There’s a new privacy technology in the crypto Wild West, and if the rate at which it’s winning favor from developers is any sign, it’s one to watch.
Called “Bulletproofs,” the new invention by University College of London’s Jonathan Bootle and Stanford’s Benedikt Bunz was announced last month, and quickly developers from major blockchains took steps to implement the code. Created initially for use on Bitcoin, Bulletproofs are already being adapted for Monero and Mimblewimble, and Litecoin’s creator has said its blockchain, one of the 10 largest, may follow suit.
And the reason for the interest is that Bulletproofs is believed to offer something of a rarity in the cryptocurrency sector, code that is both simple for blockchains to execute and powerful in the way it boosts privacy.
While part of a public blockchain’s appeal doubtless lies in the transparency it provides (enabling, say, more auditable financial markets), this attribute isn’t always desirable, especially when users want to transact privately or enterprises need some level of confidentiality between partners.