Stanford University’s Applied Cryptography Group (ACG) is proposing Bulletproofs, a way to drastically reduce blockchain data, roughly ten-fold. The ACG team argues how using aggregation for transaction proofs and reducing block size will result in two goals long sought in Bitcoin, confidentiality and speed.
Bulletproofs: Efficient Range Proofs for Confidential Transactions is a working publication from Stanford University’s Applied Cryptography Group. The project is overseen by professor Dan Boneh, and it involves PhD students and researchers from Stanford, University College London, and Blockstream. “Bulletproofs are designed to enable efficient confidential transactions in Bitcoin and other cryptocurrencies,” a background abstract begins.
A common misconception is transacting in bitcoin is somehow anonymous, confidential. The press often touts it as such, especially in the service of crime.
The irony of payment systems in the digital age is how public they are. Entire industries have been built up around gathering payment information, habits. Bitcoin is a step, for sure, toward thwarting institutional electronic payments’ invasiveness, but it is a long way from the anonymity of cash, for example…