research for its development so that it may play for the role in the enhancement of efficiency of transactions so in future it has more practical use.

Source

That was all about my explanation about respective topic which is bullet proof in cryptocurrencies in which I have explained that basically what is bullet proof and how it works and what are the benefits we can gain with it and how is also facing some limitations and challenges and what about its future adoption and all these things I have explained with my maximum knowledge.