Monero or XMR is an open source securities token that focuses heavily on privacy and decentralization has recently had a successful audit by Kudelski Security of its new protocol.
Monero intends to launch a new version of its protocol, called the “bulletproofs.” Bulletproofs is a concept that was developed by Bunz et al (2018), and is available here. In short bulletproofs is, “a new non-interactive zero-knowledge proof protocol with very short proofs and without a trusted setup; the proof size is only logarithmic in the witness size. Bulletproofs are especially well suited for efficient range proofs on committed values.”
The first audit (by Kudelski Security) of Monero compatible Bulletproofs has, bearing a few minor issues, been successfully completed! https://t.co/qZk3FdhJ5L— Monero || #xmr (@monero) July 15, 2018
According to the report, “We did not identify substantial discrepancies between the Java version and C version of the integration of bulletproofs in RingCT. Although we didn’t find major security issues, the relative complexity of the new protocol combined with the limited set of tests (in particular, without test values) is a potential risk.”
Generally people were quite receptive of the news.
There was some question from reddit users regarding whether these changes would reduce fees by 80% and it seems that fees will be proportional to the outputs, so individuals should not expect fees for transactions to drop that much.
Monero also noted that there will be two more audits forthcoming.
Lastly, two more audits (by Quarkslab and Benedikt Bünz) are forthcoming and are supposed to be completed soon.— Monero || #xmr (@monero) July 15, 2018
To read the full report by Kudelski Security, click here.