- An overview to Monero’s newest opt-in update: Beryllium Bullet
- How Monero’s Beryllium Bullet can reduce transaction size by 80%
- Ways Monero’s Beryllium Bullet will help improve transaction anonymity
Monero is all set to launch another innovative solution on October 18, 2018. This launch is focused on their hard fork Beryllium Bullet, which aims to lessen the storage space and fees in transactions.
An Overview of Beryllium Bullet
This hard fork also comes with new wallet versions, the v0.13.xx.xx. If you hold a Monero account, here’s an overview about this update:
Monero has been launching hard forks twice every year. Each of them provides new performance improvements like bigger ring size or multi-signature wallet support. As for the Beryllium Bullet, it’s performance improvement is called “Bulletproofs”.
In this innovation, there will be an optimization of the range proofs used in every Ring Confidential Transaction (RingCT) in Monero. If you’re not already aware, all transactions in Monero are private. Therefore, the amount processed, sender, and recipient of every transaction can be concealed.
Ring Confidential Transactions are responsible for cloaking the amount used in a transaction. But to ensure that the actual amount has been actually spent, Monero will use a Zero Knowledge Proofs form as verifications. Without disclosing the actual amount, users can check whether the outputs match the inputs in their transactions. This improvement will stop attackers from creating special transactions that could eventually lead to inflation.
The only problem is that these range proofs tend to take up huge storage spaces. But with bulletproofs, transaction shrinks from 13 kilobytes to 2.3 kilobytes – that’s 80% lower than the usual storage space it uses. The transaction fees will also become lower to a few cents per input due, thanks to the Beryllium Bullet.
Monero Hard Fork Fights Again ASIC Miners
In the previous hard fork of Moreno, many have voiced out their concerns to have a defense against ASIC Miners. This is because there was a speculation that Bitmain developed ASIC miners for the ASIC-resistant mining algorithm in Monero. To get rid of ASICs, Monero’s developers decided to change the proof of work. This became a success as since April this year, the Hashrate has crashed from 1 GHs to 500 MHs. For this new hard fork version, Monero decided to once again change their proof of work with every hard fork to strengthen transaction security.
Better Privacy Through Improved Anonymity
The change in static ring size also boosts every user’s privacy. To those who may not be familiar with the term, the ring size is actually a part of the ring signature which indicates the number of transmitters used in every transaction. From 7, the Beryllium Bullet ring size is now statically set to 11, all while improving the participants’ anonymity level.