Home / Crypto Currency / Monero Community Is Funding Three Independent Audits of the Bulletproofs Implementation

Monero Community Is Funding Three Independent Audits of the Bulletproofs Implementation

Cryptocurrencies regularly undergo major changes as far as their code bases are concerned. For the Monero team, there is a big focus on implementing Bulletproofs into the existing code. With a strong focus on lower transaction fees, a higher throughput, and general quality improvements, Bulletproofs require proper audits, which in turn require funding.

The Monero Bulletproofs Audits

Given the major implications that Bulletproofs technology will have for the Monero ecosystem, a thorough vetting of this technology is more than warranted. With various developers working on this implementation, it is possible that certain aspects have been overlooked or can be improved upon. While the community could provide some valuable feedback in this regard, the developers are seeking external help as well.

More specifically, after polling the community, three independent auditing parties have been identified. Benedikt Bünz, QuarksLab, and Kudelski Security will be hired to conduct a proper test of Monero’s Bulletproofs implementation. When the results are compiled, they will be shared with the general public in an effort to preserve transparency. It is a smart strategy, as a fresh set of eyes can produce a lot of interesting information.

As one would expect, these three parties will not conduct their audits free of charge. That is only normal, as quality work requires compensation. In this case, Bünz has requested 36.4 XMR, as he prefers receiving Monero over dealing with fiat currencies. As for QuarksLab, the fee will be $20,625 and 91 XMR, half of which has already been paid. Kudelski Security is charging a $30,000 fee for this process, and the Open Source Technology Improvement Fund will convert the necessary XMR to USD at no additional cost.

The Monero community is being asked to contribute whatever they can spare to make these independent audits happen. In the past, every major development affecting Monero – either the code or services related to XMR – have been community-funded. This is also the best approach, as it eliminates the risk of investors trying to steer the future development of Monero in a completely different direction for financial gain.

So far, the funding effort is seemingly going according to plan. A total of 457 XMR will need to be raised to pay all three auditors, with 259.59 XMR already having been raised. It shouldn’t take too long to have the necessary funding in place, especially given the Monero community’s track record in this regard. After all, the development of Bulletproofs is in the entire community’s best interest.

It is worth mentioning that the total amount of XMR being raised includes a buffer to account for any major price volatility that can and will occur in the meantime. It will be interesting to see how long it takes the community to pool these funds. This is a pretty interesting development for Monero in general, as Bulletproofs will be a key breakthrough for this anonymity-oriented cryptocurrency.

Read more

Check Also

110-Year-Old UPS Eyes Blockchain to Streamline Delivery Logistics

Century-old delivery giant United Parcel Service (UPS) believes that blockchain technology could help streamline package delivery logistics across a global supply chain. According to documents published by the US Patent & Trademark Office (USPTO) on Thursday, the Georgia-based UPS has applied for a patent that utilizes blockchain and distributed ledger technology (DLT) to route packages The post 110-Year-Old UPS Eyes Blockchain to Streamline Delivery Logistics appeared first on CCN

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.