What are bulletproofs
Crypto for Advanced
Bulletproofs are a subset of cryptographic tests that are meant to be quick, secure, and guarantee a high level of secrecy and anonymity. This is impracticable with blockchain technology due to the enormous computational demand.
In late 2017, the Bulletproofs protocol was developed and made public. Jonathan Bootle of University College London in England and Benedict Bunz of Stanford University in the United States are the primary developers. The protocol established by these two engineers rapidly drew the attention of the cryptographic community, which was eager to learn how this new protocol operated and how they might include it into their blockchains.
Although the Bulletproofs protocol, sometimes known as bulletproof, was meant to be deployed in the Bitcoin blockchain, it has been adopted by Monero and the network MimbleWimble and those who have begun to employ this protocol in order to increase their level of privacy. Similarly, the CEO of Litecoin is considering starting to adopt this protocol into the blockchain of its cryptocurrency. Similarly, while the Bulletproofs protocol does not provide users with perfect privacy or anonymity, its implementation conceals the sums linked with transactions performed and displaying just the transaction's origin and destination but not the amounts sent at any moment.
As a result, the design of this new protocol was motivated by the rising desire of users and the community to enjoy a better level of anonymity than that provided by public blockchains when conducting financial transactions and activities. One of the most significant advantages of blockchain technology is its immutability and level of transparency when recording transactions. However, for some applications, these blockchain features are insufficient. The openness of public blockchain technology is not the greatest solution for enterprises that demand a level of privacy and secrecy, or for simple customers who wish to enjoy these benefits.
The crypto underlying the Bullteproofs is very difficult, so much so that only a few cryptographers fully understand it. To begin with, the goal of Bulletproofs is to conceal the values involved in a transaction. Without jeopardizing the network's capacity to verify its legitimacy. Bulletproofs procedures are built on the Pedersen Commitments to accomplish this. These are examples of a form of encryption known as homomorphic cryptography. Pedersen Commitment's operation allows values to be validated without the need to publish them publicly at any moment. To do this, they employ a simple mathematical technique that demonstrates that the sum of the inputs is higher than the sum of the outputs. So, you're not creating coins out of thin air, or utilizing coins that have already been spent, or using a negative balance that you don't possess. You are merely sending an encrypted message in which the others may confirm that you are indeed utilizing your balance, but no one knows how much it is.
Similarly, these protocols are predicated on the assumption of a discrete logarithm: this makes them incredibly adaptable and compatible with any elliptic curve method. Furthermore, Bulletproof protocols employ cryptographic techniques such as Fiat-Shamir heuristics. This enables them to construct a non-interactive character and brief tests of zero knowledge. The goal is to design very brief cryptographic signature systems that can be validated rapidly and without requiring a lot of computational resources.
In short, the combination of all of these components enables the development of a rapid, efficient, and secure cryptographic evidence system.